Spettacolo
Hello Pal Announces Investment in Language Education
The Infinity Language learning system has its origins in successful early childhood education literacy software since 2008, and LPA has been funded by third party investors to adapt the learning system to the language learning market for children.
Under the Cooperation Agreement, LPA will adapt the learning system in the adult market for Hello Pal's Language Pal. Accordingly, Hello Pal will enjoy exclusive use of the learning system in the adult language learning market, and will continue to enjoy new features and functionalities which are added to the learning system by LPA over time.
As part of the terms of the agreement, the Company has taken a 15% equity interest in LPA for an investment amount of CAD 300,000 , which will be mainly used for the further development of the Infinity Language learning system and adaptation for use in Language Pal. Other than this initial investment, Hello Pal will not be required to pay any other amounts to LPA for the use of the Infinity Language learning system.
"I am thrilled that Hello Pal is now able to make a significant push into the adult language learning market," said Mr. Wong, Chairman and CEO of the Company. "As part of our overall plan to diversify our revenue sources into different yet related markets, this cooperation and investment will significantly allow us to relaunch Language Pal with the unique features it will need to be competitive in the language learning market."
As the Company's CEO, KL Wong, is also a substantial shareholder of LPA, the investment constitutes a "related party transaction" within the meaning of Multilateral Instrument 61–101 – ("MI 61–101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61–101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61–101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related party, exceeded 25% of the Company's market capitalization.
To download Hello Pal, 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.
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.
Hello Pal International Inc.
investors@hellopal.com
604-683-0911
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