Helix Provides Corporate Update and Announces Changes to Management and the Board of Directors
October 03 2019 - 8:25AM
Helix Applications Inc. (TSX-V: HELX) (the
“
Company” or “
Helix”) announces
that given the ongoing uncertainty around the development timeline
for blockchain technologies, which has been well documented over
the last year in the mainstream media, and which has been a
challenge for the Company, the Board of Directors has decided to
halt further development of its technologies pending a strategic
review of those technologies and operational capabilities.
During this period of review, the Company will seek to preserve its
cash. In light of this decision, Mr. Tom Thompson has
decided to pursue alternative opportunities and has resigned as CEO
and an employee of Helix with immediate effect. Rufus Round,
director of Helix, has been appointed interim CEO. Mr. Round
acted as CEO of the Company from June 5, 2018 to November 26, 2018.
Unrelated to the foregoing, Mike Sutton has
decided to step down as a director of the Company. The Board
thanks Mike for his service and wishes him well. Jay
Sujir has been appointed by the Board of Directors to replace Mr.
Sutton. Jay is a member of the Law Society of British
Columbia and the Canadian Bar Association and is currently a
partner with Farris LLP, in Vancouver, British Columbia. His
main practice areas are Corporate and Commercial, Mining,
Securities and Corporate Finance. Through his practice, Jay has
accumulated over 30 years’ experience working in securities for
natural resource, mining, and technology companies.
ABOUT HELIX
Helix is a blockchain application and
technologies developer, listed on the TSX Venture Exchange (TSX
Venture: HELX).
For further information please contact
Helix at:
Rufus Round, CEOc/o 82 Richmond Street East,
Suite 200, Toronto, ON, M5C 1P1Tel. +00 44 20 3286
2904rufus@helixapps.ca
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 continued and successful development of
blockchain applications and/or technologies by the Company, the
results of the strategic review being undertaken by the Company,
and other matters, 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.
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