SinglePoint Inc. Strengthens Balance Sheet with Elimination of Convertible Secured Note Agreement
– Company significantly improves balance sheet with elimination of all external debt and all future external convertible debt
– Well-positioned for future expansion opportunities as it continues to build the most comprehensive national solar network
PHOENIX, AZ – January 28, 2021 – SinglePoint Inc. (OTC: SING) (“SinglePoint” or the “Company”), a company focused on providing renewable energy solutions, announced today that the Company has settled the remaining balance of the Convertible Secured Note Agreements with Iliad Trading Company and UAHC Ventures which eliminates all external debt conversions. The elimination of the remaining balance removes future conversions under the Note and removes all derivative (toxic) debt from the Company’s Balance Sheet.
“We are committed to increasing shareholder value and actively implementing and executing on the right steps we believe will drive value. Paying off the entirety of our external debt significantly improves our balance sheet and positions the Company to more quickly meet the requirements for uplisting to a national exchange. With the elimination of all external debt, we are poised to access future expansion opportunities and drive additional growth in alternative energy and solar centric solutions in 2021 and beyond,” commented Wil Ralston President. “We would like to thank Iliad and UAHC for their strategic support of SinglePoint over the years.”
As the company continues to improve its balance sheet, management believes it will open up the Company to accretive growth capital that will enable SinglePoint to facilitate additional acquisitions in the solar and renewable energy sector that meet our intended criteria of having a historical revenue base, operational profitability that will continue to expand our national solar footprint in residential solar and small commercial. We are committed to building the leading national solar network.
The solar energy market is experiencing exponential growing demand and is expected to reach $223 billion by 2026. It is estimated that less than 4% of the residential solar addressable market in the domestic U.S. market currently has a solar system installed. In the past few years, the cost of residential rooftop solar has dramatically decreased giving homeowners who wish to be sustainable and to decrease their reliance on the existing domestic energy infrastructure an economic benefit that makes sense. With its initial focus in solar energy, the Company is building a foundation for future expansion opportunities including energy storage, charge points for electric vehicles and solar as a subscription.
About SinglePoint Inc.
SinglePoint Inc. is a company focused on providing renewable energy solutions to consumers and small commercial businesses. SinglePoint is committed to building the largest network of renewable energy solutions and modernizing the traditional model. For more information, visit the Company’s website (www.singlepoint.com) and connect on LinkedIn and Twitter.
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, the spin off of nonenergy related assets, qualification for a national exchange, 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.
JTC Team, LLC