SinglePoint announced a series of transactions reducing the size of its non-core subsidiary portfolio that will allow it to focus on its core energy-centric businesses.
The company’s goal is to simplify and focus its operations to increase revenue and achieve subsidiary-level cash flow, with a focus on commercial energy services, solar installation, and energy storage solutions for residential and small commercial customers.
As such, SinglePoint announced that its board and shareholders have approved the proposed spin-off of its automotive service platform Shieldsaver to SinglePoint shareholders.
The spin-off is expected to be carried out before the end of the third quarter of the 2023 financial year.
The board and shareholders have also approved the proposed sale, joint venture, business combination or tax-free spin-off to shareholders of its non-core entities lead generation business EnergyWyze and agriculture supply and product manufacturing business Discount Indoor Garden Supply (DIGS).
SinglePoint anticipates completing these transactions before the end of the calendar year.
Further, the board and shareholders approved the exploration of options to sell or pursue a tax-free spin-off to shareholders of BOX Pure Air/BPA Solutions within the next 12 months.
SinglePoint CEO Wil Ralston noted in a statement that the company has accumulated several businesses that no longer align with its energy-focused strategy.
“Although we have made substantial and successful progress in the past few years, it is imperative we continue to focus our resources on the accretive opportunities within the energy and energy storage sector,” he said.
“These actions will create additional incremental ownership in the planned spinoffs, enabling the ongoing SinglePoint team, once the entities are spun-off or sold, to continue to execute our strategy without legacy distractions.”
In preparation for its previously announced uplifting, the company has also moved to simplify its corporate capital table structure by converting its Preferred A shares into common stock. Preferred A shareholders unanimously agreed to the conversion at a reduced rate, the company noted.
SinglePoint is a renewable energy and sustainable lifestyle company that provides environmentally friendly energy efficiencies and healthy living solutions.
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