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Adcore Inc
Symbol ADCO
Shares Issued 56,239,336
Close 2021-01-05 C$ 0.91
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Adcore hires IMS IR, appoints Puar to board

2021-01-06 09:10 ET - News Release

Mr. Omri Brill reports


Adcore Inc. has provided following strategic initiatives to support the company's continued growth in 2021.

  • Adcore to pursue a dual-listing in the U.S. on the OTC markets.
  • As part of the dual-listing effort, Adcore has engaged IMS Investor Relations, a U.S.-based investor relations firm to develop and execute a comprehensive investor relations program, focusing on North America.
  • The company has appointed Sokhie Puar to its board of directors.
  • The company has appointed Vadim Malkin as chief technology officer (CTO).
  • Adcore has granted an aggregate of 736,500 stock options and restricted share units (RSUs) pursuant to the company's stock option plan and restricted share unit plan to certain employees, directors and officers of the company and its subsidiaries.

Omri Brill, chief executive officer of Adcore, stated: "As we enter 2021, we are intently focused on raising our visibility in North America among both investors and in the high growth markets we are targeting, with a dual listing on the OTC markets. We have made excellent progress and are at a pivotal point in our development, with a heightened focus on attracting direct clients and capitalizing on the favourable e-commerce and social media environment created by the COVID-19-driven rise of the stay-at-home economy. We are energized by the opportunities we are seeing in the marketplace and believe this is the right time to make changes with the goal of elevating our profile and completing a successful U.S. dual listing in 2021."

Engagement with U.S.-based investor relations firm

As it sharpens its focus on its North American visibility and specifically a dual listing in the U.S., Adcore has retained IMS Investor Relations, a U.S.-based IR firm, to provide customized programming to ensure the U.S. listing is a vital strategic asset with a credible and resonating brand and an aligned shareholder base. The dedicated investor relations team in IMS has broad experience across the capital markets and communications industry, with long-standing relationships with analysts and institutional investors.

"As we drive the growth of our company and pursue a listing in the U.S., we look forward to working with IMS to clearly convey our progress to the broader investment community," Mr. Brill added.

In consideration for the services to be provided, Adcore will pay IMS a monthly fee of $8,000 (U.S.). The contract commences Jan. 1, 2021, and can be terminated at any time. IMS Investor Relations has no interest, directly or indirectly, in the company or its securities, and has no current right or intent to acquire such an interest during the term of the engagement.

Strategic additions and appointments to the Adcore board and management team

Adcore's board of directors has approved the appointment of Mr. Puar as a director of the company. He replaces Robert Munro, who has resigned from the board; the company would like to take this opportunity to thank Mr. Munro and wish him good luck in his future endeavours.

Mr. Puar, with over 30 years in the public markets, has worked in various capacities in both public and private companies. He has worked with companies in the mining, oil and gas, technology, education, and clean energy sectors since 2001. Most recently, Mr. Puar held the positions of chief executive officer, chairman and director of Candelaria Mining Corp. from February, 2012, to September, 2017. During his tenure, Candelaria Mining raised in excess of $28-million and acquired several mining projects in Mexico. From May of 2015 to present Mr. Puar has held the position of CEO and director of Else Nutrition Holdings Inc., and currently remains as a director of the company. Since going public in June of 2019 Else Nutrition has raised over $41-million. Mr. Puar holds a diploma in mechanical engineering technology and a diploma in business administration from the British Columbia Institute of Technology. Mr. Puar sits and has sat on the board of many public and private companies including the board of governors of Southpointe Academy, an independent school located in Tsawwassen, B.C., where he chaired the governance committee, and currently sits on multiple committees.

The company also announces the appointment of Vadim Malkin as chief technology officer.

Mr. Malkin has served as Adcore's head of research and development for the last five years and brings a broad range of experience and knowledge to his new position. The company sees Mr. Malkin's appointment as a natural promotion of one of its valued and seasoned engineers. Before joining Adcore, he spent 15 years at Comverse Inc., a provider of software and systems enabling services for voice, messaging, mobile Internet and mobile advertising, converged billing, and IP communications. He worked in a variety of capacities at Comverse, finishing his tenure there as business applications development manager, where he had responsibility for several technical multidisciplinary teams across broad technical, financial and business applications, and oversaw the simultaneous release of several enterprise front and back office automation products.

Albert Bentov, the company's previous chief technology officer, will move into the newly established role of AI (artificial intelligence) leader, focusing on innovation and artificial intelligence research. Mr. Bentov's new role will allow him to invest significantly more time in high-end technologies and innovation rather than in day-to-day operations. As AI and innovation are two of the company's main focus points for 2021, it sees Mr. Bentov's new appointment as a strategic and necessary move to further achieve its 2021 goals. Mr. Bentov has served as Adcore's head developer since the company's inception and along with chief executive officer Omri Brill, built the foundation for the Adcore software. He has more than 20 years of computer programming experience and holds an MA in visual and applied arts from the National Art Academy, Sofia (Bulgaria).

"We are very pleased to announce these senior-level appointments and would particularly like to thank Robert Munro for his valuable service and guidance as an Adcore board member, and welcomes Sokhie Puar to Adcore's board. We believe Mr. Puar's extensive experience and knowledge of the public markets in both the U.S. and Canada, as well as his relevant public company experience give him perspective that will result in valuable contributions to the company. Likewise, we are excited to announce Vadim Malkin's promotion to CTO and Albert Bentov's new role. As a technology company, it is critical that we stay ahead of the competition, and we're confident that in their respective new management roles, both Albert and Vadim will continue to develop the technology and applications that position Adcore as a leader in our industry," Mr. Brill commented.

Option and RSU grants for 2021

Adcore also announced it has granted an aggregate of 736,500 stock options and restricted share units pursuant to the company's stock option plan and restricted share unit plan to certain employees, directors and officers of the company and its subsidiaries, of which 378,500 options and RSUs were granted to directors and officers. The options and RSUs are exercisable into common shares of the company for a period of four years, and the options are exercisable at an exercise price of 98 cents per share.

Mr. Brill concluded: "We are energized by the opportunities 2021 presents for our company as we focus on our core value direct client offering. With our revised strategy and enhanced management structure, we believe we have a clear path to drive growth and build enduring value for our investors, our clients and our employees."

About Adcore Inc.

Adcore is a leading provider of machine-learning-powered advertising technologies used by digital agencies and advertisers to leverage digital marketing in an effortless and accessible way with the goal of scaling activity and maximizing ROI (return on investment).

By combining extensive industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution. In addition to being named numerous times on Deloitte's Fast 50 Technology list, Adcore is a certified Google Premier partner, Microsoft partner, Facebook partner and TikTok partner.

Established in 2006, the company employs over 40 people in its headquarters in Tel Aviv, Israel, and satellite offices in Melbourne, Australia, Toronto, Canada, and Hong Kong, Greater China.

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