EMERGE Completes Sale of Shop Domains to Shopify
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.
Follow EMERGE:
LinkedIn | Twitter | Instagram | Facebook
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.
View original content: http://www.newswire.ca/en/releases/archive/January2025/07/c6607.html