Asian subsidiary achieves profitability.
Vancouver, BC – November 18, 2020 – Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) (Frankfurt: 27H) (“Hello Pal” or the “Company”), a provider of rapidly growing international live-streaming, social messaging and language learning mobile apps, is pleased to announce that it achieved over $1,500,000 in revenue for the month of October.
Livestreaming Service
Hello Pal’s livestreaming service revenue for the month of October was $1,500,000 with its Asian subsidiary being cashflow positive (see chart below).
“As our business has continued to grow and evolve over recent months, we are pleased to report monthly revenue for the first time. We will continue to refine our user experience, roll out new products and features, and operate in increasingly efficient manner as Hello Pal continues its growth plans.” said KL Wong, Founder and Chairman of the Company.
Second Quarter Financial Results
The Company is also pleased to report its financial results for the quarter period ended August 31, 2020. A copy of the financial statements and management discussion and analysis has been filed on www.sedar.com
- Revenue of $3,058,879 for quarter ended August 31, 2020 and $4,290,412 for the six months ended August 31, 2020.
- Gross profit of $174,411 for the quarter ended August 31, 2020 and $185,415 for the six months ended August 31, 2020.
User Base Performance
As of the date of the news release, Hello Pal’s registered user base is over 5.2 million users from over 200 countries and regions. The positive increase in registered users continues to be driven by our livestream service.
The livestreaming service continues to be active with over 15,000 active daily users interacting with one another. This is an increase of 5,000 daily users from previously reports from the company.
To download Hello Pal, Language Pal, Travel Pal or the proprietary Phrasebooks please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: investors@hellopal.com.
About the Hello Pal Platform
The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users’ the freedom to speak in their own language regardless of the other person’s language they are speaking to. Hello Pal’s overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal’s control. Such risks and uncertainties are described in Hello Pal’s annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Source: Hello Pal International Inc.
