UAHC Ventures, LLC, a wholly-owned subsidiary of United American Healthcare Corporation (“UAHC Ventures”), announced in a press release CoinReport received that it has invested $600,000 in SinglePoint, Inc. (OTC:SING) (“SING”) via the acquisition of a Secured Promissory Note and Warrant.
In exchange for the investment, SING has issued UAHC Ventures both a Secured Convertible Promissory Note in the original principal amount of $670,000 and a permit to buy 5,000,000 shares of SING’s common stock. Monthly redemption payments payable under the financing start 12 months after 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 created to pursue strategic investment opportunities in high growth industries. SING concentrates on the creation of mobile bitcoin payment platforms which will be designed to meet the high demand for customer payment solutions in the cannabis and medical marijuana industry.
UAHC Ventures president John Fife stated in the release we received, “The cannabis and medical marijuana industry has seen tremendous growth in the last several years as various states modify their respective regulatory environments.
“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.”
Image via a previous press release