Singlepoint Inc (OTCMKTS:SING) has been an extremely interesting play on the OTC over the past 2 months. The company has a diverse approach, with clear ties to the cryptocurrency revolution underlying recent strength. There should be no doubt about that. But that’s not all this company is about. In fact, this is a crossover with the cannabis theme, placing it in something like a Venn diagram of OTC buzz. As a case in point, in its latest update, the company announced the acquisition of Dr. FeelGood, a profitable cannabis distribution company headquartered in Phoenix, Arizona.
According to the release, “Dr. FeelGood is a leading distribution company with expansion plans to add proprietary delivery and ordering technology application. Per the agreement terms, SinglePoint will acquire fifty-one percent (51%) of the company in a combination of cash and stock, which will allow SinglePoint to recognize all revenue. The acquisition will add an additional revenue stream to SinglePoint, solidifying the company’s revenue-by-acquisition strategy.”
Singlepoint Inc (OTCMKTS:SING), aside from its recent pivot into the crypto space, trumpets itself as a company that provides mobile technology and marketing solutions for small to mid-size businesses, nonprofits, and religious organizations. Its solutions enable clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices.
SING’s portfolio includes; Text2Bid, a mobile bidding solution that allows users to bid in auctions from text or Web-enabled phones; Donate by Text, a solution that allows nonprofits to securely collect donations via text; Pay by Text that allows customers to pay for products using their mobile phones; and Point of Sale terminals to provide customers the convenience of using debit/credit cards right at checkout.
SING also provides Oomy, a solution that enables companies to track and manage their fleet vehicles, drivers, and deliveries; text mobile marketing solutions; SingleSwipe that enables customers to turn any device into a point of sale payment processor with the SingleSwipe card reader; and other solutions.
According to company materials, “SING is a full-service mobile technology and marketing provider. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. The company recognized the strength in acquiring interest in undervalued subsidiaries in other markets to create a diversified holding base.”
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As noted above, this crypto/cannabis combo stock just announced the acquisition of Dr. FeelGood, which we are told is “a profitable cannabis distribution company headquartered in Phoenix, Arizona.” The announcement clearly hit the market in the right spot, launching the stock for better than 20% gains on relatively strong volume. The move takes shares back well above its August pullback pivot level just under $0.06/share.
SinglePoint CEO Greg Lambrecht states, “We are very excited for the success of this acquisition. The acquisition of Dr. FeelGood is the third acquisition of the year. SinglePoint’s revenue has dramatically increased, which through the acquisition of DIGS Hydro and Convectium has increased 378x compared to the first quarter of 2017. SinglePoint is in a better position than it has ever been before. We are well capitalized to continue acquisitions and we are optimistic to complete additional acquisitions and very optimistic to significantly increase the company revenue.”
The chart shows a bit less than 110% during the past month in terms of shareholder gains in the listing. This is emblematic of the stock. SING has a track record that includes a number of dramatic bounces. Furthermore, the listing has seen interest climb, with an increase in recent trading volume of 230% above the average volume levels in play in this stock over the longer term.
Now commanding a market cap of $54M, SING has a stash ($162K) of cash on the books, which must be weighed relative to virtually no total current liabilities. SING is pulling in trailing 12-month revenues of $402. However, the company is seeing declines on the top line on a quarterly y/y basis. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $SING stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $SING, either long or short, and we have not been compensated for this article.