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Adcore Inc
Symbol ADCO
Shares Issued 57,305,186
Close 2021-04-26 C$ 1.72
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Adcore renews contract with IGAA for another year

2021-04-26 10:55 ET - News Release

Mr. Omri Brill reports

ADCORE ANNOUNCES ONE YEAR RENEWAL WITH ISRAEL GOVERNMENT ADVERTISING AGENCY WITH A POTENTIAL ANNUAL BUDGET OF $25 MILLION

Adcore Inc. has renewed its advertising contract with the Israeli Government Advertising Agency for another year at a potential value of $25-million in ad spend.

Adcore is currently starting its fourth year of a five-year $125-million contract with the IGAA to manage, jointly with Maple Team Ltd., a potential budget of $25-million in on-line advertising spend per year subject to the reopening of the Israeli border. The contract is renewable annually without requirement of further government tendering. The company began managing the IGAA's on-line advertising budget in 2017. Between 2017 and 2019, prior to the pandemic, visitor arrivals to Israel increased by 25 per cent to 4.5 million.

"We are excited to renew our contract with the IGAA to manage its on-line advertising budget for another year," stated Omri Brill, Adcore's chief executive officer. "IGAA is a valued long-term client with whom we have had considerable success driving results. We look forward to continuing to work with them to attract more visitors to Israel as the pandemic subsides. While borders remain partially closed, there is general optimism that as vaccine rollouts globally continue to progress, Israel can be one of the first countries to fully reopen its borders to tourists. With this in sight, we anticipate a strong resumption in ad spend from IGAA and other tourism-related clients, ultimately driving additional growth in calendar year 2021. This, in conjunction with the accelerated growth of our e-commerce business directly resulting from the pandemic, puts us in a prime position to continue growing by re-engaging industry verticals that exhibited high levels of growth historically but were impacted by COVID-19."

About Adcore Inc.

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, Microsoft partner, Facebook partner and TikTok partner.

Established in 2006, the company employs over 50 people in its headquarters in Tel Aviv, Israel, and satellite offices in Toronto, Canada, Melbourne, Australia, and Hong Kong and Shanghai, China.

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