Norfolk, Virginia-based MassRoots Inc. says its wholly owned subsidiary Empire Services Inc. has acquired a scrap processing facility in Virginia Beach, Virginia.
MassRoots does not name the facility but refers to it as “one of only two scrap yards in Virginia Beach.” Google listings and the ScrapMonster.com website list Surplus Recycling and Old Dominion Recycling as scrap processors in the city. Oregon-based Schnitzer Steel Industries also has a presence with a Pick-n-Pull auto salvage location in Virginia Beach.
Empire Services now has 11 metal recycling facilities in Virginia and North Carolina in its portfolio, according to the news release issued by MassRoots.
“We believe the metal recycling industry is ripe for consolidation,” says Danny Meeks, CEO and chair of MassRoots. “Through the roll-up of independent, profitable scrap metal facilities, we expect to aggressively grow Empire’s revenues. I expect this will be the first of many acquisitions we close as we work to create significant shareholder value.”
MassRoots, which has stock currently trading in the over-the-counter (OTC) market, says it intends to apply to the Nasdaq Capital Market or the NYSE American market. The company says it “believes [the move] would result in a significant increase in visibility, liquidity and institutional interest” for its stock.
Empire Services was founded in 2002 and currently has approximately 65 employees, according to MassRoots.