SinglePoint Inc. (OTC:SING) recaps and highlights recent corporate developments. SinglePoint management has made a conscious and deliberate effort to position the Company to capitalize on the emerging growth opportunities in the U.S. solar industry, primarily in residential rooftops and small commercial installation opportunities. SinglePoint believes that a focused solar-centric strategy will deliver measurable and quantifiable results. The Company is focused on capturing market share through the buildout of our national solar network as well as growing the annual revenues and profitability within the business segments that should increase shareholder value.
SinglePoint Restructures Toxic Debt with Existing Secured Convertible Promissory Notes, Eliminating Additional Conversions Under the Note, Positioning the Company for Long Term Growth Opportunity in Solar Industry building a National Solar Network
As a result of the Amendment to the Notes dated October 12, 2020:
- The Company reclassified approximately $2,000,000 of principal due under the Notes from current liabilities to long-term liabilities.
- The conversion feature on the combined principal and interest (approximately $3,0000,000) was restricted, eliminating the derivative liability associated with this debt and significantly reducing the Company’s total derivative liability (the Company’s total derivative liability was $3,895,484 as of June 30, 2020).
SinglePoints majority owned subsidiary, Direct Solar of America, has continued to take advantage of its expanding, nearly national footprint announcing key strategic agreements with Stellar Energy GP and Standard Eco.
- SinglePoint Subsidiary Signs Stellar Energy GP, Inc. a Leading Energy Storage Systems and Solar Company with More Than 15 Years of Experience.
The agreement with Stellar Energy GP enhances growth opportunities within the 38 states currently covered by Direct Solar of America but most importantly it provides additional access and immediate and accretive growth opportunities within California, the nation’s leading solar market.
“We truly see Direct Solar of America as a leading originator in the industry with a model that has the potential to change how business is done within the solar industry. We are excited to see where the opportunity grows and being able to provide Direct Solar of America the assistance needed to be successful at the largest scale.” Mike Abadi, General Manager of Stellar Energy GP Inc.
Direct Solar of America Finalizes Agreement with Principals of Standard Eco Creating Framework for a Multi-State Solar Installation Network Beginning Execution of Previously Announced National Solar Network Strategy
The agreement with the principals of Standard Eco has the opportunity to increase the gross revenues and profitability. As the market continues to normalize, we believe that this transaction has ability to continue to deliver revenue and profitability results in 2021, 2022, and 2023 comparable with the previously reported unaudited revenues of Standard Eco of $12,331,703 in 2018 and $11,345,061 in 2019. We will continue to pursue similar agreements with other multi-state licensed installers that bolster our service offerings and add additional depth as we leverage and grow our existing solar footprint. Eventually providing services and solutions for the residential and commercial market in all 50 states.
We are committed to building the Leading National Solar Network (currently operating in 38 states) focused on Residential & Small Commercial Projects and executing on strategic installer consolidation opportunity. We believe that the market opportunity in what is being described as the Solar+ Decade is massive as only 3-4% of the 84 million addressable residential rooftops in the U.S. currently have installed solar systems. The market in smaller commercial (schools, office buildings) is equally as massive with only 3.5% of the addressable commercial locations in the U.S. having existing solar systems.
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.
KEYWORDS: Solar, Solar Panels, Residential Solar, Commercial Solar, Solar Funding, Renewable Energy
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