SINGLEPOINT INC. PROVIDES FIRST QUARTER 2022 BUSINESS UPDATE
– Solar Acquisition Strategy – EPC Boston Solar still in process, finalizing 2021 audit to achieve fully consolidated financials, prior year audits 2019, 2020 completed
– The company reaffirms revenue forecasts and is targeted net profitability for each at the core subsidiary for fiscal year 2022
– Since January, Box Pure Air has seen a continuous increase in the number of inquiries and sales as schools focus on improving IAQ – indoor air quality
– Recent school centric sales activity addressing IAQ has been higher than at any point as BPA has focused on market penetration in 3 of the top 5 most populous states
PHOENIX, March 23, 2022 — SinglePoint, Inc. (OTCQB: SING) (“SinglePoint” or “the Company”) is providing a business unit update highlighting progress made during FY2022 Q1. Business overview places emphasis on the current status of our announced acquisition, sales traction and to reiterate the timely filing of the FY2021 annual audit for the period ended December 31, 2021.
The Company’s acquisition strategy continues to improve, evolve, and expand with targeted solar acquisitions that meet our criteria that are primarily led by driven, entrepreneurial, business owners who have demonstrated an ability to consistently grow revenues creating a scalable business in selective and targeted geographic areas that share our core value and belief in the lifetime value of our customers and strategic partners. We will continue to look for and identify accretive acquisitions that meet strategic criteria including minimum successful operating history, predictable revenue growth and demonstrated profitability. The company will continue to target these acquisitions that allow for the companies to create an expanded network and leverage those synergies to create additional value which should accelerate our desired up-listing to either the NASDAQ or NYSE.
The recently announced planned acquisition of Boston Solar continues to be one of the Company’s primary focuses as the Company and the Boston Solar senior leadership team are committed to completing this transaction and completing of the FY2021 Audit which will allow for immediate incorporation and consolidation into the SinglePoint Inc. financials. On December 21, 2021, the Company announced via an 8K that the Company’s independent registered public accountant, Public Company Accounting Oversight Board (PCAOB) certified Turner Stone & Company (“Turner Stone“) completed a full two-year (2019 and 2020) audit of Boston Solar. Turner Stone audited the financial statements of Boston Solar, which comprised the balance sheets as of December 31, 2020, and 2019, and the related statements of operations, of members deficit and cash flows for the years then ended, and the related notes to the financial statements. Additionally, the Company’s independent auditors completed a review of the Boston Solar through September 30, 2021 and are now ready to complete the FY2021 full year annual audit.
As previously announced and upon completion of the acquisition, the CEO and Co-Founder of Boston Solar, Daniel Mello Guimaraes will join the SinglePoint team and spearhead the Solar-Centric EPC acquisition strategy focused on ensuring that future acquisitions are directionally and geographically aligned and substantially meet the defined acquisition criteria.
Mr. Mello Guimaraes will continue to oversee the day-to-day operations of Boston Solar in addition to identifying accretive tuck in acquisitions facilitated by SinglePoint that would benefit Boston Solar. In addition, there are efficiencies and operational synergies within SinglePoint’s current solar assets, when combined with the demonstrated expertise of Mr. Mello Guimaraes and the Boston Solar team, that should be accretive and enhance overall margin as we grow revenue and strategically expand our renewable energy and storage footprint.
Over the past 10 years, Boston Solar has been providing premium residential and commercial solar installations to the communities it serves. The company has been able to achieve scalable, consistent growth, expecting to surpass $25 million in revenue in 2022.
“Our team has done a phenomenal job demonstrating the daily consistency and persistence necessary to make significant progress executing against the strategic goals and objectives that I created to diversify the business, growth of top-line revenue while being mindful of profitability within our business units. I continue to reaffirm my expectation that all SinglePoint core business units are targeting substantial increases in revenue in FY2022 and expect that each unit will be operationally profitable on a stand-alone basis. Corporately our accounting team has been enhanced which in turn is having a tremendous impact on our financial reporting and processes. Our active organic solar business units continue to collaborate and are well-positioned to address the growing demand for residential and small commercial solar and energy storage solutions in the markets we serve. FY2021 was a challenging year for our legacy solar business as we were faced with the difficult decision to restructure and rebuild our solar business based on the historical financial results, lack of profitability, and our waning confidence level in the existing leadership team’s ability to deliver bottom line results. Our historical solar business was forced to consolidate staff resulting in a more streamlined focused business unit that has the ability to grow revenues and most importantly deliver profitability as it adds back selective strategic partnerships and vendor relationships, and I am proud to announce the changes that have been implemented are now delivering the intended results. Lastly, the Company’s decision to enter the emerging and growing market around Indoor Air Quality “IAQ” could eventually prove to be the most valuable acquisition as evidenced by the total market size and the recent sales announcements by Box Pure Air in Q1. BOX Pure Air’s completed delivery of over 1,000 AirBox(™) Portable Air Purification Units to a small school district of less than 20 schools in North Carolina. According to the national Center for Education Statistics in 2020 there were over 130,000 K-12 schools in the United States of America. The Federal Government has allocated over $121B for schools to improve ventilation and indoor air quality, which is now being distributed and deployed throughout the country to school districts. Based upon a conservative average sale of $100K (less than the average in North Carolina) per school if Box Pure Air was successful in penetrating 1% of the addressable school markets it would equate to over $130 Million in Sales.
In addition to the $121B available to schools there is a massive opportunity as we focus on creating safe indoor air environments as we return to work. This month (March 2022) the EPA announced and published its Clean Air in Buildings Challenge that provides basic principles and guidelines to improve indoor air quality (IAQ) and reduce the risk of airborne spread of viruses and other contaminants. Infectious diseases can spread through the inhalation of airborne particles and on average North American’s spend over 90% of their time indoors. As stated in the EPA’s Clean Air Buildings Challenge, funds from the American Rescue Plan and the Bipartisan Infrastructure Law can be utilized to supplement ventilation and IAQ in public settings.
The recent successes show that our plan is working and has energized the entire organization. Each of our active core subsidiaries have the ability, this calendar year to surpass the historical annual revenues of SinglePoint individually,” adds Wil Ralston CEO SinglePoint, “If we continue to execute and are not impacted further by geopolitical or global health events, Fiscal Year 2022 should be a record year for SinglePoint, its stakeholders and most importantly, its shareholders.”
Subsidiary BOX Pure Air records first quarter revenue surpassing previous annual revenue. Having outfitted an entire district in North Carolina as well as many small orders throughout multiple states, BOX Pure Air continues to solidify itself firmly as an emerging leader in the growing indoor air purification market. Clean indoor air is an essential right as we return to work and school. Box Pure Air is well-positioned with exclusive territories throughout the America’s (North America, Central America, South America). The interest in BOX products and services continues to rise as federal funding is deployed through the nation. $121 Billion dollars of the available $180 Billion has been allocated for schools to improve the indoor air quality and ventilation.
The relaunch of subsidiary Direct Solar America is continuing to develop and establish its place in the solar market as the customer experience standard for solar sales. In the solar lead arena, Energy Wyze is growing their clientele and expanding their service offerings for scaled growth in addition to adding subscription based recurring revenue clients to its proprietary solar CRM system that is just emerging from its Beta version.
The Company has also substantially completed their audit and it is scheduled to be filed prior to the end of the month. They are waiting on final results from commissioned reports, required by our auditing firm, related to any adjustment to goodwill or impairments, if any, related to acquisitions and ongoing business units. A third-party firm specializing in valuations has submitted reports and they are being reviewed by management and the auditors.
SinglePoint continues to push forward with their acquisition strategy, Boston Solar is still in the process of closing. On behalf of Boston Solar, the Company initiated the remainder of the 2021 audit for targeted acquisition. Previous audits had been completed for 2019 & 2020 with a review of 2021 up to Q3, with this final step the Company will have fully consolidated financials for the completion of the acquisition. Acquiring Boston Solar with fully consolidated financials prepares SinglePoint for the uplist application process.
“We are making every effort we can to make this acquisition accretive and raise the capital to close on terms that are beneficial for shareholders and the Company,” William Ralston, SinglePoint CEO continues, “Our team continues to identify additional targets and has started negotiations with various opportunities. We will continue to find great companies that align with SinglePoint’s core vision. We believe both renewable energy solutions and indoor air purification are markets that are poised for incredible growth as these become top priorities across the Nation.”
Solar has grown exponentially over the past 10 years; estimates place the growth at about 33% year over year. Throughout that time, there have been a multitude of advancements in the efficiency and performance of these solutions. With ever rising gas and energy costs the time to go solar is now. Solar has become top of mind for millions and a recent survey suggests that over 67% of households want solar energy. Houses with solar spend 13% less time on the market and are 24% more likely to sell over asking price. Currently, solar only provides 4% of our electricity and the goal is to increase that number to 30% by 2030. Over the next 10 years it is expected that solar will add an additional 300GW, 10 times more than what was installed in 2021. It would seem that ‘100 Year’ storms are occurring much more frequently, between natural disasters and consistent price increases for energy; turning to solar energy and energy storage is a smart choice for resilience and financial predictability. If you could have locked in gas prices, even as early as the beginning of March, you probably would have done so. Similar concept with solar energy, you are locking in your energy costs for the foreseeable future. As our population grows and the electrification of everything expands, energy consumption will continue to rise which ultimately will result in prices increasing.
SinglePoint is building the next generation company that will deliver a solution for your power generation, storage and transmission. From the solar panels on the roof to the electric vehicle (EV) car in the garage, SinglePoint will deliver the required equipment.
About SinglePoint Inc (SING)
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 social media for the latest updates.
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 plans and objectives of the Company, the use of proceeds, anticipated growth and future expansion, 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.
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SOURCE SinglePoint Inc.