PHOENIX, Jan. 7, 2021 /PRNewswire/ — SinglePoint Inc. (OTC: SING) («SinglePoint» or the «Company»), a company focused on providing renewable energy solutions, today announced the Company will affect a 1-for-75 reverse split of its issued and outstanding shares of common stock. Additionally, the Company will, on a 1-for-1 basis, spin-off of 1606 Corp. to its shareholders, which will become its own entity. The spin-off and the effectiveness of the reverse stock split will occur after the filing of required documentation with SEC and Finra, and the expiration of proscribed time limits after mailing of materials to shareholders.
The solar energy market is experiencing exponential growing demand and is expected to reach $223 billion by 20261. To help sustain this growth, there is expected to be significant government support with investing heavily in renewable energy through direct investments, subsidies as well as tax credits. SinglePoint intends to evaluate additional opportunities for strategic spin-off’s, combinations, sale and/or purchase of other non-core, non-alternative energy assets to streamline offering and accelerate positioning of SinglePoint as leader in renewable energy solutions.
«This represents a key component in our planned, multi-stepped approach towards uplisting to a national exchange and enhancing shareholder value. By taking this initial step of separating into two independent companies, each business will have the ability to enhance focus on its significant market opportunities and evolve into two industry-leading companies, each one entirely focused on delivering quality products and services,» commented Greg Lambrecht, Chairman and CEO of SinglePoint. «Our team is laser-focused on establishing a rich portfolio of leading renewable energy solutions and leveraging the rapidly growing solar market to build short- and long-term value. We believe this is a significant moment for SinglePoint and look forward to providing continued updates as we execute our deliberate path forward.»
The brand 1606 was launched in October 2019, based upon indicated market interest received at the 2019 NACS show from major retailers and distributors. 1606 was designed to be the premium brand and continues to innovate and differentiate itself as evidenced by the recent introduction of a six pack point of sale display unit designed to be placed on countertops or next to the register retail locations across the nation.
«Our team is committed to building shareholder value and expanding our market exposure. After months of discussions with partners and financial institutions, we believe that this is the best path forward in providing the Company the optimal opportunity to grow and achieve our ultimate goal of listing on a national exchange. We believe that by successfully executing this reverse split and a spin-off of one of our designated non-core assets, we have a greater potential in gaining increased attention from larger institutional and family office investors that have the ability to provide accretive capital,» added Wil Ralston, President of SinglePoint.
About SinglePoint Inc.
SinglePoint Inc. is a company focused on providing renewable energy solutions to consumers and small commercial businesses. SinglePoint is committed to building the largest network of renewable energy solutions and modernizing the traditional model. For more information, visit the Company’s website (www.singlepoint.com) and connect on LinkedIn and Twitter.
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 of listing on a national exchange, the spin-off, operations of 1606, solar operations and future plans and 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.
JTC Team, LLC
1 Valuates Reports; Solar Energy Market by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), by Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), by Application (Residential, Commercial and Industrial) and End-Use (Electricity Generation, Heating, Charging and Lighting): Global Opportunity Analysis and Industry Forecast, 2019-2026
View original content to download multimedia:http://www.prnewswire.com/news-releases/singlepoint-announces-capital-re-structuring-and-spin-off-of-non-core-asset-1606-corp-to-all-shareholders-301203114.html
SOURCE SinglePoint Inc.