- CEO anticipates SING will surpass $10 million in gross revenues this year
- SinglePoint plans to drive 2020 vision through organic growth in high-value, high-opportunity markets and synergistic acquisitions
- Company to focus on Direct Solar, 1606 Original Hemp product line
SinglePoint Inc. (OTCQB: SING) founder and CEO Greg Lambrecht thanked all 24,000-plus SING shareholders in a letter sent out this month (http://cnw.fm/I9YEe). The letter also outlines the company’s strategic plan for the new year, including a forecast that SinglePoint will reach $10 million in gross revenues this year, based primarily on the company’s focus on solar and the launch of 1606 Original Hemp, SING’s line of proprietary hemp products.
Last year was a strong year for SinglePoint in terms of continued fundamental improvement and establishing the foundation for anticipated continued growth, Lambrecht stated. Milestones for the year included becoming fully reporting with the Securities and Exchange Commission (SEC), increasing annual revenue and acquiring a majority interest in Direct Solar, the company’s solar subsidiary. “We will continue to focus on creating shareholder value utilizing an acquisition strategy looking for emerging growth companies that would benefit from exposure and access to capital that a public company can provide,” Lambrecht noted in the letter.
Looking forward to 2020, SING “has set an internal goal to surpass $10,000,000 in gross revenues, primarily by the company’s subsidiary SinglePoint Direct Solar,” the CEO said. “We plan to drive our 2020 vision through organic growth in high-value, high-opportunity markets, scale and grow revenue through synergistic acquisitions, and invest in and develop exceptional talent within our organization and our subsidiaries.”
SING acquired Direct Solar in mid-2019, and the company grew at a greater rate than anticipated, expanding across 11 states and developing into a scalable business model that continues to attract talented industry business professionals who are focused on accelerating the company’s national footprint expansion. “The 2020 domestic solar market is showing continued signs of riding a new tailwind driven by talks of a new green deal,” Lambrecht observed. “We anticipate that renewables will continue to be an important issue around the country and plan to focus the majority of our attention on growth in the solar and renewables space… We are not alone in our belief in the emerging renewable energy market; recently Goldman Sachs has announced a $4,000,000,000 fund for renewable energy.”
In addition, the company will strengthen its 1606 Original Hemp brand, which was launched at the 2019 National Association of Convenience Store Show (“NACS”). This exclusive line of products capitalizes on the emerging trend in the smokable hemp market and has already been picked up by distributors and retail outlets, Lambrecht reported. “We are encouraged by the reception and demand this new product category received at [NACS],” he said. “Our success at NACS with the smokable hemp product allowed SinglePoint to secure a distribution agreement to distribute PrimeTime Flavored Cigars with Japan Tobacco USA, a division of Japan Tobacco International which operates in over 130 countries.”
In the shareholder letter, Lambrecht outlined SinglePoint’s consistent growth for the past two years, noting that from 2017 to 2018, SING’s gross revenue increased more than 344%, and gross revenues for 2019 are expected to total $3 million, representing the company’s largest annual reported revenue in company history. “In 2020 we expect this revenue increase to continue as SinglePoint will benefit from a full operating year of Direct Solar,” Lambrecht said. “Management is optimistic that the establishment of solid fundamentals and the continued growth of the company provides the opportunity to drive the company’s market cap and overall shareholder to exceed historical levels.”
Founded in 2011, SING invests in and acquires brands and companies that will benefit from injection of growth capital and the company’s sales and marketing expertise. SinglePoint’s portfolio currently includes solar renewables, hemp and distribution tobacco products. SinglePoint is working to grow to a multinational brand.
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 HempWire
HempWire (HW) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWire (HW) is where HEMP news, content and information converge.
To receive instant SMS alerts, text HEMPWIRE to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.hempwire.com
Please see full terms of use and disclaimers on the HempWire website applicable to all content provided by HW, wherever published or re-published: https://www.hempwire.com/Disclaimer
Do you have a questions or are you interested in working with HW? Ask our Editor
HempWire (HW)
Denver, Colorado
www.hempwire.com
303.498.7722 Office
Editor@HempWire.net
HempWire is part of the InvestorBrandNetwork.
