Hello Pal Announces Arrival of L7 Miners in US and Australia

Rhea-AI Summary

Hello Pal International has announced the arrival of Antminer L7 mining rigs in the United States and Australia, aiming to resume Litecoin and Dogecoin mining operations shortly. A total of 400 mining rigs were purchased, with 100 located in Australia and 300 in the U.S. The first set of 100 miners is expected to start operations in Australia by the end of April 2022. The company anticipates that mining rewards will support its upcoming social and live-streaming projects.

Positive

• Arrival of 400 Antminer L7 mining rigs enhances mining capacity.
• Diversification with 100 mining rigs located in Australia.
• First batch of miners expected to be operational by end of April 2022.

Negative

• Mining operations have faced delays in installation and customs clearance.
• Company remains unprofitable despite generating revenues.

Mining of Litecoin and Dogecoin Expected to Resume Shortly

VANCOUVER, British Columbia, April 13, 2022 /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 the Antminer L7 mining rigs have arrived in the United States and Australia and are currently being prepared for installation at their respective mining facilities.

As previously announced in the Company's November 18^th, 2021 press release, a total of 400 mining rigs were purchased by the Company's 51% subsidiary, CPal Technology Limited, and by the Company's wholly-owned subsidiary Hello Pal Asia Limited.  Whereas the Company had originally planned for all miners to be located in North America, it has arranged for 100 miners to be located in Australia in order to have increased diversification.  These 100 miners have already arrived in Australia and are currently being prepared for installation in a mining facility in Melbourne.

The remaining 300 miners have also arrived in the United States, with a portion similarly awaiting installation in mining facilities located in New York State and Ohio, and another portion awaiting customs clearance before on-delivery to those facilities.

The Company expects the mining rigs to become operational in stages across the various mining facilities, with the first batch of 100 miners to commence mining in Australia sometime before the end of April 2022.

"We are excited to be able to finally resume our crypto-mining operations soon," said KL Wong, Founder and Chairman of the Company. "We expect the rewards of our mining operations to play an integral role in our upcoming social and livestreaming projects which we will be announcing in due course."

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.

FAQ

What is the status of Hello Pal's mining operations?

Hello Pal International's mining operations for Litecoin and Dogecoin are set to resume with the arrival of Antminer L7 rigs.

When will the mining rigs start operations?

The first batch of 100 mining rigs in Australia is expected to become operational by the end of April 2022.

Where are the Antminer L7 rigs located?

The rigs are split between the United States and Australia, with 100 in Australia and 300 in the U.S.

How does Hello Pal plan to use the mining rewards?

Hello Pal expects the mining rewards to support its upcoming social and live-streaming projects.