PHOENIX -- (BUSINESS WIRE) -- SinglePoint, Inc. (OTC:SING), a state-of-the-art mobile technology company and full-service mobile marketing company, is pleased to announce that it finalized the acquisition of certain assets, including $1,137,123 revenues year to date, contracts and intellectual property, of Six Sigma Services, Inc. (“Sigma”), a payment gateway services company with customers worldwide, in exchange for 4 million restricted shares of SinglePoint.
Sigma has the rights to an additional 16 million restricted shares of SinglePoint Inc.’s common stock to be issued in tranches alongside revenue benchmarks to be met by Sigma. Benchmark figures to be reached include $500,000, $750,000, $1,000,000 and $2,000,000 derived from revenues earned by assets included in the acquisition.
SinglePoint CEO, Greg Lambrecht, states, “The acquisition of the Six Sigma assets and contracts equate to almost immediate additional revenues for SinglePoint. It also gives us additional access to the mobile payments market worldwide.”
He adds, “We service a strong and growing sector in the payments industry and I am confident that the agreement between SinglePoint and Sigma will add significantly to our bottom line.”
“The deal is a win-win as all are confident the performance potential for SinglePoint, inclusive of this acquisition, will have a significant positive impact on increasing shareholder value and overall growth,” comments Vara Prasad Boddu, CEO of Sigma. “We are confident that the company can generate an additional $1m+ in revenues by the end of Q1 2014.”
According to Gartner, Inc., the world’s leading information technology research and advisory company, worldwide mobile payment transaction values will reach $235.4 billion in 2013, a 44 percent increase from 2012 values of $163.1 billion. The number of mobile payment users worldwide will reach 245.2 million in 2013, up from 200.8 million in 2012.
"We expect global mobile transaction volume and value to average 35 percent annual growth between 2012 and 2017, and we are forecasting a market worth $721 billion with more than 450 million users by 2017," said Sandy Shen, research director at Gartner.
SinglePoint looks forward to updating shareholders with further developments as it continues to harvest growth aggressively via sales, strategic mergers and well-branded service offerings in a market set for exponential growth.
Headquartered in Phoenix, AZ, SinglePoint, Inc. is a state–of-the-art mobile technology company and full service mobile marketing agency. We operate a best-in-class mobile commerce and communication platform specifically designed to serve the needs of the non-profit community as well as the for-profit companies. We make any campaign instantly interactive via the mobile phone. This functionality allows our clients to conduct business transactions, accept donations and engage in targeted communication campaigns with their customers/donors through any mobile devices. SinglePoint helps organizations send more messages, create more awareness, and raise revenues and donations.
Six Sigma Services, Inc.
Assists online and mobile businesses around the world accept credit card payments by providing a merchant account, payment gateway, recurring billing and credit card storage
Established in the year 2011, Sigma focused on building an exceptional company that is guided by enduring principles, creates emulation-worthy products and experiences, and is purposeful and fulfilling for those who devote themselves to our objectives. We’ve grown faster and accomplished more than we ever thought possible. We're thrilled to power online and mobile payments for thousands of the fastest growing and most reputable merchants in the world.
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.