SinglePoint (OTC: $SING) and AppSwarm Sign LOI to Launch Cannabis-Focused Applications
SEATTLE - October 24, 2017 (Investorideas.com Newswire) SinglePoint, Inc. (OTC:SING) ("the Company") has entered into a Letter of Intent with AppSwarm (SWRM) to conduct a joint roll-out of mobile applications specifically geared to the cannabis industry. The applications will be branded and marketed under SinglePoint’s SingleSeed subsidiary (www.SingleSeed.com), while AppSwarm (www.app-swarm.com) will provide the necessary technical support and app development.
SinglePoint and AppSwarm plan to launch the first application within 90 days of the LOI, as well as release an additional two applications every 90 days thereafter. The first application will provide a base for additional applications, and will be a service-based application for the business-to-business (B2B) and business-to-consumer (B2C) markets.
The cannabis market is ripe for technology that can improve efficiency and work flows. SinglePoint and AppSwarm intend to develop mobile applications that address these industry needs by creating a system that allows a business to see what is going on in the market around them. The mobile apps will also streamline the consumer experience by adding in SinglePoint’s payment options, among other features.
"We are very excited to roll-out these applications. We have worked on projects like these before and now we really feel we have both the capital and partner to make a full court press on a major launch and huge value add to the cannabis industry," states SinglePoint CEO Greg Lambrecht.
AppSwarm is a strong partner for SinglePoint, as many of the applications the Company is looking to launch are already working and live within the AppSwarm portfolio. SinglePoint will now rebrand specific applications and add additional feature sets designed specifically for the cannabis clientele.
"The roll-out of the cannabis applications represents an exciting opportunity for us at AppSwarm, as we have the expertise to build and launch applications that the market wants. This is a win-win situation for both companies, allowing us to leverage one another’s expertise and grow together," states AppSwarm CEO Ron Brewer.
The cannabis market is projected to reach $50 billion by 2025. Currently, cannabis is legal in 29 states and the District of Columbia. These mobile applications will be available for use in all states. As new states legalize the companies will look to grow alongside the new states opening to legalized cannabis sales.
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile technology provider to a publicly traded holding company. Through diversification into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued subsidiaries, thereby providing a rich, diversified holding base. Through its subsidiary company SingleSeed the company is providing products and services to the cannabis industry. For more information, visit www.SinglePoint.com or www.SingleSeed.com
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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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