SinglePoint, Inc. Eliminates Debt, Issues Update on Fund Raising Initiatives and Allocations
SEATTLE, WA / ACCESSWIRE / February 7, 2017 / SinglePoint, Inc. (OTC PINK: SING), a full-service mobile technology and marketing provider, today announces that the Company is officially debt-free. In conjunction, SinglePoint has raised more than $300,000 and has signed a Letter of Intent to secure additional funding of $1 million.
The Company plans to use the capital to uplist to the OTCQB and become a fully reporting company this year, as well as to support its acquisition-based growth strategy. Pending due diligence, SinglePoint is optimistic that it will enter into a definitive agreement in the near future.
"We are pleased to announce our position as a debt-free company, which marks a significant milestone in our corporate history," states SinglePoint CEO Greg Lambrecht. "The elimination of debt is on par with our growth strategy for 2017, which also calls for additional funding to become a fully reporting OTC company, and to acquire high-potential opportunities in the cannabis and technology markets."
Today's update follows news of the Company's recent Letter of Intent (http://nnw.fm/6YH6u) to acquire a stake in Convectium, a profitable California-based company that created the world's first machine capable of filling cartridges or disposables en mass for wholesale distribution to cannabis dispensaries.
"Being debt-free provides us with the financial flexibility needed to execute our growth plan and take advantage of incredible acquisition opportunities - such as our recent transaction with Convectium - that will strengthen our brand and ultimately benefit our shareholders," says Lambrecht.
About SinglePoint, Inc.
SinglePoint, Inc. 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. SinglePoint recognized the strength in acquiring interest in undervalued subsidiaries in other markets to create a diversified holding base.
For more information visit www.SinglePoint.com.
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 February 7, 2017