TORONTO, ONTARIO – December 16, 2022 – Adcore Inc. (the “Company” or “Adcore”) (TSX:ADCO) (OTCQX:ADCOF) (FSE:ADQ) (TSX:ADCO-WT), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way (“Effortless Marketing”), today provided preliminary guidance for its fourth quarter ending December 31, 2022. Additionally, the Company announced the appointment of Zehavit Dan as General Counsel and Corporate Secretary. Martijn van den Bemd, Chief Partnerships Officer, had been serving as interim corporate secretary since August 2022, while the Company conducted its search.
Fourth Quarter 2022 Guidance
With the Company’s visibility today, Adcore expects revenue in the fourth quarter 2022 to be in the range of CAD$8 million to CAD$9.1 million, with expected gross profit ranging between CAD$2.7 and CAD$3.7 million, and expected gross margin of 40%.
The Company has appointed Zehavit Dan to the role of general counsel and corporate secretary. Ms. Dan has more than 18 years’ experience as a lawyer working with a variety of global public companies and holds an MBA in Entrepreneurship, Innovation & Technology from the Technion-Israel Institute of Technology. Most recently she was Legal Advisor, VP Compliance & Risk and Leader of the Innovation Council at the State Bank of India, Tel-Aviv. Previously she was Deputy Legal Advisor at Dexia Israel Bank and earlier in her career she served as a corporate lawyer for the law firm of S. Horowits & Co.
Omri Brill, CEO of Adcore commented, “We are thrilled to announce the appointment of Zehavit Dan as Adcore’s corporate secretary. Zehavit brings a wealth of knowledge and experience in corporate and financial law, making her the perfect fit for this important role. We are confident that her skills and expertise will greatly benefit Adcore. On behalf of the entire team, I would also like to express our gratitude to our Chief Partnerships Officer, Martijn van den Bemd for serving as interim corporate secretary during the search process.”
Adcore is empowering entrepreneurs, advertisers, and the future of e-commerce through its advertising management and automation platform. By combining extensive industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising and monitoring and analyzing the performance of their advertising budget to ensure maximum Return on Investment. In addition to being named numerous times on Deloitte’s Fast 50 Technology list, Adcore is a certified Google Premier Partner, Elite Tier Microsoft Partner, Facebook Partner and TikTok Partner.
Established in 2006, the Company employs over fifty people in its headquarters in Tel Aviv, Israel and satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong and Shanghai, China.
This press release contains certain forward-looking statements, including statements about the Company and fourth quarter guidance including statements regarding expected fourth quarter revenue, gross profit and gross margin. 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 Company 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 Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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