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Direct Solar of America Closes Transaction with Principals of Standard Eco Creating Framework for a Multi-State Solar Installation Network Beginning Execution of Previously Announced National Solar Network Strategy
Direct Solar of America Closes Transaction with Principals of Standard Eco Creating Framework for a Multi-State Solar Installation Network Beginning Execution of Previously Announced National Solar Network Strategy.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n\n\n\nDirect Solar of America Closes Transaction with Principals of Standard Eco Creating Framework for a Multi-State Solar Installation Network Beginning Execution of Previously Announced National Solar Network Strategy\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nDirect Solar of America Closes Transaction with Principals of Standard Eco Creating Framework for a Multi-State Solar Installation Network Beginning Execution of Previously Announced National Solar Network Strategy\nDirect Solar of America intends to acquire or partner with residential and commercial solar installers to build the leading comprehensive National Solar Network\nPR Newswire\nPHOENIX, Oct. 13, 2020\n\n\n\nPHOENIX, Oct. 13, 2020 /PRNewswire/ -- Direct Solar of America, LLC (\"Direct Solar\"), a majority owned subsidiary of SinglePoint Inc. (OTC: SING), today announced that it has finalized an agreement with the principals of Standard Eco, a developer and installer of grid-tied solar electric systems in Texas, Illinois, and Arizona, to create multiple licensed entity in order to leverage the recent rapid expansion of Direct Solar of America's national solar footprint to 38 states, an increase of 30+ states since May 2019 acquisition by SinglePoint Inc.\n\n \n \n \n \n \n \n\n \nAs previously announced via an LOI in July 2020, Direct Solar of America and SinglePoint Inc. begun due diligence related to the previously announced LOI. The parties reached a final agreement based upon the outcomes and completion of that phase. The original transaction was expected to close no later than December 2020 and was based primarily on Standard Eco's ability to continue to deliver revenue and profitability results in 2021, 2022, and 2023 comparable with the previously reported unaudited revenues of $12,331,703 in 2018 and $11,345,061 in 2019.  \nThis strategic transaction, the first in what is designed to be a series of multiple transactions, is comprised of cash (facilitated through Direct Solar of America) and incentive-based stock compensation to be issued upon reaching definitive operational miles...