Phoenix, Arizona, July 14, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SinglePoint Inc. (OTC:SING) shares recent corporate update by the Convectium/Jacksam Corporation CEO, Mark Adams. The Convectium/Jacksam Presentation by CEO Mark Adams originally aired via webcast on June 25, 2020 and was produced by Torrey Hills Capital.
Jacksam Corporation (OTCQB: JKSM) (“Convectium”), an automation solutions company providing machines and equipment to legalized and licensed CBD and THC companies, have signed a memorandum of understanding to create an exclusive proprietary cartridge and POD pre-racking solution, allowing producers and extractors to scale to meet rapidly increasing demand.
SinglePoint’s senior management were invited to view the live webcast. Post viewing SinglePoint initiated subsequent discussion and communications with Jacksam to explore whether there are additional opportunities to strengthen the relationship between the two companies.
Mark Adams outlined three desired outcomes as a result of Convectium Jacksam realigning its business strategy to focus on selling high margin machines, offering pre-rack solutions and expanding its strategic partnerships.
1) Profitability: The Company anticipates being cash flow positive by the 3rd Quarter of this year.
2) Increasing Scalability by focusing on leading multi-state operators
3) Streamline Offerings to align with current strategic partners to increase future cash flow, margins and operating leverage
The company highlighted that its gross margin improved from 21% in 2019 to 53% in the first quarter of 2020 as a result of the new business model. Jacksam expects these margins to continue to rise, crossing over 60% as the recurring revenue royalty agreements begin to contribute to the bottom line in the back half of the year. The addressable market according to company management is estimated to be (cartridges, filling and capping equipment) approximately $500M growing at 18.4% annually (potentially higher with US legalization).
“I was impressed by the thoroughness of the and the directness and insight provided by Mark Adams, CEO of Jacksam as he systematically outlined and discussed their current operations and near term growth strategy and after viewing I felt that the shareholders of SinglePoint, who own about 6.8% of Jacksam, should have the opportunity to view the presentation as well,” stated Wil Ralston, President SinglePoint.
In March 2017, the Company issued 4,878,049 shares of common stock and cash to acquire a 10% investment stake of Jacksam Corporation. Jacksam/Convectium subsequently merged with a publicly traded entity in November 2018. Since the Merger, Jacksam’s primary business has been the design, manufacturing and sale of vaporizer cartridge filling machines, capping machines, and cartridges to customers in the medical and recreational cannabis, hemp, and CBD industries.
“We were originally attracted and compelled to make an investment into Jacksam/Convectium based upon the belief that they had developed industry leading, patentable technologies and solutions that could disrupt traditional manual inefficiencies with an automated process that would significantly increase the accuracy, speed and profitability of its clients,” said Greg Lambrecht, CEO SinglePoint. “As evidenced by the compelling overview provided by the current CEO Mark Adams, Jacksam/Convectium has pivoted and evolved its business plan and is executing against its strategic plan and has the opportunity to increase its revenues and attain profitability by the end of the year by continuing to leverage and expand its relationships with the premier partners such as Jupiter Research, ATG Pharma and 14th Round in their respective industries. The combination of continued relentless execution, vision and leadership can make this a leading technology company in the segment of the vaporizer cartridge filling, capping, and automation systems, which should result in them increasing their current market share and value thereby increasing the value of the investment for SinglePoint and its shareholders. This investment has the potential to be a true win-win for Jacksam and more importantly the over 20,000 SinglePoint shareholders.”
As reported in Jacksam Corporation’s Form 10-K For the Fiscal Year Ended December 31, 2019 SinglePoint is listed as a beneficial owner (known shareholders of record owning more than 5% of our common stock). The percentage of shares beneficially owned was computed as of December 31, 2019, on the basis of 62,871,972 shares of common stock outstanding. The historical 52 Week Range is $0.1000 - $1.1500. The Market Cap as of 7/12/2020 is just over $12,000,000.
SinglePoint | Number of Shares Beneficially Owned | Percentage of Beneficial Ownership |
| 4,175,419 | 6.8% |
About Convectium
Convectium Jacksam Corporation (OTCQB: JKSM) designs, manufactures and sells automation equipment for cannabis and CBD oil producers. Offering the only UL certified filling and capping machines specifically designed for the cannabis industry, Convectium machines work with nearly any commercially available cartridge, POD, vape or other inhalation device. As a first mover in large-scale post-extraction technology, Convectium holds numerous global patents and serves the most prestigious cannabis and CBD companies in the world. For more information, visit https://get.convectium.com/
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc (SING) invests in and acquires brands and companies that will benefit from injection of growth capital and the sales and marketing expertise of SinglePoint. The company portfolio currently includes solar, hemp and technology applications. SinglePoint is working to grow the company to a multinational brand.
Connect on social media at:
https://www.facebook.com/SinglePointMobile
https://twitter.com/_SinglePoint
https://www.linkedin.com/company/singlepoint
https://www.youtube.com/user/SinglePointMobile
For more information visit: www.SinglePoint.com
Forward-Looking Statements
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.
Corporate Communication
SinglePoint Inc.
888-OTC-SING
investors@singlepoint.com