MassRoots Announces Plan to Adopt New Corporate Name “Greenwave Technology Solutions, Inc.”

NORFOLK, Va.--(BUSINESS WIRE)--MassRoots, Inc. ("MassRoots" or the "Company") (OTCPink:MSRT) is pleased to announce plans to change its corporate name to “Greenwave Technology Solutions, Inc.” (“Greenwave”) following the recent closing of its acquisition of Empire Services, Inc. (“Empire”). As part of the name change, Greenwave has released a new company logo and expects to launch a new corporate website in the coming days. Although the legal name of the company will continue to be MassRoots, Inc. until the name change process has been completed, for marketing and branding purposes, the Company will now begin to refer to itself, and will conduct business under the new corporate name.

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“Steel is one of the world’s most recycled materials and over the past thirty years, the steel industry has been able to achieve significant reductions in energy and greenhouse gas intensity through recycling(1). We believe the Greenwave name emphasizes our focus on environmental technologies and commitment to constant forward progress.”

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“This is a fresh start for the Company and under my leadership, we will be relentlessly focused on growing our revenues and improving our bottom line,” stated Danny Meeks, Chairman and Chief Executive Officer of Greenwave. “Steel is one of the world’s most recycled materials and over the past thirty years, the steel industry has been able to achieve significant reductions in energy and greenhouse gas intensity through recycling(1). We believe the Greenwave name emphasizes our focus on environmental technologies and commitment to constant forward progress.”

Greenwave recently acquired its 11th metal recycling facility, located in Virginia Beach, VA. It is one of only two scrap yards in Virginia Beach, the largest city in the state, and is expected to open under Greenwave management on or around October 18, 2021.

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In the coming weeks, Greenwave intends to apply to uplist to the NASDAQ or the NYSE, which the Company believes would result in a significant increase in visibility, liquidity, and institutional interest for its stock.

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1. According to The World Steel Association and Canada’s Authority on Sheet Steel in Construction (see https://www.worldsteel.org/steel-by-topic/sustainability/materiality-assessment/recycling.html; and https://cssbi.ca/mid-rise-construction/sustainable-steel).

 

About Greenwave

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MassRoots, Inc., which is changing its name to Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 10 metal recycling facilities in Virginia and North Carolina. At these facilities, Empire collects, classifies, and processes raw scrap metal (ferrous and nonferrous) for recycling. Steel is one of the world’s most recycled products with the ability to be re-melted and recast numerous times while offering significant economic and environmental benefits when compared with virgin materials.

The company has announced that it intends to change its corporate legal name from MassRoots, Inc. to Greenwave Technology Solutions, Inc. Although the legal name of the company will continue to be MassRoots, Inc. until the name change process has been completed, for marketing and branding purposes the company has begun doing business as, and referring to itself as Greenwave.

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Forward-looking Statements

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This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its name change and a listing on a senior exchange. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.