Phoenix, AZ -- (SBWIRE) -- 04/14/2015 -- SinglePoint, Inc.,("SinglePoint" or the "Corporation")(OTCMKTS:SING) a company focused on mobile technology and mobile payment solution including clients in the cannabis industry, announced today that it has entered into a $10 million US equity line facility agreement with Dutchess Opportunity Fund II, LP, a Delaware limited partnership.
SinglePoint anticipates it will file a registration statement with the U.S. Securities & Exchange Commission ("SEC") to register a class of shares that may be issued to Dutchess under the terms of the investment agreement. Once the SEC has declared SinglePoint's registration statement effective, the Company has the right, at its sole discretion to sell up to $10 million US of common stock at 95% of the then current market price at the time of a drawdown, under the terms set forth in the agreement.
Greg Lambrecht, President and CEO of SinglePoint, comments: "We are very pleased to have completed this financing with Dutchess, as we see them as a long term capital partner. We anticipate that this new financing will allow SinglePoint to achieve significant milestones to complete the development and deployment of our solutions. The additional funding will allow us to push forward with our growth strategies of our services and products and give us the financial stability to market and scale the Company quickly."
Douglas Leighton, managing partner at Dutchess, comments: "Dutchess is one of the more active institutional investors in cannabis-related enterprises, we believe SinglePoint's technology will benefit the industry as well as gain major momentum in the other industries they are currently serving. We are delighted to add SinglePoint to our portfolio. We believe this funding will help the Company continue with the Company's technological growth."
About Dutchess Opportunity Fund, II, LP
Dutchess Opportunity Fund II LP invests in special situations assisting growth-stage and mature companies alike. Founded in 1996, Dutchess Capital, through its investment funds, has managed over $2 billion in transactional value for companies, which span a wide array of sectors. With offices in Boston, New York, London, Beijing, and São Paulo, Dutchess Opportunity Fund II LP invests in global investment opportunities and has become a leading investor in cannabis-related businesses. For further information about Dutchess, please visit dutchesscapital.com.
About SinglePoint, Inc.
SinglePoint 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.
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 potential future plans and objectives of the Company, 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 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.
Source: UPTICK Newswire