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SEATTLE, Feb. 20, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- SinglePoint (OTCQB: SING) a fully reporting company tied into technology and cannabis has signed a letter of intent to raise up to $12,000,000. The capital comes on favorable terms to the company and is only available at the company’s discretion. Final terms are still being negotiated, upon execution of the agreement SinglePoint will file a registration statement with the SEC. Continuing the company’s pursuit of transparency and increasing value for its shareholders, this raise will help SinglePoint access capital for continued growth and to complete acquisitions in currently in negotiation.
Greg Lambrecht, SinglePoint CEO, “The goal for SinglePoint is to raise capital at the best terms we can in order to capitalize on the host of opportunities we have in the hemp derived CBD space. We are already filling multiple orders and will be able to expand our sales and marketing as well as receive the best pricing from our suppliers with larger purchase orders.”
The company has been highly focused on the hemp market. From selling finished products on SingleSeed.com to bulk sales of raw material. SingleSeed has been establishing its footprint in the supply chain of the hemp derived CBD market. Additionally, the company has invested in TorusMed a business setting out to produce specific strains of CBD through commercial size photobioreactors.
According to a new estimate from cannabis industry analysts the Brightfield Group, the hemp-CBD market alone could hit $22 billion by 2022. SinglePoint through its subsidiary SingleSeed is tapping into this market through the expansion into multiple services and products offered.
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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4c6f3922-7931-4d43-9ba5-ffb623daba6f