Life Clips Issues 8-K On Closing Of Belfrics Group Acquisition

Rhea-AI Summary

Life Clips, Inc. (LCLP) has successfully closed the acquisition of Belfrics Holdings Limited, enhancing its position in the blockchain and cryptocurrency sectors. Belfrics, founded in 2014, operates compliant cryptocurrency exchanges and blockchain services across Asia and Africa. The company, regulated by the Labuan Financial Services Authority, has ten offices in eight countries and is renowned for its KYC and AML compliance technology. With the integration of Belfrics, Life Clips aims to leverage new revenue streams and expand its market reach in the growing cryptocurrency landscape.

Positive

• Acquisition of Belfrics strengthens Life Clips' position in the cryptocurrency market.
• Belfrics is a compliant platform with KYC and AML solutions, enhancing regulatory credibility.
• Expansion into Asia and Africa through Belfrics' established operational framework.

Negative

• Integration challenges may arise from the acquisition process.
• Regulatory risks associated with cryptocurrency operations could impact future performance.

8-K filed for acquisition of Belfrics Holdings Limited, a provider of global blockchain and cryptocurrency trading

AVENTURA, Fla. and DUBAI, United Arab Emirates, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), has closed its acquisition of Belfrics Holdings Limited and its related entities operating cryptocurrency exchanges and blockchain development services in Asia and Africa. Founded in 2014, the Belfrics digital exchange platform, which was fully developed in-house, is one of the most compliant platforms in the cryptocurrency industry. Supported by the proprietary technology of Belrium Blockchain KYC solution, the KYC (“Know Your Customer”) and AML (“Anti-Money Laundering”) process of Belfrics Exchange is well accepted compliance solution. With 10 operational offices in 8 countries, Belfrics provides localized and personalized support to digital currency traders. Through its Blockchain Academy, Belfrics provides continuous training to traders, developers and blockchain enthusiasts in more than 20 countries. Belfrics is licensed and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia.

Shareholders and interested parties can find the 8-K filed on August 26, 2021 on the SEC EDGAR website by following this link. https://www.sec.gov/Archives/edgar/data/0001604930/000149315221021339/form8-k.htm

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 is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’s multi-feature trading platform offers digital assets, cryptocurrencies, and crypto derivative contracts to its clients. Belfrics blockchain has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority. Cognitive Apps is disrupting the space of mental health with its speech-based, AI-powered mental health analytics platform that empowers businesses to measure, understand, and improve the mental well-being of their employees, patients, and customers. Aiki delivers CBT and IPT therapies using a chatbot which and includes the Yuru voice analysis solution that takes in other health data from Apple and Google HealthKit to make a more accurate analysis of one’s mental health. Aiki was developed to capitalize on the trend towards artificial intelligence platforms utilized by employers to raise awareness of employees’ mental health. Cognitive Apps’ Yuru is a 3-in-1 tool developed by a team of licensed psychotherapists that makes use of vocal biomarkers to screen for early signs of mental health conditions, such as stress and depression. Yuru is available on Apple‘s App Store. Life Clips also distributes Mobeego single-use and cordless batteries.

For more information on Life Clips visit www.lifeclips.com

For more information on Belfrics Global visit www.belfricsgroup.com

For more information on Cognitive Apps Software Solutions visit https://cogapps.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 government 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 Media and Investor Relations, please contact:

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

FAQ

What are the details of Life Clips' acquisition of Belfrics Holdings Limited?

Life Clips acquired Belfrics Holdings Limited to enhance its presence in the blockchain and cryptocurrency markets, as announced in their 8-K filing on August 26, 2021.

What impact will the acquisition of Belfrics have on LCLP's stock performance?

The acquisition may lead to new revenue streams and market expansion, potentially positively impacting LCLP's stock performance.

What compliance measures does Belfrics provide?

Belfrics is recognized for its compliant cryptocurrency exchange platform, offering robust KYC and AML processes.

How many countries does Belfrics operate in?

Belfrics operates in ten offices across eight countries.

What is the strategic importance of the Belfrics acquisition for Life Clips?

The acquisition positions Life Clips to capitalize on the growing demand for cryptocurrency and blockchain services, enhancing its market share.