Life Clips Closes Transaction to Acquire Cognitive Apps Software Solutions Inc.
Life Clips has completed the acquisition of Cognitive Apps Software Solutions Inc., enhancing its capabilities in AI-powered mental health analytics. This strategic move aims to leverage Cognitive Apps' technology to predict risks associated with various mental health disorders. The platform enables frequent assessments through voice recordings, providing granular insights into mental health changes over time. Life Clips anticipates this acquisition will broaden its market reach and contribute to revenue growth and profitability.
- Acquisition of Cognitive Apps enhances Life Clips' AI capabilities in mental health analytics.
- Access to innovative technology for predicting mental health risks could lead to improved diagnostic outcomes.
- Strategic expansion into multiple markets focusing on mental health solutions.
- Integration challenges may arise with the new technology and team.
- Potential financial strain due to initial investments required for developing Cognitive Apps' technology.
Life Clips intends to utilize Cognitive Apps speech-based AI technology to help accurately predict risk for various types of depression and mood, psychotic and anxiety-based disorders
AVENTURA, Fla., April 06, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), today announced that it has closed the acquisition of Cognitive Apps Software Solutions Inc. (Cognitive Apps), a developer of artificial intelligence (AI) applications for the healthcare industry and psychedelic research.
Cognitive Apps provides an AI powered mental health analytics platform empowering businesses to measure, understand, and improve the mental well-being of their employees, patients or customers. The Cognitive Apps solution is driven to achieve the Three Pillars: improved diagnostic outcomes, better and more personalized care for individuals, and to decrease the overall costs and time for the care. An individual only needs to record their voice on a handset, iPad, or tablet. The Cognitive Apps assessment is designed to be administered as often as daily, in order to provide a more granular picture of changes in mental health over time. As a result, the Cognitive apps assessment can be routinely completed to monitor mental health and track variables that might be impacted by treatment.
Dr. Manideep Gopishetty, CEO and Co-founder of Cognitive Apps, said, “Our technology is designed to measure very tiny changes in individuals mental health and is able to identify the risk factors behind it by collecting data in two forms, both voice and text. Based on the assessment, our company also deploys interactive content and chat bots for personalized care of the individuals. Overall AI is not an intruder but a multi-talented, non-biased personalized assistant which can improve the care, treatment outcomes and lifestyle of patients.”
With the acquisition, Life Clips gains access to Cognitive Apps' intellectual property, including AI enabled speech-based technology, and its research and development team. Life Clips will further develop Cognitive Apps' technology for use in the development and testing of psychedelics and other molecules related to mental health indications for the treatment of various mental health disorders.
Robert Grinberg, CEO and Director of Life Clips, said, "The acquisition of Cognitive Apps marks the first step in growth and expansion strategy of Life Clips. As we continue to move forward, we maintain a positive business outlook focused on achieving revenue growth, profitability and value creation for our shareholders. We expect this transaction to serve as a launchpad for Life Clips to broaden operations and expand into multiple markets." Mr. Grinberg continued, "We are enthusiastic, after months of tough negotiations and careful due diligence, to move forward with the acquisition of Cognitive Apps. As well, we are truly so pleased to work closely with Dr. Manideep Gopishetty, who will bring a tremendous amount of knowledge to the team we plan to assemble at Life Clips."
Cognitive Apps delivers a comprehensive approach to well-being, supporting the whole person. Cognitive apps currently has partnerships with Ehave (OTC: EHVVF), Mycotopia (OTC: TWGL), Welmind EMR, Betterhelp, Belshare, and Movefit.
Visit our corporate website at www.lifeclips.com.
About Life Clips, Inc.
Life Clips is the parent company of Cognitive Apps Software Solutions Inc. and distributes single-use and cordless batteries under the Mobeego brand for use in 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 ability 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. Cognitive apps currently has partnerships with Ehave, Mycotopia, Welmind EMR, Betterhelp, Belshare, and Movefit.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “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 Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its 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 unless required by law. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is contained under the heading "Risk Factors" in Ehave, Inc.’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (SEC) on September 24, 2015, as amended, which is available on the SEC's website, http://www.sec.gov.
Contact: LifeClips, Inc.
Gabriel P. Rodriguez
Investor Relations: (623) 261-9046
Email: erelationsgroup@gmail.com
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