Parent Of Broker Announces Spin-offs, Sales Of Non-Core Businesses
April 20, 2023 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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SinglePoint Inc. (SinglePoint or "the Company") announced, "strategic transactions to simplify and focus operations to increase revenue and achieve subsidiary level cash flow."
As previously reported, SinglePoint previously announced an acquisition of interests in broker Frontline Power Solutions LLC, and has called FrontLine Power Solutions a subsidiary of SinglePoint
"The Company will be selective, focusing on accretive opportunities to further expand its Solar Renewable Energy, Energy Storage for residential and small commercial customers and its Commercial Energy Services as it streamlines and consolidates energy- centric business units to prepare for operations after uplisting," SinglePoint said
SinglePoint said that its continuing strategic core energy assets will be in the areas of solar EPC's [sic], energy services, and energy storage, including:
• Frontline (Energy Services)
• Boston Solar (EPC)
• "Planned Acquisitions - Additional EPC's, Energy Storage Solutions"
As more fully described below, SinglePoint announced strategic spin offs of BOX Pure Air (Indoor Air Purification) and BPA Solutions (Building Security, IAQ Improvement, Consulting)
SinglePoint also announced announced spin offs, sales or other disposition of:
• EnergyWyze (solar lead generation)
• ShieldSaver (Automotive Service Platform, Data, Blockchain)
Specifically, SinglePoint announced, "Board of Director and Shareholder approval of the proposed spinoff to SinglePoint shareholders of ShieldSaver, as a new separate public company. SinglePoint originally acquired ShieldSaver in 2018 as a disruptive auto repair and service technology platform that was positioned to leverage blockchain initiatives for data collection. SinglePoint has agreed to acquire the remaining minority interest in ShieldSaver and will announce an experienced emerging public company executive to facilitate the transition and transaction."
Specifically, SinglePoint announced, "Shareholder approval and Board of Director approval of the proposed sale, joint venture, Business Combination or Tax-Free Spin-off to Shareholders of non-core entities EnergyWyze and DIGS."
"These transactions are targeted to be completed prior to the end of the calendar year. Creating additional value through a distributed spinoff will allow the Company and management to focus on and put all effort towards the opportunities that show the highest rate of return," SinglePoint said
Specifically, SinglePoint announced, "Shareholder and Board of Director approval to explore options to sell or pursue a Tax-Free Spin off to Shareholders of BOX Pure Air/BPA Solutions, providers of commercial and industrial grade certified-HEPA portable air purification units manufactured in the USA within the next twelve months."
"The multiple corporate actions are part of a planned fundamental strategy of focusing on building its renewable energy, energy storage and to prepare for additional opportunities in EV charging for our residential and small commercial customers. These corporate actions will allow SinglePoint to reduce the size of its non-core subsidiary portfolio while providing the opportunity to unlock additional value through stock dividends via separation and segmentation for our existing 30,000+ SinglePoint shareholders and the shareholders of record on the respective spin off dates. SinglePoint expects the first spin off to its shareholders of ShieldSaver prior to the end of FY2023 Q3," SinglePoint said