Life Clips, Inc. Subsidiary Cognitive Apps Signs LOI to License Yuru Technology to Belfrics BT

Rhea-AI Summary

Life Clips, Inc. (LCLP) announced that its subsidiary, Cognitive Apps Software, signed a Letter of Intent (LOI) with BelfricsBT to license its Yuru software for the Southeast Asian market. Yuru is an innovative mental health tool designed to monitor users' emotional states using vocal biomarkers. Following its recent launch on Apple's App Store, Cognitive Apps intends to target employee mental health services. The global mental health app market is projected to grow at a CAGR of 24.2%, reaching over $3.7 billion by 2027, reflecting increasing awareness of mental health.

Positive

• Partnership with BelfricsBT expands Yuru's market reach to Southeast Asia.
• Yuru app recently launched on Apple's App Store, increasing accessibility.
• Growing demand for mental health solutions in light of COVID-19 highlights potential for market growth.

Negative

• None.

AVENTURA, Fla., April 28, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced that its subsidiary Cognitive Apps Software has signed a Letter of Intent (LOI) to license its Yuru software to Malaysian based BelfricsBT for use in its products in the Southeast Asian market. BelfricsBT provides a diverse mix of Blockchain related services, including Blockchain powered smart contracts and crypto exchange software, as well as custom solutions.

Cognitive Apps is the creator of the popular Yuru 3-in-1 tool for understanding and managing mental health. The Company recently announced a successful launch of Yuru on Apple‘s App Store. Yuru was developed by a team of licensed psychotherapists as a personal mental health monitor that screens early signs of mental health conditions, such as stress and depression. With a 10 second voice recording Yuru utilizes vocal biomarkers to recognize an individual’s current emotional state and mood. Yuru is considered by many to be an innovative application in the field of psychological assistance, since it allows individuals to track their mental health while providing them with extensive knowledge about human development and the psychology of everyday life.

Cognitive Apps is targeting employee mental health in the next phase of its rollout of Yuru. Major employers like SAP North America, a global enterprise software company are focusing on the trend toward increased employee mental health. SAP recently announced its first-ever Global Mental Health Day, giving all of its more than 100,000 employees a mandatory day off to help them recharge and balance priorities. The digital mental health space was growing rapidly before the COVID-19 pandemic, but stress and anxiety created by the pandemic have increased demand for virtual behavioral health services.

According to a recent report by Acumen Research and Consulting titled “Mental Health App Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”, the Global Mental Health App Market is expected to grow at a CAGR of around 24.2% from 2020 to 2027 and reach the market value of over US$ 3.7 billion by 2027. The report says the global mental health app market is estimated to gain potential growth over the forecast period from 2020 to 2027 due to increasing awareness about the importance of mental health among people across the globe. Mental health apps are designed to shape up the mood of the user, additionally, these apps let users connect with the licensed mental health professional and peers who can understand what they are going through. These apps also contain lots of information about mental health that helps its users to understand better about their condition. Social stigma for mental health in some regions prevents patients from visiting the concerned organization or professional additionally bolstering the number of mental health apps downloads.ⁱ

Dr. Manideep Gopishetty, CEO and Co-founder of Cognitive Apps, said, “The benefits of Yuru are clear. We can provide increased access to mental healthcare at our fingertips. Not only does Yuru provide mental healthcare to those who otherwise might not have access to it, we can personalize care to meet the exact needs of the patient. Yuru provides the potential to provide care that is more affordable, personalized, and accessible.”

Robert Grinberg, CEO and of Life Clips, Inc. said, "This LOI with BelfricsBT is the first of many opportunities we will have to expand the Yuru platform. In its Global Millennial Survey last year, Deloitte said that 48% of Gen Zs and 44% of millennials felt stressed or anxious all or most of the time from long-term career and financial outlooks, family welfare, and environmental concerns, among other issues. Our goal is to help with these mental health issues and improve the quality of life for those who are affected."

Life Clips appreciates all of its shareholders and would like to provide them with complimentary lifetime free access to the Yuru app. Shareholders are invited to download the app on the Apple store using this link https://apps.apple.com/us/app/yuru-stress-test-self-care/id1502398978.

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 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. www.lifeclips.com

About BelfricsBT

BelfricsBT is the leading provider of Distributed Ledger Technology to various sectors. The Company is a group of Blockchain experts armed with rich corporate experience. Belfrics BT provides any and all kinds of Blockchain related services, including blockchain powered smart contracts and crypto exchange software. BelfricsBT's aim is to generate revolutionary Blockchain concepts and convert them into Enterprise solutions that can solve real business problems. Its coders have the experience of developing completely fresh Blockchains as well as specific blockchain applications. BelfricsBT specializes in converting complex transactions and sequence into codes. Its management team has worked with clients from various industries and geographies. As a result, BelfricsBT's team is well aware of core problems of each of these industries. www.belfricsbt.com

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.

For LifeClips, Inc. Investor Relations Please Contact:

David Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile, WhatsApp, Signal, and Telegram
Skype: kugsusa
dk@atlcp.com
https://www.linkedin.com/in/davidkugelman

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FAQ

What is the partnership between Life Clips (LCLP) and BelfricsBT about?

Life Clips' subsidiary, Cognitive Apps Software, signed a Letter of Intent to license its Yuru software to BelfricsBT for use in Southeast Asian products.

What is Yuru, and how does it function?

Yuru is a mental health monitoring tool that uses vocal biomarkers from voice recordings to assess emotional states and mood.

What is the expected growth of the mental health app market according to the press release?

The global mental health app market is expected to grow at a CAGR of around 24.2% from 2020 to 2027, reaching over $3.7 billion.

How does Life Clips (LCLP) aim to address mental health issues?

Life Clips aims to provide affordable and personalized mental healthcare through the Yuru app, targeting trends in employee mental health.

What benefits does Yuru offer to users?

Yuru offers increased access to mental healthcare, personalized care, and extensive information on mental health to users.