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SinglePoint Restructures Toxic Debt with Existing Secured Convertible Promissory Notes, Eliminating Additional Conversions Under the Note, Positioning the Company for Long Term Growth Opportunity in Solar Industry building a National Solar Network
SinglePoint Restructures Toxic Debt with Existing Secured Convertible Promissory Notes, Eliminating Additional Conversions Under the Note, Positioning the Company for Long Term Growth Opportunity in Solar Industry building a National Solar Network.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n\n\n\nSinglePoint Restructures Toxic Debt with Existing Secured Convertible Promissory Notes, Eliminating Additional Conversions Under the Note, Positioning the Company for Long Term Growth Opportunity in Solar Industry building a National Solar Network\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\nSinglePoint Restructures Toxic Debt with Existing Secured Convertible Promissory Notes, Eliminating Additional Conversions Under the Note, Positioning the Company for Long Term Growth Opportunity in Solar Industry building a National Solar Network\nPR Newswire\nPHOENIX, Oct. 20, 2020\n\n\n\nPHOENIX, Oct. 20, 2020 /PRNewswire/ -- SinglePoint Inc. (OTC:SING) announces the Company has restructured two current secured convertible promissory notes (the \"Notes\") which eliminated a large portion of its existing debt on its balance sheet. Pursuant to the Amendment, the Lenders agreed to refrain from making any conversion under the Notes subject to the terms, amendments, conditions and understandings expressed in the Amendment, extended the maturity date, provided monthly cash payment terms, and removed the toxic derivative debt on the Company's balance sheet. The Agreement outlines a comprehensive restructuring that improves the Company's balance sheet. \n\n \n \n \n \n \n \n\n \n\"The restructuring of these notes are a significant achievement for the Company, and we are thankful that our existing lenders agreed that a restructuring would benefit the Company and its growth initiatives. The restructuring improves our balance sheet and was one of the critical next steps in our strategic plan as we continue working towards uplisting to a national exchange. Since the filing of our Form 8-K with the SEC last week we have already received increased inquiries by larger mid-tier firms that understand the value of the restructuring the payments of the existing toxic debt into a long-term structure, and we are optimistic for support of SinglePoint's growth initiatives in Solar,\" states CEO Greg Lambrecht. \"We believe that the amendment of these notes is a pivotal accompli...