GREENWOOD VILLAGE, CO, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Helix TCS, Inc. (OTCQB: HLIX) (the “Company”), is pleased to announce that it has released its 8-K/A disclosing the pro-forma financial statements for the Company’s previously reported merger with Bio-Tech Medical Software, Inc. dba BioTrackTHC (“BioTrack”), which closed on June 1, 2018.
Below is a table summarizing the key financial metrics of the combined enterprise had they been merged as of January 1, 2017:
| 3 months ended March 31, 2018 | Year ended December 31, 2017 | Helix Standalone 2017 Results | |||||||
| Revenue | $2,901,474 | $11,817,283 | $4,029,800 | ||||||
| Gross Profit | $1,413,407 | $5,790,681 | $1,144,341 | ||||||
| Gross Margin | 49 | % | 49 | % | 28 | % | |||
| EBITDA | ($1,514,952 | ) | ($3,018,436 | ) | ($2,753,418 | ) | |||
“On a pro forma basis, the merger with BioTrack has tripled Helix’s consolidated revenues while adding a leading seed-to-sale compliance software provider to our portfolio,” commented Scott Ogur, Chief Financial Officer of Helix TCS. “Our strategic plan has been to utilize M&A transactions that align Helix’s services and capabilities to provide our clients with the integrated operating environments they require to be successful in the legal cannabis industry.”
On August 7, 2018, approximately two months after closing the merger with BioTrack, the Company announced the acquisition of Engeni S.A., a software development firm located in Argentina. As previously disclosed, the Engeni acquisition will support software development in critical applications across business lines, to include BioTrack and Cannabase, by expanding in-house capabilities with an experienced team of technology executives and programmers as we continue to execute on our strategy.
Expanding upon the details disclosed in the Helix TCS, Inc. press release dated August 7, 2018, the Company would like to add that the acquisition of Engeni S.A. was facilitated through the issuance of 366,700 restricted common shares of Helix TCS, Inc. at deal closing, with the potential for the Engeni S.A. management team, to earn up to 733,300 additional restricted common shares of Helix TCS, Inc. plus $100,000 cash.
The Engeni S.A. team has already begun work on the next innovations of BioTrack’s software, with key BioTrack programming executives relocating to Argentina to ensure that the detailed feedback from the customer base is translated fully into functionality that cannabis industry clients want and need.
“The Helix leadership team has extensive experience operating in emerging and frontier markets, as well as assisting in the integration of software companies in optimizing development of their products,” commented Helix TCS, Inc. Chief Executive Officer Zachary Venegas. “The Engeni transaction empowers BioTrack’s ability to continue to support and improve its current OS keeping up with the ever-changing needs of the evolving industry.”
"Given our strong position in both the government and commercial segments of the seed-to-sale software market, we have a constant flow of feedback from users. We are excited to deploy additional resources to meet more of our users’ demands while ensuring the secure and powerful nature of our technology is unchanged,” concluded Patrick Vo, Chief Executive Officer of BioTrackTHC.
About Helix TCS
Helix TCS, Inc. (OTCQB: HLIX) is a premier provider of integrated operating environment solutions for the legal cannabis industry. Helix provides a proprietary software suite and partnership platform to the legal cannabis industry, helping clients manage inventory and supply costs and bespoke monitoring and transport solutions. Helix provides clients in the legal cannabis industry high standard security operations, including transportation, armed and unarmed guarding, training, investigation, and special services.
About BioTrackTHC
Bio-Tech Medical Software, Inc., through its BioTrackTHC division, develops and provides effective, cutting-edge technology solutions for the emerging medical and recreational cannabis industry. Visit www.biotrack.com/ for more information, email sales@biotrackthc.com or call 1-800-797-4711 to order software. Follow us on Facebook, Twitter, and LinkedIn for important updates and relevant industry news. BioTrackTHC currently holds 9 government contracts and operates across 30 states, D.C., Jamaica, Australia, Puerto Rico and Canada. Bio-Tech Medical Software, Inc. is a wholly-owned subsidiary of Helix TCS Inc. (OTCQB: HLIX).
About Engeni
Engeni, SA is a software development firm that provides software solutions for small and medium businesses. The company serves clients throughout the Americas including Argentina, Mexico, Peru and the United States. Engeni leverages the latest developments in technology to deliver maximum value to the small and medium business market. Engeni, S.A. is a wholly-owned subsidiary of Helix TCS Inc. (OTCQB: HLIX).
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: our ability to fund our operations and pay any outstanding debt; fluctuations in our financial results; general economic risks; the volatile nature of the market for our products and services and other factors that could impact our anticipated growth; our ability to manage our growth; changes in laws and regulations regarding the cannabis industry and service providers in the cannabis industry; reliance on key personnel; our ability to compete effectively; security and other risks associated with our business; intellectual property risks; and other risk factors set forth from time to time in our SEC filings. Helix TCS assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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