Singlepoint Removes Derivative Debt Liability Associated With Previous Financing Agreement and Is Now Well Positioned to Execute on Its Strategic Plan to Drive Near Term and Long-Term Growth With the Ultimate Goal of Qualifying for a National Exchange
Phoenix, AZ -- (ReleaseWire) -- 12/23/2020 --SinglePoint Inc. (OTC: SING) ("SinglePoint" or the "Company"), a company focused on providing renewable energy solutions, announces the Company has paid off the remaining balance of a Convertible Secured Note Agreement with GS Capital Partners, LLC ("GS"). The Company entered into the agreement with GS in March of 2020 as the pandemic started to have effects on the global economy. The payoff of the remaining balance eliminates future conversions under the note and removed additional derivative (toxic) debt from the Company's Balance Sheet.
"We continue to take the right steps to increase shareholder value. We are implementing and executing on deliberate and sound fundamental strategies to position SinglePoint for a move to a listed exchange. Paying the balance and early termination of this note is another significant achievement for the Company. Our team has worked diligently throughout 2020 to position SinglePoint as a leading Solar+ provider. We are poised and positioned to take full advantage of the catalytic opportunities in alternative energy and solar centric solutions in 2021 and beyond," commented Wil Ralston President. "We would like to thank GS Capital Partners for working with us to allow an early termination of the financing agreement that we believe is beneficial to the Company and importantly, our shareholders."
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 and close additional acquisitions in the solar and renewable energy sector that have a historical revenue base and operational profitability which should increase shareholder value.
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.
The solar energy market is experiencing exponential growing demand and is expected to reach $223 billion by 2026. To help sustain this growth, there is expected to be significant government support with investing heavily in renewable energy through direct investments, subsidies as well as tax credits. SinglePoint expects to be at the forefront of providing solutions to align with this growing demand.
About SinglePoint Inc. (OTC: SING)
SinglePoint Inc. (OTC: SING) 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
SOURCE SinglePoint Inc.
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