Business
SinglePoint Updates National Solar Opportunity to Expand and Deepen Existing Footprint by Targeting Accretive Acquisitions; Company Positioned to Take Advantage of Nearly National Solar Network by Leveraging Internal Market Insight
SinglePoint Updates National Solar Opportunity to Expand and Deepen Existing Footprint by Targeting Accretive Acquisitions; Company Positioned to Take Advantage of Nearly National Solar Network by Leveraging Internal Market Insight.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n PHOENIX, AZ, July 23, 2020 (GLOBE NEWSWIRE) --  via NEWMEDIAWIRE – SinglePoint Inc. (OTCQB:SING) a fully reporting public company with core holdings in solar energy and hemp consumer products intends to prioritize and reallocate company assets and business strategy around the emerging and growing market opportunities in residential and solar energy and specific hemp based consumer products. Management unveils 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. Intends to grow by initially targeting specific installer or developer based solar related acquisitions identified by its subsidiary, Direct Solar America, to capitalize on the emerging consolidation trend in the Solar Industry as evidenced by the recently announced Sun Run and Vivint Solar combination to compete with Tesla.  Solar Industry is rebounding from manufacturing (panel) tariffs while local and state mandates and credits and low cost of implementation position historic solar opportunity in anticipation of increased infrastructure and clean energy programs featuring solar.  Company focused on the two most promising long term strategic initiatives Hemp and Solar: other non-core businesses to operate autonomously while being positioned for sale or strategic partnerships. The company's long term strategy is to increase shareholder value first by targeting accretive deals that have the potential to increase profitability, cash flow and to improve the balance sheet by paying down high interest or unfavorable convertible notes. We will continue to look to access capital with more favorable terms and judiciously utilize our stock to facilitate transactions that meet our acquisition or growth criteria.   Residential installations and Smaller Commercial Projects (<$20M) are rebounding from the effects COVID- 19 had on the market as eco-conscious consumers look to take advantage of record low financing rates to lessen their impact on the planet while ensuring the ability to have power in these uncertain times. The company previously announced its first commercial project which fit the strategic commercial customer acquisition criteria developed by senior management to focus on small to mid-sized commercial proj...