Helix Technologies Inc (OTCQB:HLIX) announced Tuesday it has sold its security guarding business as part of a strategic move to transition itself into a pure-play technology company focused on the cannabis industry.
The company said the divestiture of the guarding business is expected to increase gross margins and allow management to focus on growing its scalable, high margin suite of critical technology infrastructure services.
Denver-based Invicta Group purchased the business and Security ProAdvisors LLC represented Helix Technologies in the sale. Helix Technologies said it will use the net proceeds to pay off existing liabilities and strengthen its working capital position.
"We are incredibly proud of what we have accomplished with Helix Security,” Helix Techniologies CEO Zachary Venegas said in a statement. “In a short time, we went from start-up - without a single client - to the undisputed leader in the Colorado security market, clearing the field of well-established, larger competitors, and leveraged that dominant position to expand into higher-margin critical technology infrastructure, and data.”
He added: "The additional working capital and narrowed focus provided by the divestiture will allow us to accelerate growth and continue shaping the cannabis technology landscape."
Helix Technologies, based in Denver, is the leading provider of critical infrastructure services, helping owners and operators of licensed cannabis businesses stay competitive and compliant while mitigating risk.
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