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Creates first listed entity focused on mining Dogecoin
VANCOUVER, BC, May 27, 2021 /CNW/ -- Hello Pal International Inc. ("Hello Pal" or the "Company") (CSE: HP) (Frankfurt: 27H) (OTC: HLLPF), a provider of international live-streaming, social-crypto and language learning mobile apps, is pleased to announce the highly accretive details of its recent acquisition of a fifty-one percent (51%) interest in Crypto Pal Technology Ltd. ("Crypto Pal") that closed on May 25, 2021 (see news release dated May 25, 2021).
Financial Benefits of Acquisition:
Purchase Price for Crypto Pal was based on Dogecoin at US $0.055
Low acquisition cost of $3.5 million, consisting of $1.5 million cash and 1,800,000 units.
Cost to mine Dogecoin and Litecoin significantly less than Bitcoin.
Strategic Benefits of Acquisition:
First listed company with primary exposure to Dogecoin.
Access to cryptocurrency will accelerate growth of user base and livestream revenues.
Imminent launch of beta version of cryptocurrency-focused app, being part of the suite of Hello Pal apps.
Hello Pal Founder and Chief Executive Officer, KL Wong states, "Our acquisition of Crypto Pal is the next step in bringing the world closer together and promoting social tolerance. Dogecoin, often referred to as "the people's coin", is being rapidly accepted and adopted internationally. We anticipate gains to our userbase and livestreaming services from the integration of Dogecoin."
KL Wong further adds, "By acquiring Crypto Pal at a minimal price, we are able to focus our strong cash position to implement our vision for Hello Pal's suite of complementary apps as well as carry out strategic acquisitions."
The recently acquired Crypto Pal currently has 12,500 mining rigs that are actively mining Dogecoin and Litecoin. The mining rigs are hosted across multiple locations to ensure diversification of risk as well as to take advance of variations in electricity costs in different geological areas according to seasonal weather patterns. Crypto Pal has entered into a long-term guaranteed service agreement with Yitang Data Technology Co. Ltd. ("Yitang"), a seasoned manager and operator of crypto-assets and mining facilities. With Yitang engaged on a long-term basis, Crypto Pal has ensured cost certainty and operational continuity relating to the mining of Dogecoin and Litecoin.
As a result of Hello Pal's acquisition of Crypto Pal, it is believed that it is currently the sole listed issuer primarily focused on mining Dogecoin. Hello Pal anticipates that Dogecoin will continue to be seen as an alternative to Bitcoin given its lower price, ease for making online payments, and a much lower power requirement in mining it.
Hello Pal is currently updating its platform to integrate the obtaining and using of cryptocurrency within the Hello Pal ecosystem. As Hello Pal's livestreaming operations cover a diverse range of regions throughout the world, Hello Pal anticipates that the introduction of cryptocurrency will accelerate the use of its livestreaming services outside of China. In particular, this will facilitate growth in less developed countries where extreme exchange rate fluctuations occur and it is difficult for users to pay or receive local currencies.
To download Hello Pal please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: firstname.lastname@example.org.
About the Hello Pal Platform
The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users' the freedom to speak in their own language regardless of the other person's language they are speaking to. Hello Pal's overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal's control. Such risks and uncertainties are described in Hello Pal's annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Hello Pal International
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SOURCE Hello Pal International Inc.
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