Before the opening bell, Singlepoint, Inc. (OTC: SING) gave prospective shareholders an update on its progress toward uplisting to the OTCQB Venture Market. MaloneBailey, a market-leading accounting firm delivering audit services to high-quality small and middle-market private and public companies, is rapidly approaching the completion of its audit for Singlepoint’s Form 10, which is required for the company to move forward with plans to become a fully reporting entity. Singlepoint announced the completion of an audit of its financial statements for the two years ended December 31, 2014, in early May before commencing an audit of its 2015 results.
Last month, Singlepoint engaged Milost Advisors Inc., a global investment banking firm, to assist in the acquisition of undervalued companies while raising equity and debt capital facilities to fund these acquisitions and provide working capital. The company continues to benefit from this working relationship as it searches out undervalued acquisition targets.
In February, Singlepoint got the ball rolling on the mergers and acquisitions front when it acquired an ownership stake in DraftFury, a profitable daily fantasy sports (DFS) enterprise with effective customer retention strategies and an experienced management team. According to Todd Eilers, CEO of Eilers Research, daily fantasy sports games “generated around $2.6 billion in entry fees last year and grow 41% annually, reaching $14.4 billion in 2020.” Through the acquisition of DraftFury, Singlepoint intends to take a noticeable stake in this growing industry.
The company has also issued a letter of intent to acquire the assets and technology of Mobile Bidding Technologies, Inc., including Text2Bid, an industry-leading auction software business generating over $10 million a year in donations for its users. Text2Bid is a leading mobile bidding solution that currently boasts a valuation of $1.6 million and has recorded strong annual revenue growth. Through the acquisition of a stake in Mobile Bidding Technologies, Singlepoint will look to gain a foothold in the $18 billion auction industry. The company plans to finalize this acquisition following the filing of its Form 10 in the coming weeks.
“This has been an exciting year for SinglePoint. In addition to our equity ownership in DFS enterprise, DraftFury, our stock price has also incurred organic growth since beginning of Q2 and I’m optimistic it will follow suit moving forward as we explore the acquisition targets identified by Milost Advisors,” Greg Lambrecht, chief executive officer of Singlepoint, added in this morning’s news release.
For more information, visit the company’s website at www.Singlepoint.com
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