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PHOENIX, June 04, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- SinglePoint Inc. (OTCQB: SING) is pleased to announce Direct Solar has secured $421,808 in solar installation contracts since completion of the acquisition. Sales are recorded on a cash basis which happens at the time of project completion typically occurring within 60-90 days. SinglePoint expects most of the revenue driven so far by Direct Solar to be recorded on Q3 financial statements.
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VIDEO: SinglePoint and Direct Solar discusses initial first week success:
“We are very pleased with the performance of Direct Solar and their entire team. Sense closing the acquisition they have really outperformed everyone’s initial expectation. They goal was $1,000,000 a month after 90 days and it would appear, we are going to hit that sooner than anticipated. In addition to this major success in residential the team is also working on a small business funding relationship that would provide Direct Solar the ability to qualify small business customers and lend out up to $100,000,000 for solar projects. The funding for this market is very sparse right now and we believe this option with our funding partner will put us in the leadership position to attack this major market,” states Wil Ralston, President SinglePoint.
Direct Solar is currently averaging 2.7 sales per day and has been trending towards three very quickly. The company is looking to expand into Missouri very quickly as federal and state rebates continue to expand.
About SinglePoint, Inc.
SinglePoint, Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through 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 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.