Life Clips Updates Shareholders On Recent Events
Life Clips (LCLP) recently announced its agreement to acquire Belfrics Group, a blockchain technology firm. The acquisition aims to enhance Life Clips’ operations in the cryptocurrency market, with an expected completion by Q3 2021. Additionally, the company has filed for a 1-for-15 reverse stock split to manage its large share count, aiming for a Nasdaq listing. Life Clips has yet to sell shares from its Regulation A offering filed in April 2021, intending to support its growth initiatives. The firm also reported $2.43 million in convertible notes payable, demonstrating management's strategy to stabilize its financial position.
- Agreement to acquire Belfrics, enhancing blockchain and cryptocurrency capabilities.
- Belfrics holds a Malaysian Digital Asset Exchange license and is expanding its services.
- Management plans a 1-for-15 reverse stock split to improve capital structure.
- Goal to achieve a Nasdaq listing to increase visibility and liquidity.
- Company has PCAOB audited financials, indicating credibility.
- No shares sold from the Regulation A offering, indicating potential financing challenges.
AVENTURA, Fla., July 20, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company” or “Life Clips”), today is updating shareholders on recent corporate transactions and events, including its agreement to acquire Belfrics, its information statement filing, and its Regulation A Offering.
Life Clips announced on July 14, 2021, that it has agreed to acquire Belfrics Group, a global blockchain technology firm that runs cryptocurrency exchanges on its proprietary platform. Given the popularity of the global cryptocurrency market, Life Clips CEO Robert Grinberg stated “I believe having Belfrics Group as an operating subsidiary of the Company will be beneficial for our shareholders. We expect the transaction to close by the end of the third quarter.”
“We are very excited by the potential of Belfrics,” said Belfrics CEO Praveen Kumar, “and look forward to working with Life Clips’ management team to grow our platform. In addition to the Malaysian Digital Asset Exchange license it currently holds, Belfrics has rolled out India’s first blockchain based Covid certification issuance platform for the healthcare sector. Belfrics’ technology division is set to release a decentralized issuance and verification platform for employment and education sectors in the coming quarters.”
On July 9, 2021, Life Clips filed an Information Statement on Form 14C announcing a 1 for 15 reverse split of the Company’s common stock. Life Clips currently has 1,322,822,904 common shares issued and outstanding. The Company believes this is an unmanageable number of shares, and almost certainly precludes obtaining favorable terms on investment capital, as well as future acquisitions. Therefore, it was decided to effectuate a 1 for 15 reverse split.
Life Clips CEO Robert Grinberg continued, “We appreciate all of our shareholders and considered their stake in the company when making our decision. Our goal is to list on Nasdaq or other national exchange and therefore must take the necessary steps to do so.” Life Clips currently has 5 billion shares authorized and will continue to have 5 billion shares authorized after the reverse stock split. The effective date of the reverse split has not been determined as it is dependent upon FINRA completing its processing of our request to effect this corporate action. Upon completion, the Company plans to apply to the OTCQB to increase the Company’s visibility and expand liquidity, as it moves towards its goal of a Nasdaq listing.
Life Clips filed a Form 1-A for a Regulation A offering on April 30, 2021. To date, no shares have been sold from this offering, and the offering has not been priced, or qualified by the SEC. We plan on using the proceeds from the Regulation A Offering to support and expand both Cognitive Apps Software Solutions and Belfrics Group.
Life Clips currently has PCAOB audited financials and is an SEC reporting issuer, current in its filings. Life Clips' most recent 10-Q Quarterly report for quarter ending March 31, 2021, shows the Company has
To provide clear and transparent communications to our shareholders we have updated our website and set up a Twitter and LinkedIn page.
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, 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
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 recent acquisition announced by Life Clips (LCLP)?
When is the acquisition of Belfrics expected to close?
What is the purpose of the 1-for-15 reverse stock split announced by LCLP?
How much debt does Life Clips report in convertible notes payable?
Has Life Clips sold any shares from its Regulation A offering?
