MassRoots Issues Update on its Planned Merger with Empire Services; Launches ClunkerCash.net
MassRoots, Inc. (OTCPink:MSRT) announced its planned acquisition of Empire Services, Inc., which operates 10 metal recycling facilities in Virginia and North Carolina. Empire recently launched ClunkerCash.net to facilitate car value quotes in specific markets, with plans for future feature expansions. Danny Meeks, the owner of Empire, emphasized the merger's potential to enhance operational capabilities and revenue growth. Upon merger completion, Meeks will become MassRoots' Executive Chairman. The acquisition aims to leverage Empire's success and reputation in the recycling industry, fostering further growth.
- Empire's successful brand recognition enhances MassRoots' market position.
- ClunkerCash.net launch could attract new customers and boost revenue.
- Empire operates 10 facilities, offering scalability for MassRoots.
- Danny Meeks' leadership will provide industry expertise to MassRoots.
- Potential integration challenges may strain operational resources.
- Dependence on metal price fluctuations could impact profit margins.
MassRoots, Inc. ("MassRoots" or the "Company") (OTCPink:MSRT), a leading technology company, released the following update on its planned acquisition of Empire Services, Inc. (“Empire”). Today, with the assistance of the MassRoots team, Empire launched ClunkerCash.net, which enables car owners to easily get a quote for the value of their cars in the Hampton Roads and Northeastern North Carolina markets. In the coming months, Empire plans to invest in developing additional features for the ClunkerCash platform as well as expanding its availability to new markets.
“We’ve built Empire into a successful business primarily through word-of-mouth marketing, establishing a strong reputation in the communities in which we operate, and cultivating long-term relationships with our clients which, in some cases, have been growing for over 18 years,” stated Danny Meeks, Owner of Empire. “Empire’s merger with MassRoots gives us the technical talent necessary to take our business to the next level. Over the past two weeks, we’ve launched a website for each of our locations for the first time in our history, implemented a cloud-based ERP platform to track our pricing and inventory in real-time, and created a scalable marketing channel with ClunkerCash which we believe will immediately start contributing to our revenue growth.”
Additionally, Ivan Padilla, Vice President, Ferrous North America Metal of Sims Metal, a division of Sims Ltd. (ASX:SGM), provided the following statement regarding its long-standing relationship with Empire:
“Sims Metal, the world’s largest metal recycler [would] not be successful if not [for] exemplary compan[ies] like Empire Services. Based on the last 15 years of service in Virginia/North Carolina, Empire Services’ performance [has] remained at the highest peak consistently… Sims Metal appreciates the business relationship with Empire Services and look[s] forward to the next 15 years working together.”
Upon closing of the merger, Danny Meeks, the sole shareholder of Empire, will join MassRoots’ Board of Directors as its Executive Chairman. 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.
About MassRoots
MassRoots, Inc. (OTC Pink: MSRT) is a leading technology company which aims to deliver quality information and create operating efficiencies through cloud-based solutions. 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 April 2021.
Forward-looking Statements
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FAQ
What is the purpose of MassRoots' acquisition of Empire Services?
What features are planned for the ClunkerCash platform following the acquisition?
How many recycling facilities does Empire Services operate?
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