MSRT - MassRoots to acquire Empire Services for $14M

MassRoots (MSRT) executed a letter of intent to acquire Virginia-headquartered Empire Services in a mainly stock-based transaction with the estimated value of ~$14M.MassRoots expects the acquisition to generate significant revenue and positive cash flows from operations.Empire operates 10 metal recycling facilities in Virginia and North Carolina and expects to continue expanding its footprint in the upcoming quarters; it has generated unaudited revenues of $20M+ in FY20 & FY19 with net positive cash flows from operations.In the upcoming months, MassRoots plans to settle its outstanding preferred shares and debts primarily with cash flows from operations.Danny Meeks, the sole shareholder of Empire, will join MassRoots's board as executive chairman.

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MassRoots to acquire Empire Services for $14M