SinglePoint to Execute Text2Bid(TM) Acquisition Agreement in Seattle Next Week
SEATTLE WA -- (Marketwired) -- 09/08/15 -- SinglePoint Inc. (OTC: SING) announces today that its Agreement to acquire Text2Bid™ for $1.25m, has been approved by both parties and is expected to be executed on September 14th, 2015. SinglePoint CEO Greg Lambrecht will travel to Seattle, WA to meet for final signature on the Agreement. Once terms are fulfilled, Text2Bid™ will become a wholly owned subsidiary of SinglePoint.
Text2Bid is a dynamic mobile and payment solutions company partnered with Maestro Software and Text-A-Day and is the world's leading provider of mobile auction technology.
The Company is already profitable and operates over 400 auctions per year generating over 10 million dollars for its users. The Company has shown cumulative growth year after year for the past five years and the acquisition by SinglePoint would enable the company to start processing the collected payments through SinglePoint's proprietary mobile payment technology.
SinglePoint is currently executing accountable initiatives to raise the initial $625,000, to be paid in cash, with the remainder of the purchase price ($625,000) to be paid by SinglePoint in the Company's Common Stock. Recently, Lambrecht met with Investment Banking prospects who have shown interest in cash-flowing the opportunity and have issued term sheets currently being evaluated by the SinglePoint Board. Lambrecht will return to New York to follow up accordingly, then to Seattle with Text2Bid.
The auction industry is an $18 Billion dollar industry, currently underserved in the SaaS market. SinglePoint is gearing to change that with the implementation of Text2Bid and Pay by Text™ technologies. As previously released, Ken Kleve, President and COO of Maestro Software states, "Text2Bid has changed the landscape of auction fundraising and continues to grow exponentially year over year. We are thrilled with the potential of this acquisition. SinglePoint's technology and development expertise will allow us to take Text2Bid to the next level."
Text2Bid turns a traditional silent auction into a mobile enabled interactive experience. Auctions using Text2Bid have seen, on average, a 28% increase in amounts donated over previous years when not using the service.
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
Text2Bid is the leader in mobile auction technology. Our mission is to make it easy for groups of all sizes to raise money with fun new technology. We are committed to helping your organization with its fund raising efforts.
Founded in 1995, Maestro Software offers the most comprehensive suite of Event Management solutions for the not-for-profit consumer. Maestro Software's industry-leading event management software, online management tools, and credit card processing tools bring fund-raising to a new level of ease and accessibility.
Maestro's client list is a "Who's Who" of national, regional, and local not-for-profit organizations, foundations, schools, museums, hospitals, and other not-for-profits. All of which have each come to rely on Maestro Software's suite of services year after year for their Event Management needs.
A state of the art mobile technology company and full-service mobile marketing agency. The company operates a best-in-class mobile commerce and communications platform specifically designed to serve the needs of the non-profit community. Text-A-Day makes any campaign instantly interactive via the mobile phone, regardless of what media channel is used to communicate with the consumer or donor. This functionality allows our clients to conduct business transactions, accept donations and engage in targeted communication campaigns with their customers/donors through mobile devices.
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 September 8, 2015