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.”
Source: 420 Intel – United States