Adcore Announces Israel Government Advertising Agency Contract Extension

Rhea-AI Summary

Adcore Inc. (ADCO) has announced the extension of its digital advertising contract with the Israeli Government Advertising Agency (IGAA) for an additional 10 months, potentially worth CAD $20 million. Adcore has been managing the IGAA's online advertising spend since 2018, contributing to a 25% increase in visitor arrivals to Israel prior to the pandemic. With borders open for visitors, Adcore is expected to continue driving tourism revenue with its marketing strategies.

The contract was extended for an additional 10 months.

TORONTO, ON / ACCESSWIRE / August 8, 2023 / Adcore Inc. (the "Company" or "Adcore") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way, today announced that the Israeli Government Advertising Agency ("IGAA") has extended its digital advertising contract with Adcore for an additional 10 months at a potential value of CAD $20 million in ad spend. This extension ensures Adcore will oversee the IGAA's digital marketing for the remainder of this year.

Adcore has been managing the IGAA's online advertising spend since 2018, after winning together with an additional agency a tender for IGAA's program designed to increase incoming tourism to Israel. The original contract was running for five years and the program has been successful in bringing in tourists to Israel. Prior to the pandemic, visitor arrivals to Israel increased by 25% to an annual record of 4.5 million. With its borders again open for visitors, Adcore is expected to play a key role in generating tourism revenue with its accessible and effortless marketing strategies.

Omri Brill, Founder and CEO of Adcore, commented, "I am delighted to announce the extension of our contract with one of Adcore's most valued clients, the IGAA. Becoming more and more popular, Israel is considered one of the premier vacation spots in the world. With its beautiful beaches, technological innovation capabilities and cultural phenomenon, Israel is becoming a must-see destination, and we are pleased that the IGAA has placed its trust in Adcore once again to lead its digital marketing efforts to drive incoming tourism revenue." Mr. Brill added "With the pandemic in the rear-view mirror, tourist volume is expected to increase, and we are confident that our advertising program will not only support but increase tourist entries to this beautiful country."

ABOUT ADCORE

Adcore is a leading AI-powered marketing and online learning technology company.

By combining extensive industry knowledge and experience with its proprietary artificial intelligence (AI) powered technology, 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. Adcore is a certified Google Premier Partner, Elite Tier Microsoft Partner, Facebook Partner and TikTok Partner.

Adcore also runs Amphy, the world's most diverse 24/7 live online learning marketplace. Learners can choose from thousands of classes across hundreds of categories to grow their passions, skills and expand their children's learning opportunities. Instructors on the Amphy platform join a vibrant virtual teacher community that promotes and supports their success through enrichment seminars, marketing and advertising, and a suite of tools that allow them to run their classes hassle-free and focus on their students. Amphy students gain access to high-quality, personalized classes that are accessible 24/7, while joining a growing community of lifelong learners.

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/,https://www.adcore.com/blog or follow us on LinkedIn. For more information about Amphy please visit  https://www.amphy.com/ and https://blog.amphy.com/ or follow us on LinkedIn, Facebook, Instagram and YouTube.

FORWARD-LOOKING STATEMENTS

This press release contains or may contain certain forward-looking statements, including statements about the Company. 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 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
Chief Partnerships Officer
Telephone: 647-497-5337
Email: martijn@adcore.com

Investor Relations
Glen Akselrod
Bristol Capital
Telephone: 905-326-1888 ext 1
Email: info@bristolir.com

Investor Relations Europe
Dr. Eva Reuter
Dr. Reuter Investor Relations
Telephone: +49 (0) 69 1532 5857
Email: e.reuter@dr-reuter.eu

SOURCE: Adcore Inc.

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FAQ

What is the latest announcement from Adcore Inc. (ADCO)?

Adcore Inc. (ADCO) has extended its digital advertising contract with the Israeli Government Advertising Agency (IGAA) for an additional 10 months, potentially worth CAD $20 million.

How long has Adcore Inc. (ADCO) been managing the IGAA's online advertising spend?

Adcore Inc. (ADCO) has been managing the IGAA's online advertising spend since 2018.

What impact did Adcore Inc. (ADCO) have on visitor arrivals to Israel prior to the pandemic?

Adcore Inc. (ADCO) contributed to a 25% increase in visitor arrivals to Israel prior to the pandemic.

What is the expected role of Adcore Inc. (ADCO) with the opening of borders for visitors to Israel?

Adcore Inc. (ADCO) is expected to continue driving tourism revenue with its marketing strategies now that the borders are open for visitors to Israel.