Business
Helo Corp. Announces Signing of $88M Letter of Intent with Vyvo Inc.
Helo Corp. Announces Signing of $88M Letter of Intent with Vyvo Inc..
About this update from Helo Corp.
[{"type":"text","content":"San Francisco, California – February 3, 2020 - Helo Corp. (OTC: HLOC) (the “Company”), a leading developer of wearable devices embedded with Life Sensing Technology and dedicated to improving wellness worldwide, today announced that it has signed a Letter of Intent with Vyvo Inc. to acquire certain strategic assets from Vyvo Inc. so that it can bring the Vyvo business into a public company.Seán McVeigh, CEO of Helo Corp., said that, “This transaction, which includes the acquisition of assets such as intellectual property, network software, strategic supplier and distribution contracts and debt forgiveness should enable us to quickly transition into the Vyvo business and also improve our balance sheet. We expect that this agreement will significantly increase our sales revenues as we will capture more of the customer transaction value when customers purchase our wearable devices, and we will also secure additional sales revenues from new products and services. Furthermore, the Company should be able to immediately recognize this additional revenue upon closing.”Upon closing, Fabio Galdi will be appointed CEO, Alessandro Senatore will be appointed COO and Seán McVeigh will continue as CFO of Helo Corp. Closing of this transaction is subject to the execution of definitive agreements on acceptable terms and the transfer of $88M HLOC shares to the ultimate beneficial owners of Vyvo Inc., namely Fabio Galdi, Alessandro and Seán McVeigh It is also subject to other customary conditions and is expected to occur no later than 30thApril, 2020. There can be no assurance that the acquisition will be completed in the stipulated time or at all.Fabio Galdi said, “We are extremely excited for the future at Vyvo. As a public company we will have the unique ability to tell our story and access capital in a much more efficient manner. It is an exciting time for us as we will have the technology and expertise all in-house to make a big impact on the $190B worldwide direct selling wellness market. We hope to lead the way in changing how the financial market views direct selling business model by combining our proven technology with Artificial Intelligence (AI) and producing a stream of next generation products that will improve our customer’s wellness.” He continued, “We are delighted with this agreement as it allows us to tie i...