CALGARY, Alberta, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Helix Applications Inc. (TSX-V: HELX)(the “Company” or “Helix”) announces that as a result of recent events (see the Company’s October 3, 2019 press release) it will be necessary to include in its financial statements for the period ended September 30, 2019 (the “Q3 Statements”) an impairment charge that will result in the assets that the Company acquired as part of its October 2018 Change of Business transaction (see the Company’s October 30, 2018 press release) being written down to nil value. The decision to include this impairment charge was made in connection with the Company’s ongoing strategic review (which includes exploring and evaluating opportunities or alternatives to maximize shareholder value), after consideration of IFRS rules and in consultation with its auditors.
The Q3 Statements will be filed by the Company on or before November 29, 2019.
There can be no assurance that the aforementioned strategic review will result in the completion of any transaction or other alternative, or that a transaction, if pursued, will be completed. The Company has not set a timetable for completion of the review process, and it does not intend to comment further regarding the process unless a specific transaction or other alternative is approved by the Board of Directors or it is otherwise determined that further disclosure is appropriate or required by law
Helix is a blockchain application and technologies developer, listed on the TSX Venture Exchange (TSX Venture: HELX).
For further information please contact Helix at:
Rufus Round, CEO
c/o 82 Richmond Street East, Suite 200, Toronto, ON, M5C 1P1
Tel. +00 44 20 3286 2904
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking statements or information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the continued development of blockchain applications and/or technologies by the Company, the results of the strategic review being undertaken by the Company, and other matters, and other information concerning the intentions, plans and future action of the Company and its technologies and products described herein. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s most recent management's discussion and analysis, a copy of which is filed on SEDAR at www.SEDAR.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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