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Upon completion of the transaction, MassRoots expects it will be generating significant revenues and positive cash flows from operations
MassRoots, Inc. ("MassRoots" or the "Company") (OTCPink:MSRT) today issued the following update on its planned acquisition of Empire Services, Inc. ("Empire").
With the assistance of MassRoots’ team, Empire has launched a new corporate website which will enable its more than 600 daily customers to easily view each location’s daily prices for a variety of metals. This is the first of many technology solutions the companies plan to launch aimed at growing Empire’s revenues, streamlining its operations and enhancing its customer experience.
Established in 2002, Empire operates 10 metal recycling facilities in Virginia and North Carolina, and expects to continue expanding its footprint in the coming quarters. It has historically generated higher profit margins when market prices for metal rise.
Empire has engaged an independent accounting firm to audit its financials in accordance with the standards established by the Public Company Accounting Oversight Board ("PCAOB"). Subject to the completion of the audit and other closing conditions, the companies expect to close the transaction by August 13, 2021.
MassRoots, Inc. (OTC Pink: MSRT) is a leading media company focused on the regulated cannabis industry, with a significant following and traffic across its online and social media platforms. MassRoots has been covered by CNBC, CNN, Financial Times, Wall Street Journal, New York Times, Reuters, and the Associated Press. For more information on MassRoots, please visit MassRootsInvestors.com.
About Empire Services
Established in 2002, Empire Services, Inc. operates 10 metal recycling facilities in Virginia and North Carolina and expects to continue expanding its footprint in the coming quarters. Empire is headquartered in Virginia and has approximately 65 employees as of May 2021.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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