Empire Acquires Virginia Beach Metal Recycling Facility

Rhea-AI Summary

MassRoots, Inc. (OTC-PINK: MSRT) has announced the acquisition of its 11th metal recycling facility, located in Virginia Beach, VA. This facility is set to be among the busiest in terms of revenue and volume. CEO Danny Meeks stated that they see potential for consolidation in the metal recycling industry, aiming to grow Empire Services' revenues through this acquisition. The company plans to uplist to either the Nasdaq Capital Market or the NYSE American Market, expecting increased visibility and liquidity for its stock.

Positive

• Acquisition of the 11th metal recycling facility expected to boost revenues.
• Potential for consolidation in the metal recycling industry could lead to further acquisitions.
• Plans to uplist to a major exchange may increase stock visibility and attract institutional interest.

Negative

• Significant risks and uncertainties surrounding forward-looking statements.
• No guaranteed outcomes from the acquisition or uplisting plans.

Located in Virginia’s largest city, the Company expects its 11^th metal recycling facility will be one of its busiest locations in both revenue and recycling volume

NORFOLK, Va.--(BUSINESS WIRE)-- MassRoots, Inc. ("MassRoots" or the "Company") (OTCPink:MSRT) is pleased to announce its wholly-owned subsidiary, Empire Services, Inc. (“Empire”), has acquired its 11^th metal recycling facility, located in Virginia Beach, VA. It is one of only two scrap yards in Virginia Beach, the largest city in the state with a population of 450,201 people, and is expected to open under Empire management on or around October 18, 2021.

“We believe the metal recycling industry is ripe for consolidation. Through the roll-up of independent, profitable scrap metal facilities, we expect to aggressively grow Empire’s revenues,” stated Danny Meeks, Chairman and Chief Executive Officer of MassRoots. “I expect this will be the first of many acquisitions we close as we work to create significant shareholder value.”

In the coming weeks, the Company intends to apply to uplist to the Nasdaq Capital Market or the NYSE American Market, which MassRoots believes would result in a significant increase in visibility, liquidity, and institutional interest for its stock.

About MassRoots

MassRoots, Inc. (OTC Pink: MSRT), through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 10 metal recycling facilities in Virginia and North Carolina. At these facilities, Empire collects, classifies, and processes raw scrap metal (ferrous and nonferrous) for recycling. Steel is one of the world’s most recycled products with the ability to be re-melted and recast numerous times while offering significant economic and environmental benefits when compared with virgin materials. Empire was founded in 2002 and has approximately 65 employees as of October 2021.

Forward-looking Statements

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 include, without limitation, statements about expected closing of Empire acquisition, the future revenues of the Company, the appointment of new directors, and the listing on a senior exchange. 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 may 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005637/en/

Isaac Dietrich

(303) 816-8070

Isaac@MassRoots.com

Source: MassRoots, Inc.

FAQ

What is the recent acquisition by MassRoots, Inc. (MSRT)?

MassRoots, Inc. has acquired its 11th metal recycling facility located in Virginia Beach, VA.

When is the new recycling facility expected to open?

The facility is expected to open under Empire management on or around October 18, 2021.

What does the acquisition mean for MassRoots, Inc.'s future?

The acquisition aims to increase revenues and enhance the company's position in the metal recycling market.

Is MassRoots planning to uplist its stock?

Yes, MassRoots intends to apply for uplisting to the Nasdaq Capital Market or NYSE American Market.

What potential benefits could come from the uplisting?

Uplisting could lead to increased visibility, liquidity, and institutional investor interest.