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CALGARY, Alberta, Oct. 03, 2019 (GLOBE NEWSWIRE) — 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, CEO
c/o 82 Richmond Street East, Suite 200, Toronto, ON, M5C 1P1
Tel. +00 44 20 3286 2904
rufus@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.