We routinely check in on Singlepoint, Inc. (OTCMKTS: SING) from time to time here on Street Register, where we’ve followed the company’s efforts toward building a feasible secure mobile payment solution for the cannabis space. We also talked about the company’s partnership with Kevin Harrington, one of the original “Shark Tank” sharks and pioneer of the As Seen on TV industry.
This week we’re coming back to SING to go over what amounts to a promise kept. The company had previously made it a point to announce that it would be acquiring new properties related to the cannabis space in 2018, and its latest press statement falls under that category.
This week, Singlepoint, Inc. (OTCMKTS: SING) has announced a Letter of Intent to wholly acquire Phoenician Engineering. Headquartered in Phoenix Arizona, Phoenician provides both consumer products as well as commercial grade equipment. Phoenicians’ main products are medical grade herbal grinders for consumers and soon to launch a grinder for commercial use. The company is currently in dispensaries throughout America and ships products internationally.
Phoenician currently has nine issued patents, three trademarks and additional patents pending. This will provide SinglePoint valuable IP to add to its growing asset class. Phoenician has also worked with multiple influencers such as Sublime with Rome and more. Phoenician is one of the most well-known consumers grinders in the market because of its quality and lifetime guarantee. The founders will stay on board through the acquisition and continue to grow the company with SinglePoint. SinglePoint plans to help increase, the already profitable sales, through ecommerce and online advertising.
SinglePoint and Phoenician are currently working through due diligence and the completed transaction is expected to happen soon. “We are ready to close this deal. We have 100% confidence in the founders of the company. They have built a sustainable, scalable business. We believe we can help take it to the next level. They are right in our backyard here in Phoenix so working closely alongside will be easy. With their product and an injection of our funding and ecommerce knowledge I believe we can 5x revenue in the first 18 months,” states Greg Lambrecht CEO. “We are incredibly exited to be working though due diligence with SinglePoint. This is a great opportunity for synergistic and collaborative efforts to come together and add tremendous value,” states Colton Dukat, CEO of Phoenician.
As of April 16th 2018 SinglePoint has concluded its two year audit and plans to file a form-10 to become fully reporting. Management believes this will give the company additional access to more capital on better funding terms. This capital will be used for acquisitions such as Phoenician Engineering and others in order to grow the company revenues and increase shareholder value. (Source: OTC Disclosure & News Service)
Last year was big for SING, and early on this year as we mentioned above, the company indicated that it “is well-prepared to continue this upward trajectory in 2018.”. It stayed true to its vows to continue gearing up to make additional acquisitions in 2018, so we’re really going to want to continue to stay on top of the SING newsfeed for the result of this LOI. Stay locked to Street Register for updates, and we’ll deliver important developments on SING as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in SING stock, short or long.