SinglePoint Restructures Toxic Debt with Existing Secured Convertible Promissory Notes, Eliminating Additional Conversions Under the Note, Positioning the Company for Long Term Growth Opportunity in Solar Industry building a National Solar Network
PHOENIX, AZ -- (ReleaseWire) -- 11/13/2020 --SinglePoint Inc. (OTC:SING) is a fully reporting company with core holdings in Solar Energy Services, announced that they are consolidating their debt in order to expand nationally. Singlepoint has an aggressive expansion plan and part of that is not only to add value to the company, but they also have a plan in place to restructure their debt notes, which have potentially had a negative impact on the share price especially in recent weeks. Singlepoint's finance companies have agreed to the first transaction to restructure their toxic debt, which they announced on October 20th of this year. In the last 3 weeks, it has become apparent that there was still an overhang of shares from previous transactions to the restructure, and those shares may have been diluted into the market recently. The Company did however want to say that they assure investors those Shares are not endless. Singlepoint can not honestly say how much stock is left that would potentially be diluted into the market, but they don't believe that it's very much at all . The company would like to continue working with their funders and sign more deals in the very near future that restructure more of their old debt, which would be a big windfall for the company as well as for investors. Singlepoint wants to thank everybody who has stayed the course and certainly understands there is a very big picture in place by where they will continue to add value to company and can take advantage of all of the opportunities that they have.
In Singlepoint's business it's essential to continue raising Capital so that they can realize their goal of expanding into all 50 states. Of course moving forward the company would like to bring on Investment Partners who will be friendly now and after restructuring their bad debt. The company's goal is to work with institutions who also see the much bigger picture. Currently, Singelpoint operates in 38 States and in four of those 38 states, they are able to perform the install on the solar systems that their subsidiary is able to sell. Better than that, they now are vertically integrated with sales, installation, and material supply in 4 states and are actively seeking additional joint venture Partnerships that would allow them to increase that capability in more States. They fully expect that they will have the next partnership deal closed very soon, and they are looking forward to the increase capability of an ever-growing team of amazing sales people, contractors, and managers.
As an industry, solar has an aggressive forecast for 2020 which was obviously affected in a negative capacity due to shelter in place orders relative to the pandemic. But even with a pandemic adjustment, the solar industry is still exploding. Wood Mackenzie issued guidance of a +37% increase this year which was down several points from their original forecast pre-pandemic. Over the next four years the company expects to see solar sales increases of as much as 42%, also outlined by wood Mackenzie in collaboration between the solar energy Industries Association known as SEIA. A few months back the company talked about the fact that they have gone to a virtual sales model which actually increased their profitability 60% and their sales have also increased more than they would have expected. The company feels that this guidance is extremely accurate and on par with their internal expectations.
At the end of 2019, there were approximately 250,000 people that work in the Solar industry which was contributing close to 19 billion dollars to the US economy. At the same time there are currently close to 10,000 solar companies in the United States according to data from late 2019. That is an extremely promising number to Sinlgepoint in particular, because our expansion strategy revolves around acquisition of existing solar operations. You can certainly count on the fact that there are more than 10,000 companies that the company could potentially partner with and as opportunities present themselves based on the efforts of Singelpoint's team, identify viable Partnerships and acquisition targets to expand rapidly from the opportunity pool. Singelpoint feels the solar industry will consolidate as a whole and that the company's best avenue is aggressive expansion and vertically integrated operations in all 50 states. Singlepoint is targeting solar fulfillment and sales companies, now that they have signed a one-of-a-kind solar supply deal they can provide materials to all of these operations to their installation contractors.
Singlepoint a year ago was not in the position that they are in today and now that they've cleaned up their financing by partnering with patient institutional investors, the added value in the company should build very well for shareholders especially right now. Singelpoint believes it has an incredibly undervalued share price.
Singlepoint (OTC:SING) has completed Acquisitions, joint ventures, and debt structures this year and have done all of this because of an amazing management team, outstanding employees, and tremendous investors. The Company would like to offer their Assurance that they are completely committed to their new solar acquisition model. Their dedicated move into solar was of course unveiled this year and now that their funding sources and market conditions will be improving dramatically. The company feels this is the perfect time for investors to really take a good long look at Singlepoint Inc.
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