Empire Acquires Virginia Beach Metal Recycling Facility
Located in Virginia’s largest city, the Company expects its 11th metal recycling facility will be one of its busiest locations in both revenue and recycling volume
Virginia Beach, VA
October 6, 2021
MassRoots, Inc. ("MassRoots" or the "Company") (OTCPink:MSRT) is pleased to announce its wholly-owned subsidiary, Empire Services, Inc. (“Empire”), has acquired its 11th metal recycling facility, located in Virginia Beach, VA. It is one of only two scrap yards in Virginia Beach, the largest city in the state with a population of 450,201 people, and is expected to open under Empire management on or around October 18, 2021.
“We believe the metal recycling industry is ripe for consolidation. Through the roll-up of independent, profitable scrap metal facilities, we expect to aggressively grow Empire’s revenues”
“We believe the metal recycling industry is ripe for consolidation. Through the roll-up of independent, profitable scrap metal facilities, we expect to aggressively grow Empire’s revenues,” stated Danny Meeks, Chairman and Chief Executive Officer of MassRoots. “I expect this will be the first of many acquisitions we close as we work to create significant shareholder value.”
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.
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. At these facilities, Empire collects, classifies, and processes raw scrap metal (ferrous and nonferrous) for recycling. Steel is one of the world’s most recycled products with the ability to be re-melted and recast numerous times while offering significant economic and environmental benefits when compared with virgin materials. Empire was founded in 2002 and has approximately 65 employees as of October 2021.
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, the appointment of new directors, and the listing 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.