SinglePoint, Inc. Highlights Market Trading in First Spinoff of Non-core Business Unit to Shareholders
- 1606 Corp. Now Trading on OTC Under Symbol "CBDW"
- Company Formed as a 1-for-1 distribution to shareholders of SinglePoint Inc.
PHOENIX, Feb. 6, 2023 /PRNewswire/ — www.singlepoint.com(OTCQB:SING) ("SinglePoint" or "the Company"), a renewable solar energy and sustainable solutions provider, announced today that the Company's first spinoff to shareholders, 1606 Corp. (OTC:CBDW) has started trading under the symbol "CBDW" after completing all the requisite filings.
SinglePoint. Inc. 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. Post distribution, 1606 Corp. became an independent operating entity with its own management team and employees and is a growth-oriented provider of health and wellness products. 1606 Corp. began trading on the OTC Markets on Jan. 17, 2023. CBD.Inc and 1606 Corp. look to accumulate a diverse portfolio of CBD products and companies nationwide by consolidating the fragmented CBD industry via acquisitions.
Wil Ralston, CEO of SinglePoint, said, "We are happy to see that our first spinoff to shareholders has been listed on the OTC and is being actively traded. CBDW/1606 Corp. is the first of multiple planned spinoffs of previously acquired assets that do not fit within our go-forward plan. Future potential spin-offs will allow SinglePoint to focus on the core business units, reduce management distraction, increase revenue, and improve profit margins. We are committed to focusing our efforts and resources on our existing core business units (solar energy and indoor air purification) and identifying accretive and complementary acquisition opportunities that fall within our strategic criteria."
Ralston continued, "We are executing our plan to drive long-term growth and are fortunate to be positioned in market segments with unprecedented multi-year tailwinds due to the recently passed historical federal funding available for clean indoor air, solar, renewable energy, and energy storage. Our focus has been heavily concentrated on preparing for a successful uplisting to a national exchange which we believe provides greater access to the right type of institutional investors that will allow the Company to continue aggressive execution against our targeted acquisition strategy. We will continue to streamline operations and focus our resources on simplifying and clarifying our go-forward business offerings and taking necessary corporate actions that provide a clearer snapshot of our true market value. We believe the future is bullish and bright because we have established positions in long-term, transformational business opportunities."
About SinglePoint Inc. (OTCQB:SING)
SinglePoint is a sustainable lifestyle Company focused on the solar energy and storage and indoor 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 indoor air purification and ventilation, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and healthier life. For more information, visit the Company's websites: www.singlepoint.com, www.bostonsolar.us, and www.bpasolutions.com.
About CBD, Inc. (OTC:CBDW)
1606 Corp acquires and develops CBD brands, including Truz and CBD Singlez (www.1606hemp.com). The Company utilizes an acquisition model aimed at consolidating the fragmented CBD industry. 1606 Corp primarily focuses on Hemp and CBD products, brand development, and establishing distribution channels. 1606 Corp. was awarded the ticker symbol CBDW on Jan. 12, 2022, and began trading on the OTC Market on Jan. 17, 2023. Corporate websites — www.1606hemp.comand www.CBD.Inc.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within 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, besides statements of fact included in this release, including, without limitation, statements regarding revenue projections, financing opportunities, potential plans and objectives of the Company, 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 and other 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
Investors@SinglePoint.com
(212) 389 – 9782 ext. 107
