Hello Pal Announces $2,707,496 Monthly Revenue for September 2021
Hello Pal International Inc. (OTC:HLLPF) reported $2,707,496 CAD in revenue for September 2021, driven by its livestreaming services and cryptocurrency mining. The company noted a 30% revenue increase from non-China regions, particularly in the Middle East and Southeast Asia. Gross margins were 68% for crypto-mining and 15% for livestreaming. Despite fluctuations in cryptocurrency prices, limited impacts were reported due to proactive measures taken with its partner, Shanghai Yitang. The company anticipates full capacity for mining operations in the next 2-3 months.
- Achieved $2,707,496 CAD in revenue for September 2021.
- 30% increase in revenues from non-China regions, notably in the Middle East and Southeast Asia.
- Gross margins of 68% for crypto-mining and 15% for livestreaming indicate strong profitability in these segments.
- Volatility in cryptocurrency spot prices led to slightly lower revenues from crypto-mining.
- Mining operations in China face delays due to regulatory challenges.
VANCOUVER, BC, Oct. 5, 2021 /PRNewswire/ -- Hello Pal International Inc. ("Hello Pal" or the "Company") (CSE:HP Frankfurt:27H) (OTC:HLLPF), a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it achieved
Figure 1 – Monthly Revenue Chart
The gross margins for the period for crypto-mining and livestreaming were
For the livestreaming operations, the Company experienced a
For the crypto-mining operations, there was significant volatility in cryptocurrency spot prices, which resulted in slightly lower cryptocurrency revenues. As the efforts in relocating more and more mining rigs out of China continue, the Company expects its crypto-mining operations to reach full capacity again sometime over the next two to three months.
Despite the recent turbulence in the cryptocurrency environment in China in recent months, the Company has experienced limited impact so far due to measures taken in advance by Shanghai Yitang, the strategic partner which helps the Company manage its crypto-mining operations.
"We've been very fortunate in having Shanghai Yitang helping us navigate the current fast-changing cryptocurrency environment in China," said KL Wong, Founder and Chairman of the Company. "Although there may be some delay compared to our initial expectations, we do not foresee any major hurdles in implementing our original plans regarding crypto-mining and its incorporation into our international social platform."
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To download Hello Pal, Language Pal, Travel Pal or the proprietary Phrasebooks 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: investors@hellopal.com.
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
200 – 500 Denman Street
Vancouver, BC, V6G 3H1, Canada
p 604-683-0911
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SOURCE Hello Pal International Inc.
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