CALGARY, Alberta, Feb. 12, 2020 (GLOBE NEWSWIRE) — Helix Applications Inc. (TSX-V: HELX) (the “Company” or “Helix”) announces that 14,594,594 common shares of the Company have been cancelled with approval of the TSX Venture Exchange and in accordance with the terms of the Escrow Agreement – Surplus Securities entered in connection with the Change of Business of the Company that was completed on October 30, 2018 (the “COB”) (see the Company’s October 30, 2018 press release). The common shares that have been cancelled represent approximately 88% of the common shares issued to shareholders of BlockCoBuilders Inc. in connection with the acquisition of that company under the COB. As per the November 19, 2019 press release of the Company, the Company determined it was necessary to include in its financial statements for the period ended September 30, 2019 an impairment charge that resulted in the assets that the Company acquired as part of the COB being written down to nil value.
As a result of the cancellation of common shares, the Company now has 51,448,738 common shares issued and outstanding.The remaining 4,315,163 common shares of the Company held in escrow pursuant to the Escrow Agreement – Surplus Securities have, upon approval of the TSX Venture Exchange, been released from escrow because those common shares were acquired for good consideration and prior to the COB.ABOUT HELIXHelix 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, CEO
c/o 82 Richmond Street East, Suite 200, Toronto, ON, M5C 1P1
Tel. +00 44 20 3286 2904
[email protected]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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