TORONTO, ONTARIO – May 13, 2020 – Adcore Inc. (the “Company” or “Adcore”) (TSXV:ADCO), a leading provider of machine-learning (“ML” and “AI”) powered advertising technologies used by digital agencies and advertisers to enhance and maximize online advertising (“Online Advertising”), affirms today its strategic priorities, outlook and the updated steps it is taking following the COVID-19 pandemic.
Health and Safety
The Company’s highest priorities remain the health, safety, and wellbeing of our employees, family members, and communities.
Thanks to the dramatic improvement in the pandemic’s parameters, Adcore’s management is pleased to announce that as of May 3, 2020, all of its global offices except Toronto, which continues to operate remotely, have reopened.
Balance Sheet and Future Opportunities
As of May 5, 2020, the Company’s cash and cash equivalents reached an all-time high of $6M (unaudited), an increase of $1.1M compared to December 31, 2019.
The 22% increase in the Company’s cash and cash equivalents is a great achievement under any circumstance and moreover during these challenging times.
The Company’s strong balance sheet positions it well to invest in future post-COVID-19 growth opportunities.
Reduction in Expenses
In March, the Company began cost-cutting measures, including a reduction in the workweek for all employees to 4 days a week, a temporary freeze of all recruitments and a dismissal of 5% of its working force, while keeping all of our strategic employees.
Management is pleased to announce that starting June all employees will resume a 5-day work week and that it has resumed recruiting efforts in both its Toronto and Hong Kong offices.
Management is much more optimistic now with the belief that the worst is behind us, and is reporting that the business environment has dramatically improved in May, with clients returning to more normal commercial behavior, and the trend is looking even more positive for June.
As we move beyond the peak of the crisis and the global economy normalizes, this should be reflected in the Company’s revenues in the coming quarters.
Adcore’s Chief Executive Officer, Omri Brill, commented, “The COVID-19 crisis is a game-changer on a global level and I have never seen anything like it in the 14 years since founding Adcore. Nevertheless, we reacted fast to this crisis and the fact that even under such challenging times, Adcore managed to grow its cash and cash equivalents by 22% to an all-time high of $6M, clearly showcases the effectiveness of the precautionary steps Adcore’s management took in the early stages of the crisis.”
Mr. Brill continued, “Adcore entered this crisis as a strong company with an excellent balance sheet and I intend to make sure the Company will come out of this crisis even stronger. I remain extremely bullish with regards to the Company’s future and believe Adcore is well-positioned to seize upon the post-crisis trend of more businesses switching to online activities.”
Adcore is a leading provider of machine-learning powered advertising technologies. Adcore’s suite of solutions empowers digital advertisers with automated solutions to enhance and maximize their Search Engine Marketing (“SEM”). Adcore’s technologies are designed for in-house marketing professionals, freelancers, and advertising agencies to scale their SEM activity and maximize their ROI.
By combining extensive industry knowledge and experience with its proprietary artificial intelligence (“AI”) engine, Adcore offers a unique SEM platform. In addition to being named numerous times on Deloitte’s Fast 50 Technology list, Adcore is a certified Google Premier Partner and Microsoft Partner.
Adcore serves hundreds of clients worldwide including: Digital Marketing Agencies, e-Commerce Businesses, Travel, Financial Technology, and Gaming Companies and its strength as an agile and leading player in the industry has led to winning the largest online tender to date in Israel, a co-managed 5-year $125 million contract with the Israel Government Advertising Agency.
Established in 2006 and majority-owned by its founder and CEO, Mr. Omri Brill, the Corporation and its subsidiaries employs over thirty people in its headquarters in Tel Aviv, Israel and satellite offices in Melbourne, Australia, Toronto, Ontario and Winnipeg, Manitoba.
For more information about Adcore, please visit Adcore’s Investor Relations website
This press release contains certain forward-looking statements, including statements about the Corporation. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
For further information please contact:
Omri Brill, CEO
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