Hello Pal Purchases Additional 130 Antminer L7 Miners for LTC and DOGE Mining
Hello Pal International Inc. (HLLPF) announced the purchase of 130 additional Antminer L7 mining rigs, boosting its total to 400. This acquisition was financed through profits from its subsidiary's crypto mining and cash reserves. The move follows a complete upgrade of mining equipment, previously funded by selling older models. The new rigs are expected to enhance mining of Litecoin and Dogecoin amid rising demand linked to recent market trends and developments like the SpaceX DOGE-1 mission. The equipment will be delivered in December 2021 to new facilities in New York State and North America.
- Acquisition of 130 Antminer L7 rigs increases total to 400, enhancing mining capacity.
- Financed by previous crypto mining profits and cash reserves, indicating financial strength.
- Acquisition aligned with increased market demand for Litecoin and Dogecoin.
- Company remains in growth stage with revenues yet to be profitable.
VANCOUVER, BC, Nov. 18, 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 has purchased a further 130 Antminer L7 mining rigs for the mining of Litecoin and Dogecoin, bringing the total number of L7s to 400.
This new purchase primarily relies on the cryptocurrency profits generated by the Company's subsidiary (CPal Technology Limited) from the past several months of mining in addition to free cash reserves in the Company. This purchase comes after the announcement of the complete upgrade of its miners where 270 L7 miners were purchased using the proceeds from the sale of 12,500 Antminer L3+ miners (see November [16] press release).
"The recent price surge of Litecoin and news surrounding SpaceX's 'DOGE-1' mission to the moon have greatly increased the market demand and price for these latest mining rigs, so we are very fortunate indeed to have been able to procure as many units as we have," said KL Wong, Founder and Chairman of the Company. "We are doubly pleased that this purchase was made financially possible through our past crypto-mining efforts bearing fruit."
The new machines are expected to be delivered in December 2021, upon which they will be delivered by airfreight directly to the Company's new mining facilities in New York State and other parts of North America (see November 10 press release).
To download Hello Pal 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.
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Contact:
Hello Pal International
investors@hellopal.com
+1-604-683-0911
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SOURCE Hello Pal International Inc.
FAQ
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