TSX-V Symbol: HELX
VANCOUVER, BC, March 8, 2021
/CNW/ - 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.
ABOUT HELIX
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.
SOURCE Helix Applications Inc.