Life Clips Closes Belfrics Group Acquisition
Life Clips, Inc. (OTC Pink: LCLP) has successfully completed its acquisition of Belfrics Group, a global blockchain technology firm specializing in cryptocurrency exchanges. The acquisition encompasses operations in several countries including Malaysia, Singapore, and Nigeria. Belfrics' CEO, Praveen Kumar, will continue leading the company under Life Clips. CEO Robert Grinberg highlighted the acquisition as a strategic move aimed at capitalizing on the growing blockchain and cryptocurrency markets, enhancing shareholder value.
- Acquisition of Belfrics Group expands Life Clips' market presence in the blockchain and cryptocurrency sectors.
- Belfrics' established operations in multiple high-growth markets provide immediate revenue opportunities.
- Integration challenges may arise from merging operations of two different companies.
- The acquisition could strain financial resources if not managed properly.
Acquisition provides entry into high growth global blockchain, cryptocurrency, and forex market
AVENTURA, Fla. and DUBAI, United Arab Emirates, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), Life Clips is pleased to announce it has closed on its previously announced acquisition of Belfrics Group, a global blockchain technology firm that runs cryptocurrency exchanges on its proprietary platform. The acquisition includes Belfrics operations in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, and Bahrain, Belfrics CEO and Founder, Praveen Kumar, will remain the CEO of Belfrics, while Robert Grinberg will serve as CEO of Life Clips.
Life Clips CEO, Robert Grinberg, said "We are very excited to close our acquisition of Belfrics group and look forward to building a company that will be meaningful in the industry. I will be traveling to Dubai this week and look forward to discussing our strategic plan with Belfrics Group's key personnel, as well as meeting with investors." Mr. Grinberg continued, "We believe this acquisition represents a tremendous opportunity for our shareholders. As a result of our great working relationship with the Belfrics team, we were able to close ahead of schedule and discuss many new opportunities."
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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 for use with cellular phones and other mobile devices. Cognitive Apps is an AI-Powered mental health analytics platform that empowers businesses to measure, understand, and improve mental well-being of their employees, patients and customers. Drug development for mental health disorders and other cognitive impairments is hampered by the inability to identify at risk groups before the onset of clinically significant symptoms, as well as continuous assessments on the progress made by the participants. Cognitive Apps is addressing this problem by pioneering a speech-based AI technology which could help accurately predict risk for various types of depression and mood and anxiety-based disorders years before 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 the assessments used today. The speech and voice recognition market is expected to grow at a CAGR of
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FAQ
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