Hello Pal Provides Corporate Update Regarding Operations in China
- None.
- Termination of livestreaming business in China resulting in revenue decline
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2023) - 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, announces that it is no longer earning revenues in China due to regulatory changes.
There were recent changes in the Chinese regulations, which affected the Company's ability to provide Chinese users with certain types of virtual gifts, specifically, those that provided a lottery-style reward of gold coins. This type of gift has been a huge attraction for many Chinese users, and the withdrawal of these gifts caused a huge decline in the Company's livestreaming revenue. As such, the Company has decided to terminate its livestreaming business in China since it was no longer profitable. This change in regulation had the same effect on other business competitors, causing them to terminate their Chinese operations as well.
The Company's overseas livestreaming business is not affected by these new regulations in China. Nevertheless, the Company is exploring the opportunity to start a new livestreaming app that is targeted towards the middle eastern market.
The Company's cryptocurrency mining operations remains stable and is sufficient to cover the Company's loss after the recent changes in the Company's business operations in China.
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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, KL Wong, CEO, 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.sedarplus.ca. 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181442
