National Residential and Commercial Solar Footprint Expands to 38 States
Phoenix, AZ -- (ReleaseWire) -- 09/03/2020 --SinglePoint Inc. (OTC:SING) subsidiary Direct Solar of America continues to expand its leading national residential and commercial solar brokerage network to now include thirty-eight (38) states. The Company rapidly grew it's solar brokerage network, aggressively adding states during the pandemic. Direct Solar of America's leading solar brokerage solution is able to initiate and close solar transactions utilizing remote and virtual solar sales professionals. Shifting to a virtual sales force has been a primary focus of management since the acquisition of the company by SinglePoint in May 2019 and was accelerated by the pandemic. The ability to book sales without an in-home visit is a differentiator and competitive advantage in the industry where door-to-door sales of residential solar had been the common practice.
"During the end of Q1 and throughout Q2 we took decisive actions to strengthen and expand our national footprint as evidenced by our current coverage reaching 38 states. We implemented a virtual sales platform and nearly doubled the amount of states that we are set up to do business in" stated Pablo Diaz, CEO Direct Solar of America. "We will continue to systematically add states until we reach our goal of national coverage representing all 50 states which is a true competitive advantage."
Direct Solar of America has created a true win-win scenario for solar contractors and clients seeking solar solutions. We help solar contractors acquire new business without having to build costly sales teams and we guide homeowners and commercial clients through the solar purchasing process enabling them to make the best choice when deciding to implement solar energy and battery storage solutions. The Company leverages its expertise to assess the best options available for our clients and delivers a fully documented, ready to install project to licensed sub-contractors in each market we serve.
"Our team has been phenomenal in pushing through these unprecedented times and have recovered nicely to getting sales back on pace to nearly pre-pandemic levels", states Pablo Diaz CEO Direct Solar America. "We will continue to actively expand through partnerships and acquisitions and recently announced our first LOI to acquire a solar installer that operates within certain states within our leading footprint. We intend to build the definitive national solar network providing a full spectrum of services for residential and commercial clients looking for solar energy and storage solutions."
On July 23, 2020 The Company unveiled a residential and small commercial solar centric roll up strategy designed to increase market share, revenues and most importantly build a future business focused on profitability by targeting specific installer or developer based solar related acquisitions that operate within our national footprint.
On July 29, 2020 SinglePoint Subsidiary Direct Solar of America Entered into a Letter of Intent ("LOI") to Acquire Standard Eco Solar a developer and installer of grid tied solar electric systems in Texas, Illinois, and Arizona with Unaudited Historical Annual Revenue of $11,345,061 (2019).
On August 18, 2020 The Company Reported Second Quarter 2020 Financial Results -- $1.47 Million Compared to $1.1 Million in Six Months Ended June 20, 2019, Approximately a 34% Improvement Over the Same Period Prior Year. A majority of the gross revenues year to date ($1.47 Million) have been driven by the Company's majority owned subsidiary Direct Solar America.
Excerpts from a recently published report (Morningstar Analyst Sees Potential for US Energy Independence with 100% Renewable Sources) by Travis Miller states that the country as a whole has a chance to make energy independence based on renewable sources: ... Solar already is at the top of the investment list for nearly all investors, from utilities to corporates, who want to expand their renewable energy profiles. Most of the market agrees that solar is the accepted choice for incremental renewable energy. It will only grow over the next decade as utilities and energy companies try to meet the demands from policymakers and corporates."
About SinglePoint, Inc.
SinglePoint Inc. (OTC PINK: SING) is a fully reporting company with core holdings in Solar Energy Services. Acquired in May 2019, Direct Solar of America, a majority owned subsidiary, now operates its leading national solar sales brokerage model in 38 states. In the past year Direct Solar of America has virtualized its sales platform and has added and expanded its corporate offerings to include Direct Solar Capital (Financial) and Direct Solar Commercial with a focus on financing, designing or developing small to mid-size commercial opportunities and projects. The Company has a portfolio of non-core focused businesses that are searching for strategic partnerships or other alternative solutions. SinglePoint is committed to positioning the Company to be able to up list to the highest exchange possible which we feel is a benefit to our stakeholders and shareholders.
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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.
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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