Business
Innovate Today for a Greener Tomorrow - SinglePoint Harnessing the Power of Solar Building the Comprehensive National Solar Network Focused on Growing Residential and Commercial Opportunities
Innovate Today for a Greener Tomorrow - SinglePoint Harnessing the Power of Solar Building the Comprehensive National Solar Network Focused on Growing Residential and Commercial Opportunities.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n PHOENIX, AZ, Aug. 11, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ There is a new national solar power player rising. SinglePoint, Inc. (OTC:SING) has stated and is executing on its strategic plan to become the next national provider of solar+ services through a targeted national roll up strategy with the goal of having residential and commercial installers and vendor partners in all 50 states. Already operating in 34 states the company currently serves residential and commercial with its industry leading sales model through Direct Solar America. The company announced its plan to acquire additional companies in the space to quickly capture market share, grow revenue and to ultimately drive long term profitability.   The company has been actively targeting acquisitions that complement and provide accretive revenue to its existing solar footprint. It recently announced its subsidiary, Direct Solar America has signed a letter of intent to acquire Standard Eco who reported unaudited revenues greater than $10M the past two years and was operationally profitable. The acquisition is intended to be financed with a combination of cash (Direct Solar America) and stock (SinglePoint). The consideration for the stock will be a secured note between SinglePoint and Direct Solar America.  “This is the first of a number of acquisitions we have planned as we build this national solar network,” states Wil Ralston, President SinglePoint. “We will leverage the current Direct Solar sales network that is operating in 34 states to add best in class installers focused on creating a deep and powerful national offering to serve customers in every state and to most importantly take advantage of operational cost savings while benefiting from being one of, if not the only company that will be able to serve every zip code in the United States.” “Once installers reach a certain size, averaging between 60-100 installations per month it becomes increasingly difficult to scale beyond that,” according to Pablo Diaz, CEO Direct Solar of America. “I witnessed and lived this scalability phenomenon first hand as an active solar installer in the Southwest region of the US. One of the immediate problems is the investment in customer acquisition which we have addressed at Direct Solar America eliminating th...