MassRoots Accelerates Growth Initiatives as it Launches Updated Business Portal and Completes Whaxy Integration
DENVER, CO—April 3, 2017 - MassRoots, Inc. (OTCQB: MSRT), a leading technology platform for medical cannabis patients and businesses, is pleased to announce it has launched an updated business portal. Through this portal, businesses are able to target advertisements to MassRoots’ one million registered users, schedule posts, view analytics, and manage their inventory and pricing data.
Additionally, MassRoots is pleased to provide the following business development updates:
· During the Company’s audit of fiscal year 2016, certain revenues related to the 420 Rally were removed in a one-time adjustment. Additionally, as the Company’s acquisition of DDDigtal, LLC dba “Whaxy” was not completed until January 2017, no revenues generated by Whaxy in 2016 were reflected in MassRoots’ earnings.
· In early November 2016, MassRoots’ mobile application was removed from Google Play, delaying the launch of geo-targeted advertising to over half of MassRoots’ users. MassRoots was re-listed in Google Play on March 21, 2017, and growth and monetization initiatives are now live on its iOS, Android and web platforms.
· Over half of the Company’s 2016 operating expenditures - $7.28 million – were related to stock and option-related compensation which did not take any cash out of the business.
· The Company has received more than $4.4 million in warrant exercises so far in 2017, including a recent early exercise by Aphria, Inc., resulting in MassRoots having its strongest cash position in corporate history.
· During the first quarter of 2017, MassRoots retired all outstanding long-term debt, resulting in a significantly stronger balance sheet.
· MassRoots recently launched a revamped website, focused on enabling medical cannabis patients to find the best products to treat certain conditions (i.e., effectiveness for treating ailments such back-pain or epilepsy).
“During the coming weeks, we expect to announce significant advertising and branding deals with some of the leading brands in the medical cannabis industry,” stated MassRoots Chairman and CEO, Mr. Isaac Dietrich. “The majority of our revenue is derived from just two states – Colorado and California – and as markets across the country continue to develop, MassRoots is positioned to be one of the leading advertising channels for dispensaries and brands in the cannabis industry. We have accomplished several key objectives over the past two weeks: returning to Google Play, launching a new website and updated business portal; and establishing a userbase of one million of the most enthusiastic cannabis consumers. Given our success in attaining these key objectives, our top priority for 2017 is significantly increasing MassRoots’ revenues.”
This information does not constitute an offer to sell or a solicitation of an offer to buy securities or assets of MassRoots. All information presented herein with respect to the existing business and the historical operating results of MassRoots and estimates and projections as to future operations, the success of events that we are attending, and other information, is based on materials prepared by the management of MassRoots and involve significant elements of subjective judgment and analysis which may or may not be correct. While the information provided herein is believed to be accurate and reliable, MassRoots makes no representations or warranties, expressed or implied, as to the accuracy or completeness of such information. In furnishing this information, MassRoots reserves the right to amend or replace some or all of the information herein at any time and undertakes no obligation to provide the recipient with access to any additional information.
Forward-looking Statements: Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots' advertising business, partnerships, and our related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Important factors that could cause our actual results to differ materially from those anticipated by the statements made herein include, among others, the success of our advertising initiatives, the continued growth and engagement of our user base, our ability to work with partners of the Company, and unforeseen technical or other problems or issues that could affect the performance of our products or our business. Further information on our risk factors is contained in our filings with the SEC, including the Amendment to our Registration Statement on Form S-1 filed with the SEC on August 9, 2016. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Any forward-looking statement made by us herein speaks only as of the date on which it is made. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
Our mailing address is: MassRoots 1624 Market St Ste 201 Denver, CO 80202
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