PHOENIX, Sept. 24, 2021 — SinglePoint Inc. (OTCQB: SING) (“SinglePoint” or the “Company”), a company focused on providing renewable energy solutions and energy-efficient applications to drive better health and living, today announced it has entered into an equity financing agreement with GHS Investments, LLC (“GHS”) to raise up to $10,000,000. The agreement is on a look-back basis and there are no make-up provisions, a true non-toxic equity investment. GHS is a leading private investment and management group providing financial solutions for high potential small cap enterprises. GHS has made investments into multiple successful portfolio companies in the nano-market cap space that are seeking capital to measurably grow and scale their existing businesses to take advantage of emerging market sectors.
“We look forward to continuing our relationship with a forward thinking and strategic firm like GHS Investments,” said the Company’s Chief Executive Officer, Wil Ralston. “Since I assumed the role of CEO and Chairman in May 2021, I have accelerated planned strategic actions that have led to immediate fundamental improvements within our core business units. Direct Solar America, Energy Wyze and Box Pure Air are all gaining traction and additional access to capital will only enhance the strategic market opportunities. Continuing relationships with firms like GHS that provide access to growth capital enables us to execute our strategic plan focused on accelerating revenue and becoming profitable within our subsidiary businesses, which ultimately benefits our stakeholders and shareholders.”
In the past twelve months GHS has provided multiple rounds of strategic capital. Which supports SinglePoint’s growth and improved the company’s balance sheet which was a key component in being able to recently uplist to the OTCQB:
- April 21, 2020: SinglePoint entered an Equity Financing Agreement and Registration Rights Agreement with GHS. Pursuant to the Equity Financing Agreement GHS agreed to purchase up to $7.0 million. SinglePoint subsequently filed a S-1 registration statement that was deemed effective on July 29, 2020.
- December 18, 2020: SinglePoint entered a Class B Preferred Stock Purchase Agreement with GHS, for a purchase price of $400,000 of Class B Preferred Stock.
- January 28, 2021: SinglePoint entered a Securities Purchase Agreement with GHS, whereby GHS agreed to purchase, in tranches, up to $1.0 million of the Company’s Class C Preferred Stock.
- March 11, 2021: SinglePoint entered a Securities Purchase Agreement with GHS whereby GHS agreed to purchase, in tranches, up to $2.0 million of the Company’s Class D Preferred Stock.
Matthew Schissler, member of GHS, stated, “SinglePoint is attractive to us on several levels, trends are accelerating and converging as more households and businesses look to capitalize on the benefits of energy creation via solar and other renewable energy. We also see an increasing need to provide high quality, American-made indoor air quality solutions using proven technologies that enable a safe return to enclosed indoor environments at school or at work. We are very confident in the management team’s ability to continue to execute and we are excited to play a key role in the Company’s continued growth.”
Recently the Company announced forward looking guidance related to its solar-centric subsidiaries, EnergyWyze and Direct Solar of America, including ramping up residential and industry B2B sales targeting $1,500,000 in monthly revenue and FY2022 annual revenue projections for solar-centric businesses increased to $20,000,000 USD.
This guidance is based on reviewing and improving lead costs and conversion rates, which ultimately will increase the number of closed projects. This creates a formulaic, mathematical, data-based approach to revenue growth. Those key defined input variables, lead cost and conversion rates, will be a function of increasing spend on the number of leads and appointments for solar installations.
Other recent operational highlights include:
- Launch of EnergyWyze and Direct Solar America collaboration on revenue scaling initiatives;
- Launch of B2B SolarCXM and AI technology for solar business; and
- Box Pure Air announced additional school orders for clean air solutions and increased ventilation utilizing the new Apex 2.0 model, which is designed for industrial and commercial deployment in large, high-traffic areas within schools. Since the announcement, Box Pure Air has received several new purchase orders and more importantly Box Pure Air is starting to receive multiple follow-on purchases from schools, as the approximate $190B in Federal Funding allocated specifically to improve ventilation in schools starts to be deployed at the state and local levels for procurement.
About SinglePoint Inc.
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company’s website (www.singlepoint.com) and connect on LinkedIn, Twitter, Facebook, and YouTube.
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.
JTC Team, LLC
View original content to download multimedia:https://www.prnewswire.com/news-releases/singlepoint-inc-announces-10-000-000-equity-financing-agreement-with-ghs-investments-llc-301384522.html
SOURCE SinglePoint Inc.