Singlepoint Inc (OTCMKTS:SING) continues to break out higher. Shares are up as much as 100% in just the past six sessions. The stock is also challenging its highest levels since 2012 in its latest run higher. The story is built by combining the themes of cannabis and bitcoin to paint a picture that bridges these ideas on two breakthrough fronts. This is not the only such story, but it has been one of the most prominent. The latest from the company is its partnership with AppSwarm Inc (OTCMKTS: SWRM), a technology company specializing in the accelerated development and publishing of mobile apps.
According to the release, the companies have partnered up to “conduct a shared roll-out of mobile applications specifically geared to solve issues in the cannabis space using the Blockchain technology and Bitcoin payment options. The applications and tech will be modeled and marketed under SinglePoint’s SingleSeed subsidiary, while AppSwarm will provide the necessary technical support and application development. The venture calls for a 50/50 revenue share on all products to be deployed.”
Singlepoint Inc (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, shares of SING have been on fire lately as a crossover play on the shared trends in place in cannabis and bitcoin-related themes. The company just partnered up with AppSwarm Inc (OTCMKTS: SWRM) to roll out a series of mobile applications specifically geared to solve issues in the cannabis space using the Blockchain technology and Bitcoin payment options.
“This JV with SinglePoint allows them unfettered access to all of the technology we currently have in-house, as well as what we are and will be developing in the near future. With the Crypto space expanding at mind-boggling speed it only makes sense to be partnering with such a prestigious industry leader in SinglePoint,” stated AppSwarm CEO Ron Brewer.
SinglePoint CEO Greg Lambrecht states, “We are excited to be working with AppSwarm on our proposed solutions. What they have shown us they have in-house supports what we are looking to roll out into the industry. We will work with what they have and continue to build new applications to add value. This is really a win-win partnership for both teams as they have great technology and we have capital to roll out a national campaign to quickly start driving positive revenue for both companies.”
At this time, carrying a capital value in the market of $111.5M, 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. However, the company is seeing sideways movement on the top-line on a quarterly y/y basis. 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.