Helo Corp Announces Strategic Restructuring Initiatives
Helo Corp. (OTC PINK:HLOC) announced new strategic initiatives aimed at reducing costs and refocusing its business model amid challenging market conditions. CEO Sean McVeigh noted that revenue has been negatively impacted by issues in the network marketing distribution channel. The company plans to discontinue its global network marketing operations, significantly reducing headcount, while expanding its portfolio with Helo-branded devices. Additionally, Helo aims to launch an affiliate-based customer acquisition model and contribute to a blockchain-based health data platform.
- Plans to expand Helo-branded devices and services.
- Introduction of an affiliate-based customer acquisition model.
- Contribution to a blockchain-based decentralized health data platform.
- Revenue negatively impacted by challenging market conditions, specifically in network marketing.
SAN FRANCISCO, CA / ACCESSWIRE / September 27, 2022 / Helo Corp. (OTC PINK:HLOC) ("Helo" or the "Company"), a leading developer of wearable devices at the forefront of data-driven wellness and a partner in the Digital Health Sharing Economy, today announced initiatives designed to refocus its strategy and significantly reduce costs.
"Our revenue continues to be negatively impacted by challenging market conditions, specifically with respect to our network marketing distribution channel," said Sean McVeigh, Chief Executive Officer. "In response, we have reviewed all aspects of our business model and organization for opportunities to drive new revenue growth, while optimizing our spending."
Beginning in the fourth quarter, the Company plans to move forward on the following strategic restructuring initiatives:
- Continue to expand our portfolio by adding Helo-branded devices and services.
- Launch an affiliate-based customer acquisition business model and international e-commerce platform.
- Discontinue the Company's network marketing operations globally and significantly reduce related headcount and occupancy.
- Contribute to the development of a blockchain-based decentralized health data platform designed to enable our customers to own, control and monetize their personal health data.
"These initiatives are intended to refocus our strategy and spending on the areas we believe have the greatest potential for sustainable success," said Ryan Wood, Chief Financial Officer. "We remain committed to maximizing shareholder value by significantly reducing our cost structure, while investing in new revenue opportunities."
About Helo Corp.
Helo Corp. (OTC PINK:HLOC) is a data-driven wellness technology company at the forefront of data driven wellness and a contributor to the Digital Health Sharing Economy. Helo wearables and other devices are driven by Helo Life Sensing TechnologyTM, which uses state-of-the-art sensors, enhanced signal processing, and algorithms to collect and process specific bio-parameters.
For further information regarding Helo, please see http://www.helocorp.com.
The Company's disclosure statements and unaudited financial statements are available at https://www.otcmarkets.com/stock/HLOC/disclosure.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as may, "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," potential and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the OTC Markets and the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
Investors Contact:
investors@helocorp.com
650-646-2193
SOURCE: Helo Corp.
View source version on accesswire.com:
https://www.accesswire.com/717723/Helo-Corp-Announces-Strategic-Restructuring-Initiatives
FAQ
What are the recent initiatives announced by Helo Corp on September 27, 2022?
How will the changes impact Helo Corp's workforce?
What is the stock symbol for Helo Corp?
Why is Helo Corp restructuring its business model?
What new technologies is Helo Corp focusing on?
