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.
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