SinglePoint Inc (OTC:SING) has announced that its first spinoff to shareholders, 1606 Corp, began trading on the OTC Markets on January 17, 2023, under the symbol ‘CBDW’ after completing all the requisite filings.
The renewable solar energy and sustainable solutions provider said 1606 Corp, which was formed as a 1-for-1 distribution to SinglePoint shareholders, plans to accumulate a diverse portfolio of CBD products and companies nationwide by consolidating the fragmented CBD industry via acquisitions.
“CBDW/1606 Corp is the first of multiple planned spinoffs of previously acquired assets that do not fit within our go-forward plan,” SinglePoint CEO Wil Ralston said in a statement.
READ: SinglePoint says BPA Solutions subsidiary fulfills initial order of air purification units to university in North Carolina
“Future potential spin-offs will allow SinglePoint to focus on the core business units, reduce management distraction, increase revenue, and improve profit margins,” Ralston added.
SinglePoint noted that it spun off its CBD operations and distributed stock to its common shareholders in April 2021 as part of a planned strategy to concentrate on solar energy, energy storage, and sustainable solutions.
The company added that it is executing its plan to drive long-term growth with a focus that has been heavily concentrated on preparing for a successful up-listing to a national exchange, which SinglePoint believes provides greater access to the right type of institutional investors that will allow the company to continue aggressive execution against its targeted acquisition strategy.
SinglePoint is a sustainable lifestyle company in the solar energy and air purification markets. The company plans to build the largest renewable energy solutions network and modernize the traditional solar energy and energy storage business model.
SinglePoint continues to execute its acquisition strategy by 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 healthier life.
Contact Sean at sean@proactiveinvestors.com