Full-service mobile technology and marketing provider SinglePoint, Inc. (OTC: SING) this morning announced that it is now officially debt-free. The milestone comes as a result of the company’s ongoing fundraising initiatives, which have already resulted in the addition of more than $300,000 of working capital to its balance sheet. SinglePoint has also entered into a Letter of Intent stemming from these efforts that’s expected to result in the securement of $1 million of additional funding. Per this morning’s update, SinglePoint intends to use the capital from these fundraising efforts to support its proposed uplisting to the OTCQB Venture Market later this year, as well as to support its acquisition-based growth strategy. Most recently, this acquisition-based strategy was demonstrated when the company announced its entry into a Letter of Intent to acquire a stake in Convectium, a profitable California-based company operating in the booming cannabis market. “Being debt-free provides us with the financial flexibility needed to execute our growth plan and take advantage of incredible acquisition opportunities – such as our recent transaction with Convectium – that will strengthen our brand and ultimately benefit our shareholders,” CEO Greg Lambrecht added in this morning’s update.
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SinglePoint, Inc. (SING) Announces Position as a Debt-Free Company
