SinglePoint Enters into Definitive Agreement to Purchase Frontline Power Solutions, a Multi-State Licensed Energy Services Company (ESCO)
- Acquisition expected to be strategically and financially accretive with the ability to cross-sell commercial, industrial and government clients with a full suite of energy solutions
- Federal Government Allocates $350 Billion towards Energy Efficiency Improvements in Commercial Buildings
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PHOENIX, May 3, 2022 /PRNewswire/ -- SinglePoint, Inc. (OTCQB: SING) ("SinglePoint'' or "the Company''), a renewable energy and sustainable solutions provider, is pleased to announce the entering into a definitive agreement to purchase energy services company, Frontline Power Solutions ("Frontline" or "FPS"). Frontline specializes in electrical supply, demand response and energy efficiency programs in most deregulated markets. Frontline has established itself as a formidable competitor with substantial market share while providing best-in-class customer service and retention.
John Holmes, Founder & CEO of FPS, commented, "Our focus has been supplying commercial energy contracts to large and small commercial, industrial, institutional and property management firms to facilitate substantial reductions in energy consumption and spend while streamlining logistical management of their energy portfolios. FPS also focuses on high demand data centers, manufacturing & cryptocurrency mining firms with direct to generation Power Purchase Agreements (PPAs), facilitated through our vast network of contracted channel partnerships. Now, with SinglePoint's planned acquisition of FPS, we will be able to offer new and existing customers a full range of energy related products designed to fit the specific needs of the customer, thus reducing energy spend and carbon emissions and driving towards a greener environment. This comprehensive approach, along with FPS's highly experienced management and sales team, will secure our combined companies' continued growth. FPS is extremely excited with the opportunity to be part of the SinglePoint team and will strive to become a standard brand name in the US commercial energy market."
Holmes continued, "The clients of Frontline are strategically aligned with SinglePoint's renewable energy options. Every client of Frontline is looking for a way to reduce their electrical costs. This strategically aligns with a solar service solution, we will be able to reduce all customers energy costs, whether it is through a better whole rate or through the addition of a solar installation by one of our premier providers. Being acquired by SinglePoint enables us to offer a comprehensive solution that now includes energy services in addition to their existing and planned renewable energy products and services. Frontline Power can now benefit by offering complementary and high-demand solar and battery storage to existing customers, enabling them to be in control as they look to achieve energy independence and redundancy."
As Frontline Power acquires new clients and renews existing contracts, there are tremendous revenue opportunities as more clients turn toward energy independence and off-grid sustainability. Finalizing this acquisition puts SinglePoint and its core subsidiaries in position to offer a full suite of power solutions, whether by self-generation or by preferred power purchase agreements. The ability to now offer wholesale power supply, solar power generation and energy storage to Frontline's clients will further differentiate SinglePoint and Frontline as they expand service offerings to meet and exceed the energy requirements of existing and future clients.
Wil Ralston, CEO of SinglePoint, commented, "When preparing for our next acquisition, it became apparent that Frontline Power would be a beneficial addition to our team. They have a strong base clientele exceeding 4,500 client opportunities across the nation that have done business with Frontline Power and its team of professionals. Adding Frontline to our solutions aligns with our goal to extend the reach of renewable energy options and scalability. Coupling the services and support clients are getting from Frontline with our existing renewable energy subsidiaries, we have an opportunity to expand the way these client's access and generate power. This acquisition also provides us a book of 4,500 leads for commercial solar installations across the nation."
SinglePoint will continue to add companies through opportunistic acquisitions that have products and services that align with their strategic goals. The company will continue its aggressive expansion plan to be the leading national network of solar services as well as continue to drive its burgeoning indoor air quality business segment.
Ralston concluded, "With the recent addition of Boston Solar and now looking to add Frontline Power, it is imperative we accelerate the spin-off or sale of certain non-core assets including ShieldSaver and Discount Indoor Garden Supply. This will allow our team to continue to focus on our expanding core product offerings and services and provide our shareholders with additional return as we intend to provide a one for one distribution at the conclusion of the successful spin-off."
There are currently 26 US states that offer deregulated power options, which is expected to reach $9 Billion in industry revenues. Energy deregulation allows for companies to compete for business within varying regions, offering attractive pricing or consumer benefits. As more companies get involved in the deregulated energy market, prices will be driven lower. Frontline stands out against other providers with their experienced team, and top-notch customer service. Adding renewable energy solutions to their established brand recognition will position Frontline as the premium provider.
About Frontline Power Solutions
Frontline Power Solutions (FPS) is a comprehensive energy solutions company. Equipped with industry experts who have been on the "frontline" of energy procurement, sales, marketing, analysis and information technology in the power industry since the dawn of deregulation. The combined intellectual and leveraged resources translate to unmatched value to their customers. FPS provides full-service power supply solutions, including supply, billing, auditing, renewable energy supply, efficiency consulting and incentive coordination for large or small enterprises.
About SinglePoint Inc (SING)
SinglePoint Inc. 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.
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 potential plans and objectives of the Company, the use of proceeds, 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 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
[email protected]
(212) 389 - 9782 ext. 107
SOURCE SinglePoint Inc.
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