AVENTURA, Florida, July 20, 2021 (GLOBE NEWSWIRE) – Life Clips, Inc. (OTC Pink: LCLP) (the “Company” or “Life Clips”), today informs shareholders of recent transactions and events of the company, including its agreement to acquire Belfrics, its filing of an information declaration and its regulatory offer A.
Life Clips announced on July 14, 2021 that it has agreed to acquire Belfrics Group, a global blockchain technology company that operates cryptocurrency exchanges on its proprietary platform. Considering the popularity of the global cryptocurrency market, Life Clips CEO Robert Grinberg said, “I believe the Belfrics group as an operating subsidiary of the company will be of benefit to our shareholders. We expect the transaction to be finalized by the end of the third quarter.
“We are very excited about the potential of Belfrics,” said Praveen Kumar, CEO of Belfrics, “and we look forward to working with the Life Clips management team to develop our platform. In addition to the Malaysian Digital Asset Exchange license it currently holds, Belfrics has deployed India’s first blockchain-based Covid certification issuance platform for the healthcare sector. Belfrics’ technology division is preparing to launch a decentralized issuance and verification platform for the employment and education sectors in the coming quarters.
On July 9, 2021, Life Clips filed a Form 14C disclosure statement announcing a reverse split of 1 for 15 of the company’s common stock. Life Clips currently has 1,322,822,904 common shares issued and outstanding. The Company believes that this is an unmanageable number of shares and almost certainly excludes obtaining favorable conditions on investment capital, as well as future acquisitions. Therefore, it was decided to perform a reverse division 1 for 15.
Life Clips CEO Robert Grinberg continued, “We value all of our shareholders and took their stake in the company into account when making our decision. Our goal is to list on Nasdaq or some other national stock exchange and therefore we need to take the necessary steps to do so. Life Clips currently has 5 billion authorized shares and will continue to have 5 billion authorized shares following the reverse stock split. The effective date of the split has not been determined as it depends on the completion of FINRA’s processing of our request to perform this corporate action. Once the transaction is complete, the company plans to file an application with the OTCQB to increase the company’s visibility and increase its liquidity, as it moves closer to its goal of listing on the Nasdaq.
Life Clips filed a Form 1-A for a Settlement A offer on April 30, 2021. To date, no shares have been sold of this offer, and the offer has not been evaluated or qualified by the SEC. . We plan to use the product of the Regulation A offering to support and develop both Cognitive Apps Software Solutions and Belfrics Group.
Life Clips currently has financial data audited by the PCAOB and is an SEC reporting issuer, current in its documents. Life Clips’ most recent 10-Q Quarterly Report for the quarter ending March 31, 2021, shows the company has $ 2,428,960.00 in convertible notes payable. Noteholders signed agreements to settle the notes over time at a fixed price per share, thereby eliminating the variable price conversion function. This is an important milestone for Life Clips demonstrating the confidence of debt holders in management to successfully execute its vision.
To provide clear and transparent communications to our shareholders, we have updated our website and implemented a Twitter and LinkedIn page.
Visit our corporate website at www.lifeclips.com.
Follow us on Twitter at https://twitter.com/realLifeClips.
Join us on LinkedIn at https://www.linkedin.com/company/life-clips-inc.
About Life Clips, Inc.
Life Clips, Inc. is the parent company of Cognitive Apps Software Solutions Inc. and distributes single-use and cordless batteries under the Mobeego brand name for use with cell phones and other mobile devices. Cognitive Apps is an AI-powered mental health analytics platform that enables businesses to measure, understand, and improve the mental well-being of their employees, patients, and customers. Drug development for mental health and other cognitive disorders is hampered by the inability to identify risk groups prior to the onset of clinically significant symptoms, as well as ongoing assessments of participants’ progress. . Cognitive Apps is tackling this problem by developing speech-based AI technology that could help accurately predict the risk of various types of depression and mood and anxiety disorders years before. that a clinical diagnosis is obtained. Our technology can help detect and monitor subtle changes in mental state by assessing individuals more frequently and more objectively than assessments used today. The voice and speech recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $ 26.79 billion by 2025.
Disclaimer regarding forward-looking statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be preceded by the words “intention”, “may”, “will”, “plans”, “expects”. what, “” anticipates “,” projects “,” predicts “,” estimates “,” aims “,” believes “,” hopes “,” potential “or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the control of the Company, and cannot be predicted or quantified and, therefore, actual results may differ materially from those expressed or implied by such statements prospective: (i) the launch, timing, progression and results of the Company’s research, manufacturing and development efforts; (ii) the Company’s ability to advance its products to successfully complete the development and commercialization ; (iii) the manufacture, development, marketing and market acceptance of the Company’s products; (iv) lack of sufficient funding to finance product development and business operations; (v) competitive companies and technologies within the Company’s industry and the introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the extent of protection that the Company is able to establish and maintain for intellectual property rights covering its products and its ability to conduct business without infringing the intellectual property rights of others; (ix) potential non-compliance with applicable health information privacy and security laws and other federal and state privacy and security laws; and (x) the difficulty of predicting government actions and regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement, except as required by law.
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