- The company’s first 10-K filing with the SEC was recently completed, reporting a 344 percent year-over-year revenue increase
- SING recorded a triple-digit increase in sales and a nearly 10-fold increase in profits in 2018
- Increased interest in funding SING is coming from institutional investors and large family corporations
Technology and investment company SinglePoint Inc. (OTCQB: SING) is at a significant reflection point in the company’s history as its portfolio investments generate increasing revenues, SinglePoint CEO Greg Lambrecht told shareholders in a sweeping review of the company’s recent successes and plans for the future (http://cnw.fm/6AohY).
“Since we got our 10-K done, we have had an amazing amount of calls from institutional offices, big family offices, that want to know what we are doing and want to talk to us about funding us,” Lambrecht stated in a video update (http://cnw.fm/UR0ls). “Most of these funders, their minimum is $5 million up to $50 million. So, with this 10-K getting done and our ability to show the public, the shareholders that we’re able to acquire these companies and get profits, it’s really starting to show up. That was a huge step for SinglePoint and kind of separated us from the pack, if you will.”
SinglePoint recently filed its first annual statement with the Securities and Exchange Commission as a fully reporting issuer. The report shows that sales increased by 344 percent during the year, leading to a total of more than $1.1 million by year’s end (http://cnw.fm/tyPR4). Agreements to acquire Direct Solar and AI Live Transfers, two companies utilizing the Lending Tree model to market products and services in the solar power sector, are expected to significantly increase SinglePoint’s profits (http://cnw.fm/1cH4X).
“Direct Solar is really good at getting leads and handing them off to other companies that install the solar,” Lambrecht said in a news release. “The auditors are optimistic, hoping the company can do $5 million to $10 million this year.”
SinglePoint is also focused on the sale of CBD products through subsidiary SingleSeed.com, although the company first had to determine how it would invest in the rapidly evolving cannabis space.
“We purposely did not touch the plant. We had the ability to purchase a grow or dispensary, but we decided not to do that. In the end it’s still illegal in the United States,” Lambrecht added. The federal government’s recent legalization of hemp and CBD, however, put SinglePoint in an excellent position to benefit from CBD product sales. The company is finishing up designs for a CBD rack for retail locations, which Lambrecht said will be featured at upcoming trade shows and other locations.
“We have over 40 products on SingleSeed,” Lambrecht continued. “We’ve had the site up for two years and continue to improve it. We’re doing revenues on that and we’re just about ready to launch our CBD product on Amazon.”
“Growth at SinglePoint is on and only going to get bigger,” Lambrecht concluded. “We are getting a lot of attention from our growth and that’s exactly what we’ve been working hard to do. 2019 is really going to be our year to shine.”
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://cnw.fm/SING
About CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.cannabisnewswire.com
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer
Do you have a questions or are you interested in working with CNW? Ask our Editor
CannabisNewsWire (CNW)
Denver, Colorado
www.cannabisnewswire.com
303.498.7722 Office
Editor@CannabisNewsWire.com
