Singlepoint Inc.

06/16/2021 | Press release | Distributed by Public on 06/16/2021 14:55

Asset Purchase Agreement (Form 8-K)

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.