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SinglePoint (OTC:SING) preparing for Green New Deal by purchasing two companies

Tony Zerucha

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Technology company Singlepoint (OTC:SING) has signed an asset purchase agreement to acquire Direct Solar and AI Live Transfers, two companies providing what has been described as the “Lending Tree model for solar business”.

With the proposal of The Green New Deal, solar is at the forefront of every conversation and will continue to be top of mind as the nation grows through an “energy shift” to renewable resources such as solar. According to Zion Market Research, the global Solar Panel Market accounted for USD $30.8 billion in 2016 and is expected to reach USD $57.3 billion by 2022, growing at a CAGR of 10.9 percent between 2017 and 2022.

In the past year Direct Solar has surpassed $1,500,000 (unaudited) in revenue with approximately 60 percent gross margins. In February 2019, the company generated approximately $321,230*. Direct Solar and Singlepoint estimate the four quarters following the closing of the acquisition will result in just over $8,230,000 in sales. This is based on numbers that have already been achieved without marketing budget available to the company. The following year, two projections have the company turning a profit of $2,844,288 on revenues of approximately $14,000,000.

Total installed U.S. PV capacity is expected to more than double over the next five years, and by 2023, more than 14 GW of PV capacity will be installed annually. This represents a major opportunity for Singlepoint and Direct Solar to exponentially grow and establish a leadership role within the new segment of the burgeoning solar industry.

The asset purchase agreement has been signed, and upon the completion of the audit, the transaction will be completed. Singlepoint plans to start recognition of these revenues around the end of April.

“This is a phenomenal opportunity for SinglePoint.” president Wil Ralston said. “This changes the entire financial fundamentals for the company and enables us to continue to push forward with opportunities to continue increasing shareholder value and the overall value of SinglePoint.”

Direct Solar said it is able to move into every state quickly and efficiently because of the proprietary online education technology the company has developed. Singlepoint plans to utilize this edge to pitch cannabis businesses on the opportunity to save money and increase margins through lowering the cost of utilities through the use of solar.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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