Item 8.01 Other Events.

On July 20, 2020 Singlepoint Direct Solar LLC (referred to as "Direct Solar of America", a subsidiary of Singlepoint Inc., the "Company") entered into a letter of intent (the "Letter of Intent") with Standard Eco LLC ("Standard Eco," a developer and installer of grid tied solar electric systems). Pursuant to the Letter of Intent Direct Solar of America would acquire Fifty One Percent (51%) of the interests of Standard Eco in exchange for Fifty Thousand Dollars ($50,000) and shares of common stock of the Company (the "Shares") valued at Five Hundred Fifteen Thousand Dollars ($515,000), based on the 10 day volume weighted average price of the common stock immediately preceding the closing date or dates defined in the definitive agreement. The Letter of Intent provides: (i) that the holders of the Shares will agree to enter into voting agreements to vote along in concurrence with board of directors of the Company for a three-year period, (ii) Seventy Percent (70%) of the quarterly net profits (if any) to be distributed in accordance with ownership percentages within 45 days of the end of the quarter or when the financial statements for each quarter are prepared, (iii) Twenty Percent (20%) of the annual profit (if any) shall remain in the company for working capital or general corporate purposes, (iv) the remaining annual profit (if any) shall be distributed within 45 days of the end of the calendar year or when the annual financial statement are prepared, and (v) retain certain employees of Standard Eco for a period of at least two years.

The closing of the transactions set forth in the Letter of Intent are contingent on satisfactory completion of due diligence, and entry into suitable definitive documentation.






2

© Edgar Online, source Glimpses