Vancouver, British Columbia--(Newsfile Corp. - December 11, 2024) - Hello Pal International Inc. (CSE: HP) (FSE: 27H) (OTC: HLLPF) ("Hello Pal" or the "Company"), a provider of international live-streaming, language learning and social-crypto platform, provides an update on the ongoing business operations of Hello Pal.
Live Streaming Operations
The Company has paused its overseas livestreaming operations. Payment collection from its Middle East markets, especially Egypt, has become increasingly problematic owing to tightening banking controls in the region as a result of the current regional conflict, and this has caused the business to be no longer profitable to operate.
The Company has also suspended the operation of its Hello Pal app, and is exploring ways in which the app may be relaunched at a future date.
Cryptomining Operations
The Company continues to mine Dogecoin (DOGE) and Litecoin (LTC). Its cryptomining operations remain stable and has benefited from the recent surge in the crypto market, especially from the recent price increase of DOGE.
Using an allocated portion of its cryptocurrency on hand, the Company has also been trading DOGE and LTC based on the frequent and expected fluctuations of the cryptocurrencies, in order to increase its overall holdings of DOGE and LTC beyond what is mined. Such trading also helps to act as a hedge against steep price decreases.
Going Forward
The Company intends to make cryptomining its primary business focus in the short term due to the current continued economic downturn worldwide. Consequently, the Company has laid off a majority of its livestreaming-related staff in order to reduce expenses. The Company aims to build up cash reserves in the coming period in order to be in the position to take advantage of any new business opportunities that may arise in the future.
The Company also announces that Vincent Chai, who headed the overseas livestreaming operations, has resigned as director of the Company.
For information with respect to the Company or the contents of this news release, please contact the Company, KL Wong, CEO, at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: investors@hellopal.com.
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 revenues from cryptomining will fluctuate based on the price of the mined cryptocurrency. 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233391
SOURCE: Hello Pal International Inc.
