Grove Inc. Closes Acquisition of Programmatic Advertising Company Interactive Offers
20 October 2021 - 11:12PM
InvestorsHub NewsWire
Grove Inc. Closes Acquisition of
Programmatic Advertising Company Interactive Offers
HENDERSON, NV / October
20, 2021 -- InvestorsHub NewsWire -- Grove, Inc. (NASDAQ:GRVI) ("Grove" or the "Company"),Grove
Inc.,
a global innovator in hemp, health, and wellness, has
completed
its previously announced acquisition
of Florida based advertising company Interactive Offers.
Interactive Offers and it's SaaS programmatic advertising platform
has served the tech space with great success over the last several
years. Interactive
Offers current revenue projection of $10-12 million for 2022
provides Grove with a solid entry into the Programmatic Ad space
and adds a unique in-house advertising platform to leverage and
scale its current and future brands.
The closing of the
acquisition comes on the back of Grove's launch of
Upexi, it's new
Amazon aggregation division. Interactive Offers' ad
platform is seen as a key asset in this division as sellers will be
able to access the platform to drive further product sales, growth,
and advertising efficiencies. Grove
Allan Marshall, Chief
Executive Officer of Grove stated, "The technology is set up and
designed for ease of use and efficiencies in deliverability and
reporting across email, native ads, and display. It not only fills
a void for our brands but gives all of our clients a unique ad
platform that they can take advantage of immediately. With the new
revenue stream from our Adtech Technology division, we will look to
grow our Programmatic revenues while growing our current brands and
additional brands we acquire in the future. The platform is another
service available to our clients helping them grow their business
and growing the advertising vertical itself."
Synergies
and Strategic Highlights of the Acquisition
-
SAAS
Technology in the Adtech vertical will allow Grove to boost the
scale and growth of any brand launched or purchased in the
future.
-
Interactive
Offers SaaS Platform expansion into the Hemp and Cannabis space and
fills the needed advertising void for Grove to grow product sales
for in-house brands and partner brands.
-
Interactive
Offers business grows through access to Grove's clients who need
advertising partners and a full-service SaaS platform.
-
Interactive
Offers technology development team will handle all planned
development of the CBD.IO platform to become an industry leader of
CBD sales for brands.
About Grove, Inc.
Grove, Inc. is in the business of developing,
producing, marketing and selling quality products and end consumer
products containing the industrial hemp plant extract Cannabidiol
("CBD"), as well as diversified products in other verticals. The
Company sells to numerous consumer markets including the botanical,
beauty care, pet care and functional food sectors. It seeks to take
advantage of an emerging worldwide trend to re-energize the
production of industrial hemp and to foster its many uses for
consumers.
Company
Contact
Andrew
Norstrud
Email: investorinfo@cbd.io
Phone: (702) 332-5591
Investor
Relations Contact
TraDigital
IR
John McNamara
Email: john@tradigitalir.com
Phone: (917) 658-2602
Forward-Looking Statements
This news release contains "forward-looking statements" as
that term is defined in Section 27A of the United States Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
business strategy, potential acquisitions, revenue guidance,
product development, integration and synergies of acquiring
companies and personnel. These forward-looking statements are made
as of the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that the beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also refer to the risk factors disclosure outlined in our annual
report on Form 10-K and other periodic reports filed from
time-to-time with the Securities and Exchange
Commission.
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