Hello Pal Provides Update On Its Livestreaming and Cryptomining Business

Rhea-AI Summary

Hello Pal International (OTC: HLLPF) has announced significant changes to its business operations. The company has suspended its overseas livestreaming operations due to payment collection issues in Middle East markets, particularly Egypt, citing regional conflicts and tightening banking controls that have made the business unprofitable. The Hello Pal app has been temporarily suspended while exploring future relaunch options.

The company's cryptomining operations continue to mine Dogecoin (DOGE) and Litecoin (LTC), benefiting from recent crypto market surges. Hello Pal is actively trading these cryptocurrencies to increase holdings and hedge against price fluctuations. Following these developments, the company has laid off most livestreaming-related staff and plans to focus primarily on cryptomining in the short term due to global economic conditions.

Positive

• Cryptomining operations remain stable and benefit from recent crypto market surge
• Active cryptocurrency trading strategy to increase DOGE and LTC holdings
• Cost reduction through layoff of livestreaming staff

Negative

• Suspension of overseas livestreaming operations due to payment collection issues
• Temporary shutdown of Hello Pal app
• Loss of profitable operations in Middle East markets
• Resignation of director Vincent Chai

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

FAQ

Why did Hello Pal (HLLPF) suspend its livestreaming operations in 2024?

Hello Pal suspended its livestreaming operations due to payment collection problems in Middle East markets, particularly Egypt, caused by tightening banking controls amid regional conflicts, making the business unprofitable.

What cryptocurrencies does Hello Pal (HLLPF) currently mine?

Hello Pal mines Dogecoin (DOGE) and Litecoin (LTC), and actively trades these cryptocurrencies to increase their holdings.

How is Hello Pal (HLLPF) restructuring its business in 2024?

Hello Pal is shifting its primary focus to cryptomining operations, has laid off most livestreaming-related staff, and is building cash reserves for future business opportunities.

What happened to the Hello Pal app in December 2024?

The Hello Pal app has been temporarily suspended while the company explores ways to potentially relaunch it at a future date.