TORONTO, Jan. 7, 2025
/CNW/ - EMERGE Commerce Ltd. (TSXV: ECOM) ("EMERGE" or
the "Company"), a premium e-commerce brand portfolio, announced the
sale of its premium web domains, Shop.ca
and Shop.us, to Shopify Inc. (NYSE: SHOP),
for US$375,000, or approximately
CA$536,000.
Following the transaction, the Shop domains now automatically
re-direct traffic to Shopify's Shop App.
Ghassan Halazon, founder and CEO, EMERGE commented,
"The Shop domains had been idle and non-revenue generating in
recent years under EMERGE ownership. As such, management felt that
monetizing these dormant domains via a sale to Shopify, in return
for non-dilutive cash proceeds to fund future growth plans made
perfect sense."
EMERGE's cash position exceeded $3.0M at year-end, compared to $1.6M at September 30,
2024, and $2.5M at
December 31, 2023.
"The sale of our Shop domains to Shopify marks a terrific ending
to a transformative year for EMERGE that saw us re-ignite organic
revenue growth, improve profitability, substantially reduce debt,
and ultimately, grow our cash position year-over-year," continued
Halazon.
Management is also advancing discussions to monetize other
non-core/ legacy assets to further bolster the Company's cash
position, while doubling down on its growing grocery and golf
brands in 2025.
About EMERGE
EMERGE is a premium e-commerce brand portfolio in Canada and the U.S. Our subscription and
marketplace e-commerce properties provide our members with access
to unique offerings across grocery and golf verticals. Our grocery
businesses include truLOCAL, our premium meat and seafood
subscription brand, and Carnivore Club, our artisanal meat brand.
Our golf businesses include UnderPar, our discounted tee-times/
experiences brand, and JustGolfStuff, our golf products &
apparel brand.
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Cautionary notice
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Notice regarding forward-looking statements
This press release may contain certain forward-looking
information and statements ("forward-looking information") within
the meaning of applicable Canadian securities legislation, that are
not based on historical fact, including without limitation
statements containing the words "believes", "anticipates", "plans",
"intends", "will", "should", "expects", "continue", "estimate",
"forecasts" and other similar expressions, and including statements
with respect to the anticipated savings to result from the
implementation of the cost optimization and synergies initiative.
Readers are cautioned to not place undue reliance on
forward-looking information. Actual results and developments
may differ materially from those contemplated by these statements.
The Company undertakes no obligation to comment on analyses,
expectations or statements made by third-parties in respect of the
Company, its securities, or financial or operating results (as
applicable). Although the Company believes that the
expectations reflected in forward-looking information in this press
release are reasonable, such forward-looking information has been
based on expectations, factors and assumptions concerning future
events which may prove to be inaccurate and are subject to numerous
risks and uncertainties, certain of which are beyond the Company's
control, including the risk factors discussed in the Company's
MD&A and Annual Information Form, which are available through
SEDAR at www.sedar.com. The forward-looking
information contained in this press release are expressly qualified
by this cautionary statement and are made as of the date hereof.
The Company disclaims any intention, and has no obligation or
responsibility, except as required by law, to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
On Behalf of the Board
Ghassan Halazon
Director, President, and CEO
EMERGE Commerce Ltd.
SOURCE Emerge Commerce Ltd.
