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SinglePoint (OTC: $SING) Launches Cannabis Payment Solution and Provides Shareholder Update
SinglePoint (OTC: $SING)
Launches Cannabis Payment Solution and Provides Shareholder Update
Seattle,
Washington - March 7, 2018 (Investorideas.com Newswire) SinglePoint, Inc. (OTC:SING) is pleased to
announce the soft launch of its SingleSeed payment bitcoin payments solution.
Additionally, SinglePoint management provides details and insight to the
company's activity in new ventures and pursuit of acquisitions in two major
emerging markets: cannabis and blockchain. This corporate update includes an
overview of each previously announced project and potential acquisition, as
well as the progress on its 2017 audit and current revenue run rate for 2018.
SingleSeed Payments
In
2014 SinglePoint announced its intent to develop a bitcoin-based payments
solution. Though management had strong foresight into the potential of bitcoin,
at the time there was not enough consumer adoption to make the service viable.
Now, however, consumer awareness of bitcoin is unprecedented, and companies
have learned how to accept it as a payments medium.
SinglePoint
recently launched its beta program, and taking user feedback into
consideration, has soft-launched the product. The company will be
accepting additional clients to utilize the platform to identify any potential
enhancements and prepare for a national roll-out. This project is being led by
an in-house engineer with deep knowledge of cryptocurrency and who has worked
on projects for companies such as Coinbase.
Management
is confident in the applications for the solution, as it stands to address the
lack of viable payment options for the cannabis industry. Providing a
user-friendly transactional platform will provide cannabis merchants with
additional easy-to-track method of accepting non-cash payments, while
strengthening SinglePoint's brand awareness and market position.
Crypto Exchange
SinglePoint
recently appointed Kevin Harrington as the company's spokesman for the upcoming
release of the SinglePoint Cryptocurrency Exchange (http://nnw.fm/xMu9V). The company's
commercial to promote the launch of the exchange is in post-production and is
nearing its completion. SinglePoint anticipates launching the exchange in
upcoming months, at which time airing of the commercial will begin.
Management
believes SinglePoint has a unique opportunity to enter the cryptocurrency space
with a few key differentiators to current exchanges, and acknowledges recent
notable acquisitions in the space, including Circle's Goldman
Sachs-backed $400 million acquisition of U.S. crypto exchange,
Poloniex.
Cryptocurrency Wallet
With
the development of the SingleSeed Payments bitcoin payments platform,
SinglePoint management has determined that it would be beneficial to
verticalize as much of the process as possible. This decision led to defining
the needs for building a crypto wallet that merchants and consumers could use
to hold and utilize different currencies. The wallet is near completion and
will be pushed to testflight in the next 10-14 days. SinglePoint and AppSwarm
(SWRM) have collaborated to quickly develop a secure crypto wallet. In the
future, the companies look to add additional currency support and tie the
integration into the SinglePoint Cryptocurrency Exchange for easy transfers.
ORHub Blockchain LOI
SinglePoint
has selected three industries for which it plans to build blockchain platforms
- cannabis, automotive and healthcare. In support of this initiative, the
company appointed to its board of directors Venugopal Aravamudan, a highly
experienced technology innovation and cloud expert Aravamudan has a 25+ years
tenure in the technology sector growing and leading significant businesses at
companies such as Microsoft, VMware, Amazon and now F5 networks Inc. (http://nnw.fm/RL5tO).
SinglePoint
also secured an LOI with ORHub, Inc. (ORHB) to build-out a private blockchain
to increase efficiencies within the operating room (http://nnw.fm/Vxr4s). ORHub provides
industry-leading technologies to hospitals across the nation and selected to
work with SinglePoint to continue innovation in the space. SinglePoint is
currently working on a development spec and is putting together a team of
blockchain professionals to start building a proof of concept.
Cannabis Delivery Application
OOMY
Oomy
(Ohh On My Way) is a cannabis delivery service that enables merchants to notify
their customers of the whereabouts of their delivery via a simple dispatch and
track system. Through a previously announced joint venture with AppSwarm, which
is leading this project's development, SinglePoint has pushed the application
to testflight. Upon completion, merchants will be able to use the service to
dispatch and track drivers. This application enables merchants to take orders,
create route manifests, verify patient info, confirm payment, delivery and keep
records of all deliveries. The goal is to make an easy-to-use platform that any
business in need of a delivery software can use.
SingleSeed
is a B2B (business-to-business) provider of cannabis-based technology services,
including payments, marketing, web development and more. Due to increasing
demand for B2C (business-to-consumer) products in the vape and cannabidiol
("CBD") markets, SinglePoint management has transitioned SingleSeed
to an ecommerce platform intended to launch in coming weeks. Through the number
of site visitors and online metric tracking, SinglePoint realizes that there is
considerable opportunity to provide this platform to drive revenue through the
sale of products that will be distributed by its DIGS Hydro subsidiary.
The
ecommerce site will focus on CBD and vape products. This project is being led
by Open Oceans, a team of digital marketing experts out of San Francisco that
has worked on major accounts within Google's Search Engine Marketing
department. Open Oceans' expertise has been a driving force behind
SinglePoint's efforts to increase online visibility for its subsidiaries and
products. Both companies believe there is a major opportunity to be a leader in
the online sale of CBD products.
SingleSeed Capsules
After
attending numerous cannabis industry events, SinglePoint recognized a gap in
the CBD market, an impulse purchase item that can sit at the point of sale. SinglePoint
CEO Greg Lambrecht has an extensive history of placing products at the point of
sale, and is using this expertise to lead SinglePoint's development and
distribution of SingleSeed Natural CBD capsules.
With
this project currently underway, SinglePoint plans to penetrate cannabis
dispensaries nationwide. Since these products are legal in and shippable to all
50 U.S. states, the company has an opportunity to distribute in independent
convenience stores, of which there are more than 300,000 nationwide. The
company plans to sell the product on the SingleSeed.com ecommerce
site, and is working through the process of setting up to sell on Amazon. This
project is being led by DIGS Hydro, which has already achieved favorable
results just weeks after selling the product. Product updates will be available
soon on the SingleSeed.com website.
Acquisitions Targets
Amid
its numerous technology developments, SinglePoint continues to make major
progress in acquiring cannabis-focused business. The company is currently
negotiating separate LOIs with Bitcoin Beyond and MTH Development Group.
Bitcoin
Beyond is a platform that would provide a "final mile" solution for
merchants looking to easily convert bitcoin to USD. SinglePoint is midway
through due diligence and is negotiating the proper valuation to ensure a
smooth transition to integrate the solution into the company's current
offering. Updates on this LOI will be provided soon.
MTH
Development Group owns 4.7 acres of licensed cannabis cultivation land in
Adelanto, California. Currently, the company leases this land to cultivation
and extraction companies. MTH and SinglePoint are negotiating the definitive
agreement.
SinglePoint
has two additional targets that in combination would be the largest in
SinglePoint history. Collectively, the targets have approximately $15 million
in revenue and EBITDA of about $4 million. SinglePoint has provided an LOI for
one target, while the other is in negotiation.
Audits and Fully Reporting
SinglePoint
is working to increase investor confidence, transparency, and ultimately open
the doors for institutional and investment banking firms to work with the
company.
The
company has completed an audit from inception to 2016, which allowed
SinglePoint to move to the OTCQB Venture Markets. Now, the company
is in the midst of its 2017 audit expected to be done in approximately 30 days,
upon which the company will file a Form-10 and become fully reporting. To date
the company has provided all the needed information and is awaiting the
confirmation requests from auditing firm Turner, Stone and Company.
"Successfully
completing 2017 is a major step toward hyper growth for SinglePoint. We expect
this achievement to result in major market exposure and the opportunity for
larger acquisitions and significant revenue growth. Based on our current position,
we are projecting about $1.25 million in revenue for 2018. However, we have set
a goal of $10 million for the year through internal sales and
acquisitions," states Lambrecht.
In Conclusion
Having
raised $1.2 million recent with the option of an additional $3 million,
SinglePoint management is confident the company has the ability to continue its
aggressive growth pattern. Over the past year SinglePoint has increased
liquidity and price per share working on the ultimate goal of increasing value
for its shareholders. Revenue has significantly increased, and the company has
defined major strategies to continue this increase in 2018. Among these
strategies is the completion of its 2017 audits to become fully reporting,
which will increase company exposure to many new parties interested in the
company.
"We
are firing on all cylinders and pushing the boundaries to make SinglePoint a
highly successfully, scalable company. I hope this breakdown of projects has
provided the insight and confidence to our shareholders that we are heading in
the right direction. We are happy to be in the position we are in, and will
continue to take advantage of the opportunities that present themselves,"
states SinglePoint President Wil Ralston.
About SinglePoint, Inc.
SinglePoint,
Inc. (SING) has grown from a full-service mobile technology provider to a
publicly traded holding company. Through diversification into horizontal
markets, SinglePoint is building its portfolio by acquiring an interest in
undervalued subsidiaries, thereby providing a rich, diversified holding base.
Through its subsidiary company SingleSeed, the
company is providing products and services to the cannabis industry.
Connect on social media at:
Forward-Looking
Statements
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.
Contact:
SinglePoint,
Inc.
Greg Lambrecht
602.481.1544
Greg Lambrecht
602.481.1544
Corporate Communications Contact:
NetworkNewsWire
(NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
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