SinglePoint Completes Acquisition of Profitable Denver Colorado-Based Company
SEATTLE, WA -- (Marketwired) -- 10/17/17 -- SinglePoint, Inc. (OTC: SING) ("the Company") today announces its acquisition of Denver-based group, JAG, and offers an update on several corporate initiatives. Through July 2017, JAG recorded $600,000 in revenue with approximately 26% gross margins, following full-year 2016 revenue of $700,000. JAG has achieved year-over-year growth since starting its operations in 2014, and moving forward will provide SinglePoint consistent, predictable monthly revenue. Per the agreement terms, SinglePoint will acquire fifty-one percent (51%) of JAG in a combination of cash and stock, which will allow the Company to recognize all revenues.
"We are very excited for this opportunity as it dramatically increases SinglePoint revenues and profitability. We look forward to continuing investing in and growing SinglePoint's operations while acquiring other companies to generate additional growth. With this latest investment, we are properly capitalized, better than ever before, and will aggressively push forward on both internal and external growth opportunities," states SinglePoint CEO Greg Lambrecht.
Execution of SinglePoint's acquisition-based growth strategy has been a strong point for the Company, which has closed on all four of its acquisitions year-to-date. This most recent acquisition of JAG solidifies SinglePoint's fundamentals toward growing the Company and acquiring or investing in larger targets with each transaction.
While the Company continues to diversify its portfolio through acquisition, SinglePoint also continues to develop its internal mobile application. Last week the Company met with development partners as it seeks to quickly finalize an agreement to launch an application geared to servicing companies that offer last-mile delivery services.
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry. For more information, visit www.SinglePoint.com or www.SingleSeed.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.
Source: SinglePoint, Inc.
Released October 17, 2017