Helo Corp. Enters Blockchain Technology Agreement to Enable its Wearable Device Users to Control and Monetize Their Data
Helo Corp (OTC PINK:HLOC) has announced a strategic agreement with Vyvo Smart Chain Ltd. and VSC Tech Pte. Ltd. to enhance its wearable technology offering. The collaboration aims to enable users to control and monetize their health data through a blockchain-based platform. Under the agreement, Helo will license software and pay a fee, with a total of US$5 million set for the deal. This initiative represents a significant move in Helo's strategic restructuring and aims to provide a unique selling proposition in the competitive wearable industry.
- Agreement with Vyvo Smart Chain and VSC Tech can enhance product offerings.
- Users can monetize health data, potentially increasing user base and loyalty.
- Recognition as a Premier Foundation Sponsor for 24 months may enhance visibility.
- Payment structure includes dependency on specific technical milestones being met.
- Significant upfront costs of US$5 million could strain financial resources.
DUBLIN, IRELAND / ACCESSWIRE / January 11, 2023 / Helo Corp. (OTC PINK:HLOC) ("Helo" or the "Company") is a leading developer of wearable devices at the forefront of data-driven wellness and today announced that it has entered into an agreement with Vyvo Smart Chain Ltd. and VSC Tech Pte. Ltd. ("VSC Tech"). Through this agreement Helo has obtained software licenses and private keys with the intent to have its users' wearable data digitally signed, de-identified and stored on the Foundation's decentralized servers for opt-in monetization.
"The Foundation is developing a breakthrough blockchain-based decentralized health data platform designed to enable users to control and monetize their personal health data," said Sean McVeigh, Chief Executive Officer. "We believe our relationship with the Foundation will provide Helo with a unique selling proposition in today's highly competitive wearable device industry. We anticipate that it will allow Helo users to benefit financially from the monetization of their wearable data. This relationship represents a significant step forward in executing our strategic restructuring initiatives announced September 2022."
Under the terms of the agreement, entered into on January 5, 2023, Helo agreed to pay VSC Tech a negotiated fee to license software and provision Helo device private keys. In addition, the Foundation agreed to recognize and promote Helo on the Foundation's website, vyvo.org, as a Premier Foundation Sponsor for 24 months, store Helo customers' historical and ongoing wellness data and grant Helo rights to receive an allotment of VSC coins upon initial issuance by the Foundation. Helo paid a portion of its initial US
Helo's largest shareholder, Fabio Galdi, serves as Helo's chairman of the board and chief technology officer. He is also a founder, member and CEO of the Foundation and his brother Gabriele Galdi serves as a director of VSC Tech. The Foundation will cover Foundation-related expenses of Messrs. Galdi and they will be entitled to receive VSC coins, in amounts to be determined by the Foundation in the future, but will not receive salaries from the Foundation or VSC Tech.
About Helo Corp.
Helo Corp. (OTC PINK: HLOC) is a data-driven wellness technology company at the forefront of data-driven wellness. Helo wearables and other devices are built on Helo's 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.
About the Foundation and VSC Tech
The Foundation is creating the "First Heartbeat Powered Blockchain" by building a HealthFi ecosystem that promotes and rewards positive lifestyle habits through health data monetization. The Foundation is a Singapore public company limited by guaranty. VSC Tech is a Singapore private company limited by shares, and is a wholly-owned subsidiary of the Foundation.
For further information regarding the Foundation and VSC Tech, please see vyvo.org.
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.
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