Business
Adcore Affirming Its Strategic Priorities & Outlook Following the COVID-19 Pandemic
TORONTO, ON / ACCESSWIRE / May 13, 2020 / Adcore Inc. (the "Company" or "Adcore") (TSXV:ADCO...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Affirming Its Strategic Priorities & Outlook Following the COVID-19 PandemicTORONTO, ON / ACCESSWIRE / 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 SafetyThe 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 OpportunitiesAs 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 ExpensesIn March, the Company began cost-cutting measures, including a reduction in the work week 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.OutlookManagement 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 y...