- Pro Forma Financials for The
Boston Solar Company Reports $17.691M in 2021 Revenue
Resulting in $18.5M in consolidated combined revenue with
SinglePoint Inc.
- The Boston Solar Company
Targeting $25M in 2022 Annual Revenue, with revenue
of $4.79M (unaudited) recorded in the period
ending March 31, 2022
- Acquisition of Boston Solar
Commences Initial Phase of the SinglePoint Inc. 2022/2023 EPC
Roll-up Strategy
- Boston Solar provides
comprehensive solar energy services in New England and a Proud
Partner of the Boston Red Sox
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PHOENIX, AZ -- July 7, 2022 -- InvestorsHub NewsWire --
SinglePoint, Inc. (OTCQB: SING)
("SinglePoint'' or "the Company''), a renewable energy and
sustainable solutions provider, today announced the completion of
the required post-acquisition pro forma financial statements of The
Boston Solar Company ("TBSC or Boston Solar"), achieving
over $17.6 million in Annual Revenue for 2021. The total
SinglePoint pro forma statements include the audited financial
statements for Boston Solar consolidated with the reported
SinglePoint Inc. revenue as if the transaction were completed in
2021. Reporting a total combined revenue of $18.5M. The
audited historical financial statements and the unaudited pro forma
combined financial statements are accessible here.
Boston Solar is a leading residential, small commercial Solar
EPC focused on customers in the greater Boston area that
has averaged approximately $15M in Annual Revenue over
the past few years. Throughout the first and second quarter of FY
2022, Boston Solar has been seeing historically high residential
sales orders. For the period ending March 31, 2022SinglePoint
and its subsidiaries would have recorded a
combined $6.35M in total revenue on a Proforma basis.
Wil Ralson, CEO of SinglePoint, said, "Acquiring Boston Solar is
another milestone achievement for SinglePoint which solidifies our
EPC acquisition strategy. We will continue to focus on increasing
our footprint in desirable markets with targeted acquisitions that
are established leaders in their market. Acquisitions should have
the ability to consistently deliver revenue growth while
maintaining a customer centric approach focusing on the long-term
value of each customer. We will continue to execute by following
our acquisition criteria looking for additional opportunities to
increase footprint, revenue and profitability to benefit our
shareholders. We have identified and begun due diligence on
additional accretive and complementary companies that are expected
to close prior to the end of the year that support our growth
strategy."
Ralston added, "Boston Solar was a unique opportunity for
SinglePoint to acquire a leading and well-known EPC in a major
region of the United States with an experienced senior
leadership team assembled by Daniel Mello Guimaraesand
a $15M backlog of solar and energy storage projects.
During the due diligence process, we identified the potential to
improve profit margins and to increase revenues. We have met with
the senior leadership to document and prioritize operational
improvements and have begun to implement additional processes that
are expected to increase overall margin and
profitability."
SinglePoint is assisting Boston Solar's leadership to obtain a
traditional working capital facility that will increase residential
installations throughput. This facility will ensure an adequate and
timely supply of modules and solar panels. While Boston Solar has
been setting record sales growth, TBSC currently has excess
installation capacity which provides the company with the
opportunity to scale the residential revenue.
In addition to internal improvements, Boston Solar will continue
to expand its commercial project pipeline and identify partnerships
or opportunities to increase its market share in
the Boston area and the Northeastern region. The recently
announced "tuck in" acquisition of EcoDaptive by Boston Solar is
preparing to take advantage of a framework $100
million asset finance facility enabling Boston Solar and
Ecodaptive to scale a successful SunRAYS pilot program,
a "Rent your Roof" initiative in Massachusetts.
BOX Pure Air
In addition to the acquisition of The Boston Solar Company,
SinglePoint subsidiary BOX Pure Air continues to deliver Certified
HEPA air purifiers to schools throughout the nation. Most recently,
the company was awarded a $5 Million dollar award through
the EANS II funding program, which should begin delivery early Q3
with the award being available throughout 2024.
As of March 31, BOX Pure Air delivered $1.5
million in revenue. The Company projects the minimum revenue
contribution in 2022 from air purification to be in the range
of $10-$12 million.
SinglePoint subsidiaries continue to deliver record sales for
the Company. Company management feels very confident BOX Pure Air
will continue to deliver significant revenue as indoor air quality
becomes more prevalent every day. With the growing presence of
wildfires, pollution, illness and the overall benefits of improving
IAQ, the market is here to stay with upside potential for many
years to come.
About SinglePoint Inc (OTCQB:SING)
SinglePoint Inc.(www.singlepoint.com) is a renewable energy and
sustainable lifestyle company focused on providing environmentally
friendly energy efficiencies and healthy living solutions.
SinglePoint is initially focused on building the largest network of
renewable energy solutions and modernizing the traditional solar
and energy storage model. The Company is also actively exploring
future growth opportunities in air purification, electric vehicle
charging, solar as a subscription service, and additional energy
efficiencies and appliances that enhance sustainability and a
healthier life. For more information, visit the Company's website
(www.singlepoint.com) and connect on social media for
the latest updates.
About The Boston Solar Company
Boston Solar, a Proud Partner of the Boston Red Sox, has
installed more than 5,000 residential and commercial solar systems
powering thousands of homes and businesses in New England,
predominantly Massachusetts, since its founding in 2011.
Boston Solar is dedicated to providing superior products,
exceptional customer service, and the highest quality workmanship
in residential and commercial installations. The company has been
honored with the 2020 Guildmaster Award from GuildQuality for
demonstrating exceptional customer service within the residential
construction industry. For five consecutive years, the Company has
been recognized as a Top Solar Contractor by Solar Power World
magazine. The company has also made Boston Business Journals
Largest Clean Energy Companies in Massachusetts List. Boston Solar
is a member of Solar Energy Business Association of New England
(SEBANE). The company is headquartered at 55 Sixth
Road, Woburn, MA 01801. Learn More at www.bostonsolar.us
Forward-Looking Statements
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934 and are subject to the safe harbor created by
those rules. All statements, other than statements of fact,
included in this release, including, without limitation, statements
regarding revenue projections, financing opportunities, potential
plans and objectives of the Company, , anticipated growth and
future expansion, are forward-looking statements that involve risks
and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements.
Technical and other complications, which may arise, could
prevent the prompt implementation of any strategically significant
plan(s) outlined above. The Company undertakes no duty to revise or
update any forward-looking statements to reflect events or
circumstances after the date of this release.
Investor Contact:
Tra-Digital IR
Investors@SinglePoint.com
(212) 389 - 9782 ext. 107
SinglePoint (PK) (USOTC:SING)
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