Adcore Announces Contract Renewal with Israel Government Advertising Agency with a Potential Annual Budget of $25 Million

Rhea-AI Summary

Adcore has renewed its advertising contract with the Israeli Government Advertising Agency (IGAA) for a fifth year, with a potential annual value of CAD$25 million. This follows a successful five-year tender worth up to CAD$125 million. The renewal reflects the IGAA's confidence in Adcore's services, especially with Israel's tourism sector reopening post-pandemic. Visitor arrivals reached a record 4.5 million before COVID-19, indicating strong growth potential for 2022. Adcore, a certified Google Premier Partner, continues to empower businesses through its comprehensive advertising management platform.

Positive

• Renewed contract with IGAA worth up to CAD$25 million annually.
• Adcore's management led to a 25% increase in tourist arrivals to Israel pre-pandemic.
• The renewal indicates IGAA's confidence in Adcore's services and technology.

Negative

• Reliance on the recovery of tourism post-pandemic may pose risks to ad spend.
• Forward-looking statements involve uncertainties related to travel restrictions.

TORONTO, ON / ACCESSWIRE / January 31, 2022 / Adcore Inc. (the "Company" or "Adcore") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ)(TSX:ADCO-WT), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way ("Effortless Marketing"), today announced that it has renewed its advertising contract with the Israeli Government Advertising Agency ("IGAA") for the fifth year at a potential value of CAD$25 million in ad-spend.

Adcore won in 2018 a tender of the IGAA to manage, jointly with Maple Team Ltd., a potential budget of CAD$125 million in online advertising spend over five years. The contract is renewable annually without requirement of further government tendering. During the time Adcore managed the IGAA's international digital marketing activity, prior to the pandemic, visitor arrivals to Israel increased by 25% to a yearly record of 4.5 million. On January 9^th, 2022, Israel reopened its borders to vaccinated Americans and other vaccinated tourists from several other key countries.

Omri Brill, Founder and CEO of Adcore, commented, "We are extremely pleased to announce the renewal of our contract with the IGAA, a highly valued client of ours. Israel has long been a favorite vacation and tourism destination and we're pleased to support the IGAA's digital marketing effort bringing tourists to Israel." Mr. Brill added: "The renewal of the contract for the fifth year is a clear vote of confidence by the IGAA in Adcore's technological solutions and level of service. We are optimistic that the recent reopening of Israel's borders will be reflected in the IGAA ad spend and lead to a wide growth in tourist entries throughout 2022."

ABOUT ADCORE

Adcore is empowering entrepreneurs, advertisers, and the future of e-commerce through its advertising management and automation platform. By combining extensive industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising and monitoring and analyzing the performance of their advertising budget to ensure maximum Return on Investment. In addition to being named numerous times on Deloitte's Fast 50 Technology list, Adcore is a certified Google Premier Partner, Microsoft Partner, Facebook Partner and TikTok Partner.

Established in 2006, the Company employs over fifty people in its headquarters in Tel Aviv, Israel and satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong and Shanghai, China.

For more information about Adcore, please visit https://www.adcore.com/investors/.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements, including statements about the Company, the estimated annual advertising budgets relating to the new contracts referred to herein, further potential renewals of our contract with the IGAA in future years, the actual amount of tourism to Israel in 2022 and the actual amount of ad spend in 2022 and future years pursuant to this contract. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors, including, but not limited to, the actual advertising budgets relating to the new contracts referred to herein, travel restrictions imposed by the COVID 19 pandemic and other factors and the actual amount of ad spend in 2022 and in future years pursuant to the contact with IGAA could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

For further information please contact:

ADCORE INC.

https://www.adcore.com/investors/

Martijn van den Bemd,
GM North America
Telephone: 647-497-5337
Email: martijn@adcore.com

U.S. Investor Relations
John Nesbett/Jennifer Belodeau
IMS Investor Relations
Telephone: 203-972-9200
Email: jnesbett@imsinvestorrelations.com

SOURCE: Adcore Inc.

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FAQ

What is the value of Adcore's renewed contract with IGAA?

The renewed contract with the IGAA has a potential value of CAD$25 million annually.

How many years has Adcore been in contract with IGAA?

Adcore has renewed its contract with the IGAA for the fifth year.

How much did visitor arrivals to Israel increase under Adcore's management?

Visitor arrivals to Israel increased by 25% to a record 4.5 million before the pandemic.

What are the risks associated with Adcore's forward-looking statements?

Forward-looking statements involve significant risks and uncertainties, including potential travel restrictions.

What services does Adcore offer?

Adcore provides advertising management and automation, enabling businesses to optimize their digital marketing efforts.