SinglePoint Secures Commitment for up to $3mm in Funding in Addition to Immediate Capital Infusion to Satisfy Registration Requirements Toward Uplist
SEATTLE, WA -- (Marketwired) -- 06/08/16 -- Singlepoint, Inc. (the "Company") (OTC: SING) is pleased to announce that it has entered into a securities purchase agreement with Blackbridge Capital, LLC ("Blackbridge") for up to $3,000,000 of the Company's common stock alongside its initiative to acquire undervalued companies, assets and operations to build shareholder value.
As well, as part of an overall arrangement, it will receive today an immediate capital infusion of $60,000 to expedite requirements for SEC registration and overall increased productivity.
Pursuant to the terms of the agreement, Blackbridge has agreed to invest up to $3,000,000 in exchange for common stock over a two-year period. The stock sale is subject to the Company filing of an S-1 with the Securities and Exchange Commission ("SEC"), the qualification thereof by the SEC and the satisfaction of customary conditions of issuance and sale including the final pricing of the stock. The parties also entered into a Registration Rights Agreement, whereby the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended (the "Securities Act"), and applicable state laws (the "Registration Agreement", and together with the Securities Purchase Agreement, the "Agreements").
Pursuant to the Agreements, the Company shall register the Shares pursuant to a registration statement on Form S-1 (or on such other form as is available to the Company within 30 days of the execution of the Agreements) (the "Registration Statement"). The purchase price will be based on the lowest trading price of the Company's common stock as reported on the OTC Bulletin Board, or other applicable market, during the ten (10) trading days immediately preceding the date the Company's Form S-1 Registration Statement is qualified by the SEC.
Blackbridge Capital has made the commitment of $3,000,000 over the next two years to support the anticipated exponential growth of Singlepoint. The Company plans to use the funds from this investment to increase its acquisitions, improve its sales, distribution, rollout, and overall quality of its technology. The funds will also be used to improve business operations to make it as efficient as possible. "I am excited to have this equity line of funding in place," stated Greg Lambrecht, Chief Executive Officer of Singlepoint, Inc. He further stated the Company is looking "to expand Singlepoint revenue through acquisitions and increase sales to its exciting verticals."
During the term of the Securities Purchase Agreement (24 months from the date on which the Company's S-1 becomes effective, unless sooner terminated), the Company shall not enter into a similar financing arrangement with any other individual or entity.
Upon the execution of this Agreement, the Company shall issue to Blackbridge a commitment fee of a Convertible Promissory Note in the amount of $60,000.00 and $75,000.00 of commitment shares of common stock that come with registration rights and will be registered in the S-1 registration statement.
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
Safe Harbor Statement
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
Source: SinglePoint, Inc.
Released June 8, 2016