Adcore Purchases 2,171,400 Common Shares for Cancellation
Adcore Inc. announced an agreement to purchase and cancel 2,171,400 common shares, equating to 3.4% of its outstanding shares, from a former executive at a price of $0.20 per share. This transaction is classified as an exempt issuer bid. The board believes the share price does not reflect the company's true value, positioning this buyback as beneficial for shareholders. Post-cancellation, Adcore will have 61,613,021 shares outstanding. The company continues to enhance e-commerce through its advertising management and automation platform.
- Share buyback executed at $0.20 per share indicates management's belief in the company's undervaluation.
- Reduction in shares outstanding to 61,613,021 may enhance shareholder value and earnings per share.
- None.
TORONTO, ON / ACCESSWIRE / June 13, 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"), announced today that it has entered into an agreement to purchase for cancellation 2,171,400 common shares of the Company ("Common Shares"), representing
The board of directors of the Company (the "Board") believes that the market price of the Common Shares does not fully reflect their value and accordingly, the purchase of Common Shares is in the best interests of the Company and its shareholders and represents an attractive and appropriate use of available funds.
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, Elite Tier 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/, https://www.adcore.com/blog or follow us on LinkedIn
ABOUT AMPHY
Founded in 2021 in the midst of the pandemic, Amphy is the world's most diverse 24/7 live online learning marketplace. With Amphy, learners can choose from thousands of classes across hundreds of categories to grow their passions and skills, expand their children's learning opportunities, and much more. 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 accessible from 24/7, as well as join a growing community of lifelong learners.
For more on Amphy please visit - https://www.amphy.com/, https://blog.amphy.com/ or follow us on LinkedIn, Facebook, Instagram and YouTube.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements, including statements about the Company and the exempt issuer bid. 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,
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: adcore@imsinvestorrelations.com
SOURCE: Adcore Inc.
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FAQ
What share buyback did Adcore Inc. announce on June 13, 2022?
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