SinglePoint (OTC: $SING): UAHC Ventures, LLC Invests $600K in Mobile Technology Company Focused on Developing Bitcoin Payment System for Cannabis Industry
CHICAGO - October 11, 2017 (Investorideas.com Newswire) UAHC Ventures, LLC, a wholly-owned subsidiary of United American Healthcare Corporation ("UAHC Ventures"), announced today that it has invested $600,000 with SinglePoint, Inc (OTC:SING) ("SING") through the purchase of a Secured Promissory Note and Warrant.
In exchange for UAHC Ventures' investment, SING has issued UAHC Ventures both a Secured Convertible Promissory Note in the original principal amount of $670,000 and a warrant to purchase 5,000,000 shares of SING's common stock. Monthly redemption payments due under the financing begin twelve months following the close of the transaction and may be made in cash or by converting redemption amounts into shares of SING's common stock.
UAHC Ventures was formed to pursue strategic investment opportunities in high growth industries. SING specializes in the development of mobile bitcoin payment platforms which will be designed to meet the high demand for customer payments solutions in the cannabis and medical marijuana industry.
"The cannabis and medical marijuana industry has seen tremendous growth in the last several years as various states modify their respective regulatory environments," said John Fife, President of UAHC Ventures, LLC. "Although states have implemented new legislation, federal banking regulations have not allowed for cannabis businesses to bank in a normal manner, creating a tremendous need for other commerce solutions. We believe the demand for mobile payment customer solutions that leverage cryptocurrencies will experience similar growth and SinglePoint specializes in developing and implementing mobile e-commerce platforms in varying industries. This provides SinglePoint with a significant competitive advantage and market opportunity as they continue to refine their cannabis and medical marijuana industry specific applications."
About United American Healthcare Corporation
United American Healthcare Corporation ("UAHC"), through its subsidiary, UAHC Ventures, LLC, pursues strategic investment opportunities in various growth industries. Additionally, UAHC, through its subsidiary Pulse Systems, LLC, is a contract manufacturing company that provides services to the medical device industry. UAHC nor any of its existing subsidiaries are an "Investment Company" as defined by Section 3(a)(1) of the Investment Company Act of 1940 (the "Act") and are therefore not subject to the regulations contained in the Act.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
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Disclosure: SinglePoint, Inc. (OTC: $SING) is featured on the 420 Cannabis Investor Ideas of 2017 at www.420cannabisinvestorideas.com
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