SinglePoint, Inc. Common Stock (OTCMKTS:SING) has been consolidating in a lateral range on a smaller-degree timeframe, while approaching resistance in a very long-term range that has been under construction throughout 2017 under the $0.13/share level. The stock has been volatile in recent days with its new link to the cryptocurrency space as Bitcoin suffers a sharp pullback. To combat this shift in sentiment, the company is making new deals in the cannabis space.
Specifically, the company just announced that it has formalized the letter of intent with Smart Cannabis Corp, (OTC: SCNA) signed earlier this month. The deal now represents the origination of a multifaceted joint venture and co-marketing agreement. According to the release, “under terms of the agreement, SinglePoint has signed a license and representation agreement to distribute Smart Cannabis’ SMARTAPP automation software product, and soon-to-be-released “Track and Trace Software System,” for the cannabis marketplace. These software platforms are a natural add-on extension to SinglePoint’s recently announced cybercurrency payment processing system.”
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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As noted above, the company just put out word that it has entered into a special agreement with Smart Cannabis that management believes represents a key synergy for SING shareholders.
“We are extremely excited by the synergy we share with Smart Cannabis Corp. We believe with our teams collaborating on projects we will quickly bring solutions to fruition. With the data Smart Cannabis Corp collects through their Track and Trace Software system, SinglePoint will be able to start building a blockchain platform giving further insight in the cultivation and sale of cannabis related products,” states Wil Ralston President, SinglePoint.
Don Smith, Vice President of Smart Cannabis Corp., stated “Our relationship with SinglePoint is a game changer. The cannabis industry has not yet begun to see sophisticated companies that are capable of collaboration, joint investment, and synergy like we’re doing. Both companies have proven their ability to execute and perform in joint venture arrangements which is critical to effectively thrive. We’re thrilled to collaborate with SinglePoint, an ideal match for our business development activities.”
Now commanding a market cap of $89.7M, SING has a chunk ($137K) of cash on the books, which compares with about $460K in total current liabilities. One should also note that debt has been growing over recent quarters. SING is pulling in trailing 12-month revenues of $156K. This may be a very interesting story and we will look forward to updating it again 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.