NORFOLK, Va.--(BUSINESS WIRE)--MassRoots, Inc. (“MassRoots” or the “Company”) (OTCPink:MSRT) is pleased release the following update on its expected acquisition of Empire Services, Inc. (“Empire”) and plans to meet the listing requirements and apply to list its shares of common stock on a national exchange.
MassRoots recently entered into a Letter of Intent to acquire Empire, which is expected to result in MassRoots generating significant revenues and positive cashflows from operations. Upon closing of the Empire acquisition, 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.
“We believe it is in the best interests of our more than 30,000 shareholders to put MassRoots on the quickest possible path to a listing on a national exchange,” stated MassRoots Chief Executive Officer Isaac Dietrich. “At its core, MassRoots is a technology company and when we took a look at Empire, we saw an incredible opportunity to apply our knowledge and expertise to an often overlooked yet highly profitable industry. We believe the Empire acquisition will put MassRoots on a stable financial footing, with positive cashflows from operations, and will likely enable MassRoots to meet all the listing requirements of both the Nasdaq Capital Market and the NYSE American Market.”
“Over the coming weeks, we intend to expand MassRoots’ board of directors through the appointment of seasoned and diverse professionals to ensure we have independent directors who not only meet the requirements of a national exchange but also give confidence to institutions that we are establishing strong corporate governance,” stated Danny Meeks, the sole shareholder of Empire. “Upon closing of this transaction, we believe MassRoots will have one of the most compelling stories in the small cap market and we could not be more excited to get to work for all of MassRoots’ loyal and supportive shareholders.”
Upon closing of the merger, Mr. Meeks 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.
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 June 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 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 to 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.
