SinglePoint, Inc. Confirms Sale of GreenStar Brand, IP to Havana Holdings, Inc. in $1.4 Million Deal
PHOENIX, AZ -- (Marketwired) -- 06/09/15 -- SinglePoint, Inc. (OTC: SING) and Havana Holdings, Inc., a Nevada corporation (Havana) with about 225 shareholders, have finalized agreements for the acquisition of GreenStar, including the brand itself and all of the underlying IP in a purchase valued at $1,400,000. The focus of Havana's business plan will be developing a low cost E-cigarette brand (vape) targeted specifically to the 30 million strong Hispanic market. See www.havana-vapes.com
Havana will issue SinglePoint 57,100,000 shares of common stock and the holder of Havana's outstanding preferred shares will convert these preferred shares into common stock. After the Closing, it is estimated that SinglePoint will own about 75% of Havana's company stock.
According to BIS Research the e-cigarette global market is estimated to grow at more than a 22% compound rate between 2015 and 2025 and reach a total market value of $50 billion by 2025. In the past several years, smoking cessation products -- primarily e-cigarettes -- have continued to dominate a market where big tobacco companies at one time reigned supreme. This trend is projected to continue in its rise until it has overtaken the traditional cigarette market completely.
SinglePoint is already positioning itself for success with two motivated distribution partners in this arena to capturing a percentage of this booming market. In addition, Mr. Lambrecht recently visited Cuba to begin the process of securing relationships anticipating additional attractive market opportunities when the embargo is lifted.
This transaction is conditioned upon customary due diligence between the parties and meeting minimum funding requirements. SinglePoint execs are confident these will be met in a timely manner and generate a win-win for both groups of shareholders.
Havana Holdings intends to continue SinglePoint's business plan for GreenStar which is to develop 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. The first product will be a low-cost, disposable "vape" pen to be marketed toward high-volume sales. Havana believes Vape use has doubled in the last 12 months.
Mr. Lambrecht states, "...We are very pleased with this acquisition. It will enable SinglePoint to be active in the industry but have a team that can take this product to market while we focus on and continue to develop our mobile applications."
Mr. Greg Lambert, the president of SinglePoint has a successful track record, with more than 20 years of founding and leading start-up companies focused on building new retail distribution networks. As the founder of Premium Cigars International, Ltd (PCI) a leading consumer product distribution company, Mr. Lambrecht negotiated agreements with the nation's largest retail outlets such as 7-11 (Southland Corp), Albertson's and Costco representing 25,000 retail accounts. As VP of Sales for Single-Stick, "PrimeTime," a retail tobacco company, Mr. Lambrecht went on to develop this company increasing sales from $300,000 per year to $10 Million+ per year.
About Havana. Havana, formed in 2004, is a non-trading public company. It expects to file for trading after the acquisition closes. Havana's fiscal year is August 31 but if the Closing is prior to June it will change its year to June and audit its then financial condition in anticipation of additional fund raising. Havana's offices are located at 9830 S. 51st St., Suite A-128 Phoenix, AZ 85044.
About SinglePoint. SinglePoint is a full-service mobile technology and marketing provider. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. www.singlepoint.com
Forward Looking Statements. Certain matters discussed within this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company's ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new business and limited capital. Further factors affecting future performance are detailed in the Company's Financial Statements posted on its web site.
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Havana Holdings, Inc.
Source: SinglePoint, Inc.
Released June 9, 2015