Life Clips, Inc. pays all convertible debt and decreases outstanding stock
AVENTURA, Fla., April 18, 2022 (GLOBE NEWSWIRE) — Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc., announced today Today it eliminated all of its nearly $4 million of outstanding convertible debt by paying the outstanding amounts in Belrium (BEL). The net effect of the transactions reduces the Company’s fully diluted share count by approximately 400,000,000 shares, or more than 22% of the Company’s currently issued and outstanding shares.
Robert Grinberg, CEO of Life Clips, said, “Restructuring all of our debt to convertible debt holders is the first major step in executing the next phase of our business plan. Not only does this eliminate debt and reduce potential dilution, it shows that investors have confidence in BEL. By eliminating our convertible debt, we are also able to reduce the outstanding shares by releasing the underlying shares into which it was convertible. We have strengthened our financial position and are in a better position to secure new capital that will enable the expansion of our business over the next 12 months. This is a crucial step in moving our business forward in the future.
Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian blockchain and cryptocurrency exchange and platform provider that is authorized and regulated by the Labuan Financial Services Authority ( LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-function trading platform offers digital assets, cryptocurrencies and crypto derivative contracts to its clients. The Belfrics blockchain has been recognized by Gartner as one of the top 10 blockchains in terms of actual projects and has been awarded a patent for its Belrium KYC Verification System (BKVS) by the Nigerian Patent Authority. Cognitive Apps is disrupting the mental health space with its speech-based, AI-powered mental health analytics platform that enables businesses to measure, understand and improve mental wellbeing of their employees, patients and customers. Aiki offers CBT and IPT therapies using a chatbot that includes the voice analysis solution that takes into account other health data from Apple and Google HealthKit to perform a more accurate analysis of his mental health . Aiki was developed to capitalize on the trend towards artificial intelligence platforms being used by individuals and businesses to raise awareness about employee mental health. Cognitive Apps is developed by a team of licensed psychotherapists who use voice biomarkers to screen for early signs of mental health issues, such as stress and depression. Aiki is available on the Apple 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 applications software solutions, visit https://cogapps.com
Disclaimer of Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be prefaced by the words “intends”, “may”, “will”, “expects”, “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, therefore, 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 development efforts; (ii) the Company’s ability to advance its products to complete their development and commercialization; (iii) the manufacture, development, marketing and market acceptance of the Company’s products; (iv) lack of sufficient financing to fund product development and commercial operations; (v) competitive businesses and technologies within the Company’s industry and the introduction of competing products; (vi) the Company’s ability to establish and maintain business collaborations; (vii) loss of key management personnel; (viii) the extent of protection the Company is able to establish and maintain for the intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential non-compliance with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) difficulty in predicting government actions and regulations. Any forward-looking statements included in this press release speak only as of the date of this press release. The Company undertakes no obligation to update any written or oral forward-looking statement, except as required by law.
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