SinglePoint, Inc. (OTCPink: SING) Company Update: Considering More Aggressive Acquisition Strategy
June 22nd, 2016
Last Trade ǀ $0.014
30-Month Target Price ǀ $0.06
L Alan Davis, CFA
Mobile Payments Technology Company Transitioning to Daily Fantasy Sports & Charity Auction Markets; Considering More Aggressive Acquisition Strategy.
SinglePoint Inc. OTC SING Company Update: SinglePoint (SING) is a mobile technology and payments provider with ambitious growth plans. SING’s technology enables its customers to accept mobile payments, engage in targeted mobile communications campaigns, and collect customer data. Currently providing payment solutions and targeted communications campaigns, management is in the process of leveraging its mobile payments technology into two promising vertical markets: mobile auctions and daily fantasy sports. Pivoting its focus, SING announced its intention to enter these markets in 2015. The company is also in the process of getting its shares up-listed from the OTC- Pink Market to the OTC-QB Marketplace.
In March 2016 SING announced a minority investment in GoDraft for cash and restricted stock. GoDraft is a daily fantasy sports (DFS) enterprise enabling players the opportunity to win cash daily in NFL, NBA, MLB and PGA. In May SING announced that it had finalized a minority interest investment in DFS company DraftFury— widely recognized as the first cash flow positive DFS enterprise
In June 2016 the company announced a securities funding agreement with Blackbridge Capital, LLC for up to $3 million in equity financing to fund SING’s acquisition strategy—this agreement included an immediate capital infusion of $60,000 (convertible bridge loan) to expedite SING’s up-listing to the OTC-QB market.
Also in June 2016, the company announced that it had engaged Milost Advisors to pursue acquisitions and raise equity and debt capital facilities to fund acquisitions, as well as provide working capital. Milost Advisors, as a lead advisor, has stated they will assist SinglePoint in the acquisition of undervalued companies with annual revenues in excess of $50m.
View the companies full report – SinglePoint – L. Alan Davis CFA – June Update