fbpx
QQQ
-2.25
346.76
-0.65%
DIA
-0.84
345.14
-0.24%
SPY
-0.67
425.93
-0.16%
TLT
-0.17
141.39
-0.12%
GLD
-0.64
175.35
-0.37%

MassRoots Cannabis Media Company Issues Update on Acquisition of Empire Services

May 12, 2021 1:37 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
MassRoots Cannabis Media Company Issues Update on Acquisition of Empire Services

Cannabis media company MassRoots, Inc. (OTC: MSRT) is pawing its way toward acquiring Empire Services, Inc.

The Norfolk, Virginia-based company announced last week that it's looking to purchase all of Empire's equity for $14 million in a primarily stock-based transaction.

MassRoots said Wednesday its team has assisted with the launching of Empire's new corporate website, which will allow for more than 600 customers on a daily basis to view each location's daily prices for a variety of metals.

Empire, which was launched in 2020, operates 10 Virginia and North Carolina-based metal recycling facilities.

In addition, Empire has hired an independent accounting firm, which remained undisclosed, to audit its financials.

Empire anticipates continuing to boost its footprint in the upcoming quarters.

The acquisition is a "new beginning" and possibly "transformative" for MassRoots, the company's CEO Isaac Dietrich said.

It will enable the company to generate "significant revenue and positive cash flows from operations," he added.

Over the last two consecutive years, Empire's revenue amounted to over $20 million.

"We intend to build MassRoots into a diversified conglomerate of profitable businesses as we focus on creating long-term shareholder value," disclosed Danny Meeks, the sole shareholder of Empire who opted to chair MassRoots' board of directors following the finalization of the acquisition.

Both companies expect to close the deal by August 13, 2021.

Photo by Rick Proctor on Unsplash

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

MassRoots To Acquire Empire Services For $14M: What Cannabis Investors Need To Know

Cannabis media company MassRoots, Inc. (Pink: MSRT) is looking to acquire Empire Services, Inc. Denver-based MassRoots announced Wednesday it has executed a letter of intent with Empire to purchase all of its equity for $14 million in a primarily stock-based transaction. read more

Experts React To State-By-State Cannabis Votes: 'Constituents Are Starting To Make Their Voice Heard'

The Week In Cannabis: The New Tilray, Jazz-GW Pharma, Earnings, M&A, And More

This was an eventful week for the cannabis industry. read more

Benzinga Cannabis Hour: MassRoots CEO, Dosist CMO Discuss Social Media In Cannabis

With the cannabis industry expanding exponentially, cannabis marketing experts have their hands full. Isaac Dietrich, chairman and CEO of MassRoots, Inc. (OTCQX: MSRT), is one of those seasoned cannabis professionals. read more