AVENTURA, Fla., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today that Robert Grinberg, CEO issued a letter to Life Clips' shareholders. The full text is as follows:
To My Fellow Stockholders,
It was eight months ago when I issued my first Letter to Shareholders. Since then, we have gained many new shareholders and acquired two unique companies. The first, Cognitive Apps Software Solutions Inc., (Cognitive Apps) a developer of artificial intelligence (AI) applications for the healthcare and mental health industries. The second, Belfrics, a global fintech firm with its own blockchain and cryptocurrency exchange and a multi-feature trading platform for digital assets and cryptocurrencies. I believe that we are one of an elite group of companies worldwide that could potentially change the way investments are made, operations are completed, and transactions are processed.
On April 6, 2021, Life Clips acquired Cognitive Apps, a provider of an AI powered mental health analytics platform designed to decrease the time to diagnosis and overall costs for patient care, achieve improved diagnostic outcomes, and to provide better and more personalized care for individuals. Cognitive Apps' intellectual property, including AI enabled speech-based technology, and its research and development team.
Cognitive Apps’ first phase of development has been completed with the launch of AIKI, its AI-based interactive assistant that makes it easy to measure, understand, and improve the mental health of employees. Cognitive Apps is now in Phase 2 of AIKI’s development, improving he apps functionality. In 2022 we expect to enter Phase 3, with extensive marketing, significantly growing users and revenues. The Cognitive Apps team is currently in talks with potential strategic partnerships and customers from the USA, Canada, Europe, India and Latin America. Current testing has yielded promising results with the app averaging a three times better retention rate than comparable apps within the mental health space.
On August 25, 2021, Life Clips acquired Belfrics for $20,000,000 of Life Clips’ Series C Preferred Shares. The Belfrics shareholders can earn up to an additional $15,000,000 of Series C Preferred Stock by achieving certain milestones, including:
- Exchange Revenue of $1,000,000 and $2,000,000 per month and 200,000 Exchange Customers
- Decentralized Applications (“DApps”) revenue of $500,000 and 200,000 users
Founded in 2014, the Belfrics digital exchange platform is one of the most compliant platforms in the cryptocurrency industry. Supported by the proprietary technology of the Belrium Blockchain KYC solution, the KYC (“Know Your Customer”) and AML (“Anti-Money Laundering”) processes of the Belfrics Exchange are a well-accepted compliance solution. With 10 operational offices in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, Bahrain and UAE, 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, and expects to generate more than 30% of its monthly revenue from India, as its cryptocurrency platform includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and Belrium (BEL), among others. India’s crypto market grew 600% over the past year, making the country one of the fastest growing cryptocurrency markets in central and southern Asia. We know we have successfully positioned Belfrics to benefit from the tremendous global growth in digital assets. According to a recent study by Deloitte, in a seismic shift, financial leaders increasingly see digital assets as the future. More than 76% of respondents from Brazil, China, Hong Kong, Singapore, Germany, Japan, South Africa, UAE, UK, and the United States believe digital assets will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5–10 years.
In addition to completing these acquisitions, Life Clips successfully closed the $5 million Reg A offering to investors. The capital we have invested in our Company will deliver the growth we are looking to achieve moving forward. One question we are frequently asked is if we will raise additional funds. Just like any other public company, we plan to raise additional funds in order to succeed and meet our goals. However, we plan to raise these funds in the least dilutive manner possible to our shareholders.
Additionally, we look forward to the rollout of Belfrics Phygital (Physical Plus Digital) Centers beginning in 2022. Think of these as sales agents for Belfrics cryptocurrency accounts. While most people in India have a cell phone, they do not have a bank account. Belfrics Phygital Centers will allow clients to fund their accounts to trade cryptocurrencies, which will generate revenues for Belfrics. As the Indian government develops its policy on cryptocurrency, any kind of restriction placed on advertising could provide Belfrics with an advantage, since we will be having these Phygital Centers to promote our products and solutions. We are expecting significant growth in 2022 from our subsidiary companies as they continue to add new customers and products, and look to make additional acquisitions.
In my first shareholder letter, I said, "One of our primary goals moving forward will be corporate transparency." We have accomplished our first goal of corporate transparency in our filings and with our regular communication with shareholders, and I am optimistic about our future success and delivering the value proposition to our shareholders. We are committed to the highest level of transparency with you, our shareholders. Transparency is one of our fundamental values, and we continue to research and pilot innovative and efficient methods of communicating our goals, projects and successes with you. We have put in place a team of professionals, including public relations and digital marketing agencies, that will allow us to improve and refresh our communication strategy to ensure the prompt and accurate flow of information. Our team is focused on the mission at hand, and we will not stop innovating and building value for our shareholders. We look forward to being able to provide more concrete guidance as our business matures.
I am very excited about the tremendous opportunity we have in front of us and am confident we have the team in place to capitalize on it. On a more personal note, I have enjoyed getting to know many of our shareholders, and I look forward to continuing our incredible journey together as we build our Company. We thank you for your support, and we wish you all Happy Holidays, and cheers to a healthy and prosperous 2022!
Chief Executive Officer
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’ 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.
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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