SinglePoint, Inc. Common Stock (OTCMKTS:SING) is seeing a solid rally today after the company completed their corporate audit allowing the company to raise more money. This company that is looking to create a bridge between cryptocurrency and blockchain to the cannabis market now has an improved foundation. Previously, SING has seen declines in price even though the company has continued to grow and expand operations even adding a former Shark, Kevin Harrington, from “Shark Tank” as an evangelist and strategist.
“We as management are very excited to have completed the audit. We have already received term sheets from potential capital partners to raise up to $20,000,000 on friendly terms. This is a major step for the company and I am very confident, more so than ever, in the company’s ability to successfully build upon the solid infrastructure we now have. Currently, there are three acquisition targets in negotiations. We look forward to closing these deals and continue expansion into the cannabis market,” states Greg Lambrecht CEO SING.
SinglePoint, Inc. Common Stock (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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Volume has been strong for SING with a 10-day average over 9M, but the shorts have run rampant on the stock for some time now and hopefully this audit will send some home.
On top of this recent news, the company has some mergers and acquisitions pending that could take the company to a new level. Already, SING has an EBITDA over $4M and if they finish the Bitcoin Beyond deal – a company with point-of-sale tech for bitcoin payments – and a deal with MTH Development, which has cannabis grow space in California (4.7 acres) than SING would be looking like a much larger company with more space to raise money and room to run.
Lastly, 0n March 27, 2018, the company culminated the month delivering the acquisition of ShieldSaver, which is a technology company disrupting the automotive repair and maintenance industry. The most interesting factors for this company are “its unique permissions to enter locations that are typically off limits, obtain critical vehicle data at those locations, and then make contact with vehicle owners regarding needed repairs on their cars.” This deal also creates a blockchain multiple to SING’s portfolio and could prove to be very lucrative, but we will need to see more updates.
SinglePoint, Inc. Common Stock (OTCMKTS:SING) shareholders have been frustrated in 2018 but the stock might be turning the corner. This audit brings the transparency the company needs to really start to maximize its growth. SING has a market cap of 37.98M and 1.1B shares out. We think this is an exciting story and we will be updating soon. 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.