SinglePoint Receives $1.2 Million in Funding With Option to Raise a Total of $4 Million
SEATTLE, WA--(Marketwired - Oct 11, 2017) - SinglePoint, Inc. (OTC: SING) announces the completion of a $4 Million round of funding, $1.2 Million of which has already been collected including $600,000 of which came from United American HealthCare Corp (OTC: UAHC). With this new round of funding, SinglePoint is positioned to aggressively develop and complete its Bitcoin Payments solution and acquire additional companies in the cannabis space.
SinglePoint's Bitcoin Payments solution directly addresses the challenges of the "unbanked" cannabis industry, which is hampered by federal regulations that have significantly cramped banking options.
The capital also enables SinglePoint to accelerate its revenue-by-acquisition strategy, which in the last nine months alone has resulted in the investment or acquisition of three cannabis companies. SinglePoint now has the resources needed to pursue larger acquisition targets to capture its share of the legal cannabis industry, which is on track to exceed $20 billion by 2025 with a compound annual growth rate of 29%.
"After months of negotiation, we are beyond excited to close this deal and go after some larger deals that we have in our pipeline. Having this capital, along with access to additional capital if needed, puts us in a strong negotiating position. Acquiring other businesses for cash and stock is working well for us, and enables us to infuse some cash to jumpstart the growth of our acquired companies and give the businesses tremendous upside on the stock side, as they successfully execute their business plan," states SinglePoint CEO Greg Lambrecht.
SinglePoint is close to finalizing the previously announced LOI (http://nnw.fm/gIi1C), which will strengthen the Company's financials and set SinglePoint on a $1 million revenue run-rate over the course of the next year. In addition to this potential acquisition, SinglePoint is in negotiations with other companies operating in the cannabis tech market, as well as e-commerce sites in the industry.
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
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