Transcript of Podcast with SinglePoint CFO
Phoenix, Arizona – SinglePoint Inc. (OTC:SING)
Link To Audio File
(intro) 00:00 Dawn: Thank you for joining me today for investyourideas.com, Cleantech and Climate Change Podcast. Looking at today’s problems and solutions for the future. I’m your host, Dawn Vanzant, founder of Investyourideas.com and hoping to share our way of making a difference in climate change. Today we are talking to Corey Lambrecht Chief Financial Officer of Singlepoint, trading on the OTCQB-SING, discussing the company’s solar subsidiaries, direct solar and his vision for the company’s growth and scalability based on his previous public company’s roles and experiences.
Dawn: Thanks for joining us today Corey, of the Cleantech and Climate Change Podcast. For our listeners, can you give us some background on your previous work in the public market and and, in particular, in the energy sector? 00:43
Corey: Certainly. You know, I’ve been in the public company space since the late 90s. I actually took a company public back in ‘96, ‘97. And from there, I stayed in the space and have joined a couple different public companies that are focused in this particular sector. One of them was focused on, kind of, energy management, gas line monitoring, but I’ve been on the board for almost like 10 years. It’s a Naztec traded company. And another that was a small little public company, an Naztez traded company, was actually called Quest Resources Holdings Corporation. And while I was there, I was the president of Earth 911 and made the acquisition of Quest Resources Holdings Corporation and we had a couple unique business opportunities there. And we actually had the leading recycling data in the US and were referred by the EPA to help consumers how to recycle in every zip code in the US. And from those particular connections, we worked with companies like Johnson + Johnson, Owens Corning, BB Castle, Yellow Book, anything Sprint, to help them improve their recycling efforts and lessen their impact on the country. I also worked with Keep America Beautiful, Cultural Recycle, Recycle Bank and Terracycle while I was there. But one of the most interesting things which I think makes it applicable to, you know, this discussion moving forward with Singlepoint, is we have a really unique business model that we identified there. And we have the ability to divert unwanted materials, or materials that still have use of value, and take them from landfills. We actually created the leading Landfill Diversion Company in the US that worked on a business to business scenario with the major retailers and manufacturers in the US, diverting and reusing everything from used motor oil, cooking oil, unwanted food scraps, (unidentifiable), and everything else. Multiple different lines of businesses in every state in every zip code in the US. We built that out from a couple million dollar business all the way up to an 181 million dollar business, culminating with (unidentifiable) with that particular company. So I’ve been in this space for a long time and one of the things I saw coming, back then, was the opportunity in solar, which is one of the reasons that kind of excites me about Singlepoint’s latest acquisition of Direct Solar of America and where we can go from here.
03:05 Dawn: So I guess that sort of answers my next question. I just wanted an idea of, with your background and your experience, why you felt the timing was right to come on board as a CFO of Singlepoint at this time and then, now that you are on board, what are you most excited about being apart of this team?
03:21 Corey: Well, I think that – you know, sorry for answering your question earlier but – I’m really excited about this opportunity. And the reason is that it really has a national scale business model in the solar space. But backing up a little bit, my history with Singlepoint – I was actually one of their original investors and in one of the predecessor companies of Singlepoint. I joined the board for a brief period of time, maybe for a year or two, once they merged in to become public. And then have recently, you know, been following the company and was really intrigued about their acquisition of Direct Solar of America. And the reason I’m intrigued by their acquisition, like I said before, was the unique business model. And the business model around there has really become to be the expert for homeowners and helping installers get qualified candidates out there that are looking to put solar on residential. And they do it by way of asset-lite model. Which is very similar to what we built in the landfill diversion space. We didn’t have any trucks or services and we didn’t own any of the landfills. So basically we were aligned with material making sure it had its highest and best use going forward. In this particular scenario, with Direct Solar of America, their model is to advocate for the homeowner. They don’t own the installers. They are not tied to any certain panels and any sort of local or federal tax credits are in there, or financing models. So really what they’re trying to do is making sure they are helping the homeowners get all the paperwork and make the right choice for them and for their particular residential route and match them up with an installer, which is a true win, win, win, right. So the installers win because they can go do what they do best, which is put a quality product up on the roof and get it out there for the homeowners. And the homeowners win because they are getting someone that is on their side. That’s acting as an expert. That’s not conflicted in any way to make sure that they get the best choice possible. That’s what’s intriguing about the business model. It’s in its early stages but it’s also backed by a couple of gentlemen that have been in the solar installation business for a number of years. And they identified this particular pain point out there as one of the things that they were experts at which is aggregating the customer and getting them through the process. So I see this as very similar to the national roll out that we did in the landfill diversion space. With a unique asset like business model that has the promise to be an advocate for the homeowners and increase a B-to-B business opportunity, and that’s what really made me excited about this. Don’t make any mistakes, there are some challenges when you are getting an early scale adoption. Now these guys have been experienced in the solar industry for a number of years. But this is a new model for us and it’s showing tremendous success through the later half of 2019 and going into 2020. And so, again, the reason I joined is because I thought it was a perfect opportunity based on my experience of being in this space and scaling another national unique business model to come in and see if I could help scale this one.
06:31 Dawn: So when you look at similarities in the model and scalability and you’re starting to see the success with direct solar, at the same time in parallel, are you looking for other opportunities in cleantech and sustainability since this is such a hot sector right now? Or are you just going to stay focused on that?
06:50 Corey: Well I think for the near term, we’ll stay focused with solar and specifically within the residential side but you are always seeing market shifts within solar, in and of itself too. You know traditionally, the drivers for residential solar has been federal tax credits or some of the leading states that had some initial local credits like out there. But you are also starting to see more than an economic driver which, in parallel with my previous experience in the sustainability space is, you know everyone always wants to recycle. They felt it’s the right thing to do. But how do you recycle, right, and then get that material back in. So you actually complete a cycle. So it’s not end of life that you actually get this back in cycle for use. And I think the intriguing thing that we’re seeing as some drivers in the solar industry right now, is people are also looking at it just, one, because they feel it’s the right thing to do. Two, it’s also lessening their impact on their traditional utilities. There have been credits, like in the past. But we’re also seeing it more as a storage like issue as well too. It’s a hedge against, unfortunately, you know, we live in an environment where there are some natural disasters and different things in there that can affect the power grid. So, you’re starting to see, again, not only just the creation of energy and doing the right thing with solar, but you’re also seeing storage opportunities there as well that are continuing to drive this market forward for the next number of years. So, I think that’s pretty exciting for us as well. But we will stay focused on the solar industry for a while. That’s the right place for us to be. We’ll be heavily focused on the residential side but we have looked into the commercial side in the latter half of 2019 and look for some opportunities there for the company to expand in. But, you know how it is. When you have a large network out there in the sustainability space, and that’s what really got me looking at solar a number of years ago, and I’m excited to be here now, there will be opportunities that will come up and we will look at them opportunistically. But I would say, we’re laser focused on the short term, on seeing how we can scale this particular solar model because we’re in a handful of states now and our goal – there’s nothing stopping us from being a national player in every state. So we’ll keep focused on that and see how far we can take that.
09:09 Dawn: As the CFO, strictly looking at numbers and revenue, looking at the numbers since the acquisition has taken place and then looking at what’s in the pipeline, can you just give us a snapshot of what you see and how you think that is rolling out?
09:26 Corey: I’m pretty excited about the numbers that we’ve already, you know. They are unaudited, but you know, we’ve reported that we are out there / here. But the acquisition happened in May of 2019. And that predates me coming on board. Since I officially joined in January of this year. But what I can say is that it finished with a couple million dollars in revenue for that particular year, which is nice since they started. They absorbed start up costs within the business, like, moving forward, and they, uh, they’ve run a nice scalable business there on the residential side. And what we’re looking for as we get into a full year worth of growth and past the start up phase, is to really accelerate those revenues on the residential side and use it as our foundation going forward to 2020 and beyond. And then hopefully, as we focus on some commercial opportunity as well, we can add those, and those can be more of an option versus the base that we’re building on. We had nice revenue growth throughout 2019. We’ve learned a lot absorbing start up costs and going through this particular cycle and it was successful. So we’re really excited with that experience behind us, for where we can take it for the remainder of this year and beyond.
10:40 Dawn: And looking at 220 and beyond, I guess I was looking at Tesla stock today, and it’s on fire, and (the top operator on the) tsx last year, and a lot of it is looking at solar, looking at fuel cells. The costs are now competitive. So it’s a really exciting time to be in the cleantech space. You know, for me personally, and I imagine for you as well. You know, I’ve been following it for a long time and always hoped it would come to fruition and now because the cost is there and I think there is just an agenda from this next generation to really move it forward. And there’s an urgency. So, what would you personally like to say to the shareholders now that you’re on board about your vision of being apart of this space right now?
11:30 Corey: Well, what I would like to — and again I would like to echo everything that you said right there. It’s been a long time coming to watch, like this, get to the point where it is right now where you feel like the time is right. The price of solar panels has come down. It’s not solely driven by just incentives but people are looking at the economic benefit, like, I bet they’re also looking at the long term benefit of it. And we’re seeing, there’s a lot of room in front of us. And the tailwind, we still have a lot of tailwind behind us and I think one of the things for the shareholders at Singlepoint, is that again, and I’ve been involved with a national scale rollout like this in the past. There are going to be some bumps along the way but there are going to be tailwinds driving this particular industry and this solar industry for the next number of years. And I believe that we have a very unique business model and we’re a little bit unknown in the solar space, right? Again, Singlepoint has focused on a lot of acquisitions over the last number of years but driven by our President and our CEO, they really want to focus on the solar opportunity to see where we can take it over the next number of years. Which made it high time for me to come on board and get excited about seeing what we can do by adding the right sort of capital, strategic capital to it. To accelerate the growth in the space. To protect this unique business model that we have and, just, deliver a great service for homeowners and for the installers there on the B-to-B side. So again, I think the timing is right. It’s ok to do right for the environment, and do the right things and actually have great business. And I think we can do that as well. And I only hope that, uh, we, we get this sort of the exposure that Tesla is getting today out there in the market. But I’m very excited about the opportunity. I’m excited to be here right now. We’re excited to continue to roll this out. And show our shareholders what we can do in the solar space. While not forgetting the other assets that we have acquired but really it’s going to be our focus for 2020 and beyond.
13:30 Dawn: Well thanks for joining us today. Again, this is a very personal passion for me to be part of this story and agenda and I’m getting older to actually see it come to realization. I really appreciate you telling me your story and we’ll do our part in getting the message out there. Thanks so much.
13:48 Corey: Thank you so much. I appreciate it. 13:50 Dawn: Bye-Bye.
(conclusion) 13:43 Dawn: That’s it for today. Thank you very much for listening. So do something great for this planet each and every day. To hear more of this podcast, you can visit our Cleantech and Climate Change Podcast page. You can find that in our top template at invest your ideas or you can visit our main podcast page at investyourideas.com/audio. And a reminder you can hear our podcast on Spotify, Itunes, Tunein, Stitcher, Squeaker, iHeartRadio, Google Play Music and most audio platforms available to you. To be a guest on our podcast, please call us 800-665-0411. I would love to share your story. If you like this podcast, we’d really would appreciate you recommending it or reviewing it on your audio platform. To help you follow (unidentifiable) cleantech and climate change stocks, Invest Your Ideas has created a directory of publicly traded companies in the renewable energy sector, you can visit investyourideas.com/membership to learn more. Investyourideas reminds all listeners to read our disclaimers and disclosures on the investyourideas.com website at investyourideas.com/about/disclaimer. And this podcast is not an endorsement to buy products or services or securities. Investors are reminded all investment involves risk and possible loss of investment. Thanks a lot. Have a great day. For disclosure purposes, the distribution of this podcast featuring Singlepoint is a paid for service on Invest Your Ideas. You can learn more at investyourideas.com/news-upload.
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc (SING) invests in and acquires brands and companies that will benefit from injection of growth capital and the sales and marketing expertise of SinglePoint. The company portfolio currently includes solar, hemp and technology applications. SinglePoint is working to grow the company to a multinational brand.
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For more information visit: www.SinglePoint.com
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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