Life Clips to Spin-Off Cognitive Apps Subsidiary to Shareholders
Life Clips has announced the spin-off of its subsidiary, Cognitive Apps Software Solutions Inc. (CogApps), to its shareholders. Shareholders will receive shares of CogApps based on their holdings in Life Clips as of the record date. CogApps, which provides AI-driven mental health monitoring tools, aims to be publicly traded to pursue acquisitions and funding for growth. This move reflects Life Clips' commitment to enhancing shareholder value. Further updates, including the record date and share distribution percentage, will be released shortly.
- Spin-off of CogApps expected to unlock higher valuation and growth potential.
- CogApps has received FDA pre-market notification for its mental health solution.
- Shareholder distribution of CogApps shares enhances shareholder value.
- The spin-off may lead to increased operational complexities for Life Clips.
- Potential reliance on future acquisitions for CogApps' growth may pose risks.
Life Clips shareholders will receive a pro rata number of shares of Cognitive Apps based on the number of shares of Life Clips held on the Record Date
AVENTURA, Fla., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) in its continued effort to maximize shareholder value, is pleased to announce that the Company will spin-off its wholly owned subsidiary Cognitive Apps Software Solutions Inc. ("CogApps") to shareholders. Shareholders of Life Clips will receive a pro rata number of shares of CogApps based on the number of shares of Life Clips common stock held as of the record date.
CogApps delivers a comprehensive approach to well-being, supporting the whole person, demonstrating care from the organization and integrating with the whole ecosystem. Since Life Clips acquired CogApps in April 2021, it filed an FDA pre-market notification under 510 (k) to make its solution a part of clinical workflow in modern mental health care facilities. CogApps uses AI-controlled mental health monitoring tools that use voice tone and contextual analysis to analyze tone and emotional state. User data is not stored but instantly deleted after the analysis and all storage and data solutions are HIPAA and GDPR-compliant.
Upon the completion of the spin-off, CogApps will trade as a separate publicly traded company in order to capitalize on several potential acquisitions that have been under review, as well as the funding to support growth.
"With our current year-end audit and filings in process, we decided that the timing was right and have instructed our accounting and legal team to make the necessary adjustments that may be required to lay the foundation for our spin-off of CogApps as its own public company with a portion to be distributed to the shareholders of LCLP," said Robert Grinberg, CEO of Life Clips, Inc. Mr. Grinberg continued, "It is our belief that with CogApps as its own publicly-traded entity will be able to achieve a higher valuation, while capitalizing on new acquisitions and partnerships."
This is one of many planned initiatives to continue to build shareholder value and growth. Life Clips will release continued updates as the process moves forward, including the Record Date and percentage of CogApps to be distributed.
CogApps intends to file a registration statement with the Securities and Exchange Commission for the distribution of shares of CogApps to Life Clips’ shareholders.
About Us
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’ 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 includes the 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 individuals and companies to raise awareness of employees’ mental health. Cognitive Apps is 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. Aiki is available on Apple‘s App Store.
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.
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FAQ
What is the spin-off of Cognitive Apps Software Solutions Inc. by Life Clips?
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