SinglePoint Announces Product Rollout, Tobacco, Vape Pen Distribution Strategy for Newly Acquired GreenStar Brand
SEATTLE, WA -- (Marketwired) -- 01/27/15 -- SinglePoint Inc. (OTC: SING) announces that it will position its GreenStar brand to leverage new and existing relationships for a product rollout that will include both traditional and smokeless tobacco products ranging from electronic cigarettes, vape pens and, contingent on the trade embargo being lifted, Cuban cigars.
CEO Greg Lambrecht states,"I am very happy to have completed the GreenStar acquisition, and look forward to expanding into territory notably familiar to me while we continue harvesting opportunities and relationships in the legalized cannabis sector."
As VP of Sales for Single-Stick, "PrimeTime," a retail tobacco company, Mr. Lambrecht increased sales from $300,000 USD per year to $10 Million+ per year. SinglePoint execs agree, given Lambrecht's experience in this realm, GreenStar is in a great position to capitalize on a trending market. As a reflection of its strategy for lateral expansion, GreenStar Payment Solutions, Inc. will now simply be branded as GreenStar.
Vape pens have grown in popularity over the past year to the extent that the Oxford dictionary chose "vape" as its 2014 word of the year. Use of the pens has more than doubled in the past twelve months.
SinglePoint has entered negotiations with Royale Tobacco regarding a vape pen distribution agreement with the option to develop a private label. Concurrently GreenStar is soliciting retail accounts to lay the foundation for placement candidates.
Finally, in preparation for possible changes in US - Cuba relations, SinglePoint CEO Greg Lambrecht has reached out to his long time cigar distribution partners and has presented a deal to distribute Cuban cigars in the US contingent on the potential for the trade embargo to be lifted. Mr. Lambrecht distributed cigars throughout the US and Canada. Mr. Lambrecht's company Premium Cigars International (formerly PCI) had over 25,000 accounts. Mr. Lambrecht raised $10,000,000 through an IPO in 1997 as the founder and largest shareholder.
GreenStar is a subsidiary of SinglePoint (OTC: SING). GreenStar focuses on providing a well developed distribution channel for retail and convenience store products in the tobacco and legalized cannabis sectors.
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 January 27, 2015