MassRoots Issues Update on Planned Acquisition of Empire Services
MassRoots, Inc. (OTCPink: MSRT) announced an update on its acquisition of Empire Services, Inc. The acquisition is expected to close by August 13, 2021, pending financial audits and closing conditions. Empire, operating 10 metal recycling facilities in Virginia and North Carolina, aims to expand its footprint and enhance revenue through technology solutions, including a new corporate website. Empire has a history of higher profit margins when metal prices rise and is currently engaging an accounting firm for its financial audits.
- Acquisition of Empire Services expected to enhance revenue streams.
- Launch of new corporate website aimed at improving customer experience.
- Empire's historical profit margins increase with rising metal prices.
- Plans for future expansion of Empire's operational footprint.
- Dependence on market prices for metal, which can be volatile.
MassRoots, Inc. ("MassRoots" or the "Company") (OTCPink:MSRT) today issued the following update on its planned acquisition of Empire Services, Inc. (“Empire”).
With the assistance of MassRoots’ team, Empire has launched a new corporate website which will enable its more than 600 daily customers to easily view each location’s daily prices for a variety of metals. This is the first of many technology solutions the companies plan to launch aimed at growing Empire’s revenues, streamlining its operations and enhancing its customer experience.
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.
Empire has engaged an independent accounting firm to audit its financials in accordance with the standards established by the Public Company Accounting Oversight Board (“PCAOB”). Subject to the completion of the audit and other closing conditions, the companies expect to close the transaction by August 13, 2021.
About MassRoots
MassRoots, Inc. (OTC Pink: MSRT) is a leading media company focused on the regulated cannabis industry, with a significant following and traffic across its online and social media platforms. 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 May 2021.
Forward-looking Statements
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FAQ
What is the expected closing date for MassRoots' acquisition of Empire Services?
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