SinglePoint, Inc. Acquires GreenStar Payment Solutions, Inc. as Wholly Owned Subsidiary
SEATTLE, WA -- (Marketwired) -- 10/15/14 -- SinglePoint, Inc. (OTC: SING) is pleased to announce that it has finalized the acquisition of GreenStar Payment Solutions, Inc. from its joint venture partners, Advanced Content Services and GreenHouse Payment Solutions, LLC with common shares in SinglePoint used as the primary form of consideration.
SinglePoint CEO Greg Lambrecht decided, in the interest of investors and success of the business, to buy out the two partners. The decision was made in order to streamline business operations and increase revenues per transaction.
SinglePoint CEO Greg Lambrecht states, "We entered into the GreenStar Payment Solutions joint venture to speed our entry into the cannabis space. We now feel comfortable in our connections and knowledge to move forward in being a leading payment solutions provider to the recreational and medical cannabis industries."
The State of Legal Marijuana Markets 2nd Edition (Nov. 2013) finds that the five-year national market potential is $10.2 billion. With 24 states now selling marijuana legally for medicinal use and two of those selling for recreational use most believe it is only a matter of time before many more follow. Projections look promising, as the November 4th vote approaches there are 3 states and a US territory that will vote for legalization.
"We are thrilled with the acquisition," states SinglePoint CEO, Greg Lambrecht. "The GreenStar brand is nationally recognized and respected in the industry. This acquisition is in the best interest of SinglePoint shareholders. It will consolidate ownership, increase revenues and build a strong focus on branding and operations."
SinglePoint is ready to welcome GreenStar to the ever-growing family including Text2Bid™, Pay by Text™, and SingleSeed Payments.
About SinglePoint, Inc.
SinglePoint provides solutions that allow clients to conduct business transactions, and engage in targeted communication campaigns with their customers through mobile devices. SinglePoint, Inc. is a publically traded mobile technology and payments provider differentiated by multiple proprietary platforms. SinglePoint's success is built on the development of forward-thinking technology and by providing products and services that increase sales and improve customer experience. SinglePoint's solutions make any communication with consumers instantly interactive, regardless of what media channel is used to communicate.
About GreenStar Payment Solutions, Inc.
Founded in 2014, GreenStar Payment Solutions, Inc., headquartered in Denver, Colorado, a proud member of National Cannabis Industry Association, provides payment and merchant solutions and services to Legalized Medical and Recreational Marijuana Dispensaries in the United States. GreenStar's suite of services aims to provide dispensaries with a competitive advantage as a one-stop-shop for cannabis business owners with solutions including Non-Cash Merchant Solutions, Prepaid Rewards Programs, and more.
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 15, 2014