TORONTO, ONTARIO – March 17, 2020 – Adcore Inc. (the “Corporation” or “Adcore”) (TSXV:ADCO), a leading provider of machine-learning powered advertising technologies used by digital agencies and advertisers to enhance and maximize Search Engine Marketing (“SEM”), announced today the precautionary steps it is taking following COVID-19 global outbreak.
Adcore’s Chief Executive Officer Omri Brill stated: “As the impact of COVID-19 increases around the globe, we wish to share the steps Adcore is taking to ensure the continuity and prosperity of our company both in the short and the long run. We aim to maintain the same level of service that our customers expect from Adcore, as well as ensure that we keep our people safe.”
Adcore’s management has already taken decisive steps to support the above efforts and will continue to do so as the situation unfolds.
Mr. Brill continues: “Not a long time ago Adcore was picked by Donville Kent as one of the dozen “stocks to own in the next decade” in their ROE Report. Even under the recent events, Adcore remains a great company and the management stays very bullish for the long run.”
A few reasons why Adcore is well positioned to prevail the COVID-19 crisis.
- Adcore is a highly diversified businesswith a global spread, clients from multiple industries and different revenue streams.
- Fortunately, Adcore’s employees can work remotely and stay as productiveas working from its offices – As of this week all of Adcore’s employees in Tel Aviv, Toronto and Melbourne have been instructed to work from home and management is highly satisfied with the level of work and productivity.
- Adcore is already seeing a shift of business to online and e-commerce. Adcore is well positioned to benefit from this trend.
- Adcore is debt free.
- Adcore has enough cash – CAD$4.9M as of Dec 31, 2019 (unaudited) and can survive severe recession scenarios.
Management believes Adcore will prevail from this global crisis and that it will see many interesting M&A opportunities at the end of it.
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 at 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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