SinglePoint (OTCQB: $SING)
Shares Insights and Highlights Related to Its Investment in Jacksam
Corporation, a High Growth Automation Company Serving CBD and Cannabis
Businesses @_Singlepoint_
Phoenix, Arizona - July 14, 2020 (Investorideas.com
Newswire) SinglePoint, Inc. (OTCQB: SING) shares recent corporate update by the Convectium/Jacksam Corporation
CEO, Mark Adams. The Convectium/Jacksam Presentation by CEO Mark Adams
originally aired via webcast on June 25, 2020 and was produced by Torrey Hills
Capital.
Read this news featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/07141JacksamCorporation.asp
Jacksam Corporation ("Convectium"), an
automation solutions company providing machines and equipment to legalized and
licensed CBD and THC companies, have signed a memorandum of understanding to
create an exclusive proprietary cartridge and POD pre-racking solution,
allowing producers and extractors to scale to meet rapidly increasing demand.
SinglePoint's senior management were invited to
view the live webcast. Post viewing SinglePoint initiated subsequent discussion
and communications with Jacksam to explore whether there are additional
opportunities to strengthen the relationship between the two companies.
Mark Adams outlined three desired outcomes as a
result of Convectium Jacksam realigning its business strategy to focus on
selling high margin machines, offering pre-rack solutions and expanding its
strategic partnerships.
Profitability: The Company anticipates being cash
flow positive by the 3rd Quarter of this year.
Increasing Scalability by focusing on leading
multi-state operators
Streamline Offerings to align with current
strategic partners to increase future cash flow, margins and operating leverage
The company highlighted that its gross margin
improved from 21% in 2019 to 53% in the first quarter of 2020 as a result of
the new business model. Jacksam expects these margins to continue to rise,
crossing over 60% as the recurring revenue royalty agreements begin to
contribute to the bottom line in the back half of the year. The addressable
market according to company management is estimated to be (cartridges, filling
and capping equipment) approximately $500M growing at 18.4% annually
(potentially higher with US legalization).
"I was impressed by the thoroughness of the
and the directness and insight provided by Mark Adams, CEO of Jacksam as he
systematically outlined and discussed their current operations and near term
growth strategy and after viewing I felt that the shareholders of SinglePoint,
who own about 6.8% of Jacksam, should have the opportunity to view the
presentation as well," stated Wil Ralston, President SinglePoint.
In March 2017, the Company issued 4,878,049 shares
of common stock and cash to acquire a 10% investment stake of Jacksam
Corporation. Jacksam/Convectium subsequently merged with a publicly traded
entity in November 2018. Since the Merger, Jacksam's primary business has been
the design, manufacturing and sale of vaporizer cartridge filling machines,
capping machines, and cartridges to customers in the medical and recreational
cannabis, hemp, and CBD industries.
"We were originally attracted and compelled to
make an investment into Jacksam/Convectium based upon the belief that they had
developed industry leading, patentable technologies and solutions that could
disrupt traditional manual inefficiencies with an automated process that would
significantly increase the accuracy, speed and profitability of its
clients," said Greg Lambrecht, CEO SinglePoint. "As evidenced by the
compelling overview provided by the current CEO Mark Adams, Jacksam/Convectium
has pivoted and evolved its business plan and is executing against its
strategic plan and has the opportunity to increase its revenues and attain
profitability by the end of the year by continuing to leverage and expand its
relationships with the premier partners such as Jupiter Research, ATG Pharma
and 14th Round in their respective industries. The combination of continued
relentless execution, vision and leadership can make this a leading technology
company in the segment of the vaporizer cartridge filling, capping, and
automation systems, which should result in them increasing their current market
share and value thereby increasing the value of the investment for SinglePoint
and its shareholders.
This investment has the potential to be a true
win-win for Jacksam and more importantly the over 20,000 SinglePoint
shareholders."
As reported in Jacksam Corporation's Form 10-K For
the Fiscal Year Ended December 31, 2019 SinglePoint is listed as a beneficial
owner (known shareholders of record owning more than 5% of our common stock).
The percentage of shares beneficially owned was computed as of December 31,
2019, on the basis of 62,871,972 shares of common stock outstanding. The historical
52 Week Range is $0.1000 - $1.1500. The Market Cap as of 7/12/2020 is just over
$12,000,000.
About Convectium
Convectium Jacksam Corporation designs,
manufactures and sells automation equipment for cannabis and CBD oil producers.
Offering the only UL certified filling and capping machines specifically
designed for the cannabis industry, Convectium machines work with nearly any
commercially available cartridge, POD, vape or other inhalation device. As a
first mover in large-scale post-extraction technology, Convectium holds
numerous global patents and serves the most prestigious cannabis and CBD
companies in the world. For more information, visit https://get.convectium.com/
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc (SING) invests in
and acquires brands and companies that will benefit from injection of growth
capital and the sales and marketing expertise of SinglePoint. The company
portfolio currently includes solar, hemp and technology applications.
SinglePoint is working to grow the company to a multinational brand.
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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 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.
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