Item 8.01 Other Events.
On May 26, 2021 SinglePoint Inc.'s (the "Company") subsidiary SinglePoint Direct
Solar, LLC ("SDS" or "Direct Solar") announced that it had not renewed the
contract of Pablo Diaz as Chief Executive Officer of SDS. While no longer Chief
Executive Officer, pursuant to the operating agreement Mr. Diaz retained one of
the three seats on the board of managers of SDS and retained his 45%
non-majority membership interests in SDS. On June 2, 2021, Mr. Diaz informed the
Company and the SDS Board of Managers via email that he had resigned from the
SDS Board of Managers. On June 3, 2021 the Company confirmed receipt and
accepted his resignation as a manager of SDS via email to Mr. Diaz in which he
was reminded of several continuing obligations within the original asset
purchase agreement and within his employment agreement with SDS. Mr. Diaz
continues to hold a 45% non-majority membership interest in SDS. The Company has
learned that Mr. Diaz (and certain other parties) have a dispute with the
Company which may result in litigation. To date we have not been formally served
with any court documentation. The Company contends that these claims are without
merit and intends to vigorously defend the Company and SDS and will pursue all
appropriate legal remedies against any party that takes action to harm the
Company. The Company has retained counsel to protect its interests and pursue
its affirmative claims. The Company remains committed to building a national
platform and footprint in the solar arena and growing SDS. SDS has been and will
continue to be a key asset in the Singlepoint growth strategy. The Company has
made offers to, and has retained key individuals associated with SDS, that have
extensive residential and commercial solar expertise that are intimately
familiar with the current SDS model that is designed to leverage its contracts
with dealers, installers, suppliers, and financing sources.
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