NORFOLK, Va.--(BUSINESS WIRE)--MassRoots, Inc. (“MassRoots” or the “Company”) (OTCPink:MSRT) is pleased to report that Empire Services, Inc. (“Empire”) recently entered into an agreement to acquire an additional metal recycling facility in Virginia. This is the first of several independent metal recycling facilities Empire plans to roll-up in the coming weeks to aggressively expand its footprint.
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 that the roll-up of independent, profitable metal recycling facilities will not only grow Empire’s revenues but could lead to greater profit margins through economies of scale,” stated Danny Meeks, Chairman of MassRoots. “We’ve been operating metal recycling facilities since 2002 and our playbook has thrived through nearly every economic climate and a global pandemic. Our expansion, including the planned acquisition of this additional facility, has historically been funded primarily by our operating cashflows. By merging Empire with MassRoots, we believe we will have greater access to capital to aggressively expand our business and create value for our shareholders.”
Isaac Dietrich, Chief Executive Officer of MassRoots added, “The technology solutions we’ve implemented for Empire – a cloud-based ERP system, a corporate website with live metal prices, and an online junk car purchasing platform – have already resulted in organic revenue growth and cost savings through operating efficiencies. The planned closing of the Empire acquisition is proceeding on schedule and I believe it will be transformative for the more than 30,000 loyal and supportive MassRoots shareholders.”
Established in 2002, Empire currently operates 10 metal recycling facilities in Virginia and North Carolina and expects to continue expanding its footprint in the coming weeks. It has historically generated higher profit margins when market prices for metal rise.
About MassRoots
MassRoots, Inc. (OTC Pink: MSRT) is a 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. currently operates 10 metal recycling facilities in Virginia and North Carolina and expects to continue expanding its footprint in the coming weeks. 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 include, without limitation, statements about expected closing of Empire acquisition, the future revenues of the Company and Empire, Empire’s plans of expansion, and the listing of the Company 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.
