TSX-V Symbol: HELX
VANCOUVER, BC, March 8, 2021 /PRNewswire/ -- Helix Applications Inc. (TSXV: HELX) (the "Company" or "Helix") has signed a non-binding Memorandum of Understanding ("MOU") with GlobalBlock Limited ("GlobalBlock") dated effective March 4, 2021. Global Block is a fast-growing, UK-based digital asset broker. Helix and GlobalBlock have agreed to work together exclusively for a period of time to negotiate a potential business combination (a "Potential Transaction").
Rufus Round, Helix CEO, said:
"Helix has long recognized the enormous potential for growth in the digital tokenized economy and GlobalBlock is well positioned to benefit from making it more accessible for so many. The GlobalBlock team have a wealth of entrepreneurial experience in the trading, broking and regulation of legacy financial instruments and we are confident that if we can consummate a Potential Transaction, then we can support them in maximizing their opportunity for growth as well as capitalizing upon Helix's currently held Blockchain related assets."
Karl Thompson, GlobalBlock Director, added:
"We are excited about the potential of working with Helix to invest and capitalize on this opportunity and to position ourselves as a leader in the digital asset broking market."
GlobalBlock, has been operational since 2018 and offers institutional, private and corporate clients the ability to buy and sell cryptocurrencies via its own dedicated digital asset trading platform, making the market more accessible and efficient to all. Should the parties be able to come to definitive terms on, and complete, a Potential Transaction, it would combine GlobalBlock's business with Helix's commitment to digital platforms.
The MOU sets forth the mutual understanding and intention between Helix and GlobalBlock with respect to any Potential Transaction and the basis with how they intend to work together over the next seven weeks. Execution of binding documentation in respect of a Potential Transaction is subject to applicable regulatory approvals (including TSX Venture Exchange approval) and the following: (a) completion of satisfactory due diligence by each of the parties, (b) negotiation of definitive terms of a Potential Transaction, recognizing that it is currently contemplated that Helix would acquire 100% of GlobalBlock in exchange for an amount of Helix common shares to be no more than 50% of the outstanding common shares of Helix upon completion of any Potential Transaction, (c) Helix understanding GlobalBlock's financial requirements and negotiation of any necessary cash injections into GlobalBlock in the short term, and (d) final approval by the Board of Directors of each of Helix and GlobalBlock. GlobalBlock and Helix are at arm's length.
Investors are cautioned that there can be no assurance that a Potential Transaction will be completed as proposed, or at all. Trading in the securities of the Company should be considered highly speculative.
Helix is a blockchain application and technologies developer, listed on the TSX Venture Exchange (TSX Venture: HELX).
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking statements or information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the ability of the parties to complete due diligence to their satisfaction, the ability of the parties to come to definitive terms for a Potential Transaction, the ability of the parties to negotiate definitive documentation for a Potential Transaction, the ability to obtain TSX Venture Exchange approval for a Potential Transaction, the continued and successful development of the businesses of each of Helix and GlobalBlock, and other information concerning the intentions, plans and future action of the Company and its technologies and products described herein. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis, a copy of which is filed on SEDAR at www.SEDAR.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Please contact Helix at: Rufus Round, CEO, c/o 82 Richmond Street East, Suite 200, Toronto, ON, M5C 1P1, el. +00 44 20 3286 2904, firstname.lastname@example.org