NORFOLK, Va.–(BUSINESS WIRE)–MassRoots, Inc. (OTCPink:MSRT) is pleased to report it has closed and taken effective its acquisition of Empire Services, Inc. As a result of the Empire acquisition, the Company now operates 10 metal recycling facilities across Virginia and North Carolina and generates tens of millions of dollars in annual revenue.
In the coming weeks, 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.
“I believe this is a new beginning for MassRoots and under my leadership, we plan to focus on aggressively growing the Company’s revenues and expanding its sources of income,” stated Danny Meeks, Chairman and Chief Executive Officer of MassRoots. “Empire has been a leader in its industry since 2002 and our playbook has thrived through nearly every economic climate and a global pandemic. I look forward to applying my experience and working tirelessly on behalf of the over 30,000 loyal and supportive MassRoots shareholders.”
“While we will always appreciate our roots and community, MassRoots is now entirely focused on the commodities market,” stated Isaac Dietrich, Chief Information Officer of MassRoots. “We believe our significant experience in building and scaling technology systems will help create a defining competitive advantage for Empire.”
In May 2021, MassRoots amended its Series X and Series Y Preferred Shares to prohibit conversions until November 30, 2022 and has significantly improved its capitalization structure. Additionally, MassRoots has entered into a settlement agreement with Iroquois Master Fund, Ltd. which is expected to result in the dismissal of the litigation and arbitration between the two parties.
About MassRoots
MassRoots, Inc. (OTC Pink: MSRT), through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 10 metal recycling facilities in Virginia and North Carolina. Empire was founded in 2002 and has approximately 65 employees as of October 2021.
