- New subsidiary inks contracts totaling millions for record 60-day performance
- Direct Solar adds alternative-energy financing solution to reach wider markets
- Company joins forces with country’s second-fastest real-estate brokerage
A diversified holding company, SinglePoint Inc.’s (OTCQB: SING) largest acquisition to date has definitely paid off. Acquired by SING in May, Direct Solar posted record sales in its first 60 days with the company, added a new division to reach untapped markets, and signed a partnership with one of the fastest-growing real-estate brokerages in the nation. Based on the subsidiary’s performance thus far, SinglePoint is forecasting record sales for this year, with even higher numbers projected for 2020.
During its first 30 days with SING, Direct Solar brought in $1.7 million in contracts and then repeated the performance during the next 30 days for a total of more than $3.4 million in signed contracts (http://ibn.fm/9AuCZ) in a two-month period. Those contracts have since moved into planning and installation phases, with the bulk of the revenue recognized upon contract completion, slated for third and fourth quarters in most cases. The company anticipates Direct Solar’s sales numbers to continue along the same trajectory, reaching a projected $5 million in contract sales by the end of 2019.
The subsidiary hit other milestones this year as well. Within weeks of joining SinglePoint, Direct Solar added an alternative-energy financing solution – Direct Solar Capital – in an effort to expand its reach and offer services to wider markets. Direct Solar originally only serviced resident contracts, but its addition of Direct Solar Capital allowed the company to serve medium commercial enterprises (http://ibn.fm/K7uC1). Businesses that have an alternative-energy project ready to go now have access to anywhere from $50,000 to $3 million in funding.
In addition, Direct Solar joined forces with My Home Group, the fastest-growing real estate brokers in Arizona and the second-fastest brokerage in the country. The new partnership allows My Home Group’s nationwide network of more than 2,300 agents to provide alternative-energy options for homeowners who want to reduce their reliance on the grid, lower their utility bills or utilize cleaner, alternative-fuel systems.
The success of Direct Solar is creating a solid financial base for SING as it continues to expand and seek out additional acquisitions. “The traction we have experienced so far has been amazing,” Direct Solar Founder Pablo Diaz said in a news release (http://ibn.fm/qeKue). “We are thrilled for the achievements we have accomplished and are looking forward to continually improving. We are now exploring ways to generate additional sales through innovative marketing strategies. I’m confident we will hit $15 million in 2020.”
SinglePoint acquires small to mid-sized businesses. The company’s focus is on new technologies. Investments in renewable energy, legal ancillary cannabis, and hemp are only a few examples of the multiple industries and verticals included in SinglePoint’s diversified portfolio. By investing in undervalued subsidiaries, the company has grown from a full-service mobile technology provider to a recognizable brand with multiple revenue streams.
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://ibn.fm/SING
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