TORONTO, ON / ACCESSWIRE / March 2, 2023 / Adcore Inc. (the "Company" or "Adcore") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ)(TSX:ADCO-WT), a leading e-commerce advertising management and automation platform company that leverages digital marketing in an effortless and accessible way ("Effortless Marketing"), today announced that as a result of additional visibility, it is reaffirming preliminary guidance that was originally published on December 16th, 2022 for its fourth quarter 2022.
The Company announced that with the visibility it has today, the results for the quarter are expected to be in the upper range of the prior projection. Previously the company guided revenue of CAD$8 million to CAD$9.1 million, with expected gross profits between CAD$2.7 million and CAD$3.7 million, on expected gross margins of approximately 40%. In addition, Adcore is pleased to report that as of December 31, 2022, its cash position has increased by 7% to CAD $8.8 million compared to CAD $8.2 million on September 30, 2022.
Omri Brill, CEO of Adcore, commented, "This is a significant accomplishment for our company, and we are proud of our team's hard work and dedication in achieving these positive results. The increase in our cash position will allow us to continue investing in new initiatives and driving growth for our business. We would like to thank our shareholders and stakeholders for their continued support and look forward to providing further updates on our future plans and progress."
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.
Founded in 2021 in the midst of the pandemic, Amphy is the world's most diverse 24/7 live online learning marketplace. With Amphy, learners can choose from thousands of classes across hundreds of categories to grow their passions and skills, expand their children's learning opportunities, and much more. Instructors on the Amphy platform join a vibrant virtual teacher community that promotes and supports their success through enrichment seminars, marketing and advertising, and a suite of tools that allow them to run their classes hassle-free and focus on their students. Amphy students gain access to high-quality, personalized classes accessible from 24/7, as well as join a growing community of lifelong learners.
This press release contains certain forward-looking statements, including statements about the Company. 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.
For further information please contact:
Martijn van den Bemd,
Chief Partnerships Officer
SOURCE: Adcore Inc.
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