GREENWOOD VILLAGE, CO , March 08, 2018 (GLOBE NEWSWIRE) -- Helix TCS, Inc. (OTCQB: HLIX) has signed a merger agreement with Bio-Tech Medical Software, Inc. dba BioTrackTHC. The combined company will trade under the Helix stock symbol, HLIX, on the OTC QB. Both firms will continue to operate independently, but will rationalize common business functions. Patrick Vo will continue as CEO of BioTrack, and Zachary L. Venegas will continue as the CEO of Helix, with the additional duty as the board Executive Chairman.
“After a very lengthy and competitive process, we have agreed terms with the company and major shareholders, and have signed a definitive agreement, creating the largest ancillary cannabis company in the industry. The combined firm will offer industry-leading services to clients, improving their ability to serve their customers while increasing efficiency and profitability,” stated Mr. Venegas.
Since its founding in 2015, Helix continues to progress towards becoming a market leader in the legal cannabis industry, operating in the security, transportation, and compliance sectors. In 2016, it acquired Cannabase, the industry’s oldest electronic wholesale marketplace.
Venegas further added: “The synergies between Cannabase and BioTrack are significant, and we will use them as a starting point for an industry defining platform. The combined firm’s increased scope, linked with our focus on execution, will continue to set the standard for M&A in the industry”.
As one of the largest software providers in the legal cannabis industry, BioTrackTHC has secured nine (9) government contracts for its government seed-to-sale traceability software and provides commercial inventory management and point-of-sale solutions to over 2,200 licensed cannabis operations across 29 states and 5 countries.
“We are confident that this merger will enable the combined companies to accelerate growth and thereby enhance the value of our products and services to the customers who rely on us,” said Patrick Vo, President and CEO of BioTrackTHC. “With the continued expansion and maturation of the cannabis industry, we are in an ideal position to rapidly adapt with the evolving needs of our clients.”
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.
Bio-Tech Medical Software, Inc., through its BioTrackTHC division, develops and licenses product traceability, inventory management, and point-of-sale software systems for the emerging medical and recreational cannabis industry. These software systems provide both government regulators and licensed operators the ability to track and capture data on cannabis from the point of inception (seeds, clones, and plant tissue) through the product lifecycle. BioTrackTHC has secured 9 government contracts and operates in over 2,200 locations across 29 states, D.C., and 5 countries.
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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Source: Helix TCS, Inc.