AVENTURA, Fla., June 27, 2017 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTCQB:LCLP) (“Life Clips” or the “Company”) a provider of global sourcing and sales and marketing services, announced today that, on June 22, 2017, it closed on the acquisition of the shares of Hong Kong Ascenda International Co., Limited, a company organized under the laws of Hong Kong, and Hong Kong Ascenda International Co., a company organized under the laws of the Independent State of Samoa (collectively, “Ascenda”), which are the main operating companies of Ascenda Corporation. Ascenda Corporation was formed in 2000 and is based in China and the USA. This acquisition will provide the Company the ability to import and export products globally. The acquisition includes Ascenda’s existing business, clients, executive management and goodwill. The original investors in Ascenda Corporation included The China Development Group, which was the largest investment banker in Taiwan, and Donald Ruan, who has over 40 years of experience in global trade.
This is Life Clips’ first acquisition under its new CEO, Huey Long. With the addition of Ascenda and over $6 million in revenue, Life Clips has now officially launched its rapid growth strategy in its new core business of global sourcing, supply chain, logistics and sales and marketing services.
Huey Long, CEO of Life Clips, states, “Acquiring a company with Ascenda’s experience, existing customers and leadership team, establishes us a premier global sourcing company, and officially launches our new core business strategy. We anticipate rapid growth- organically and through strategic acquisition.”
With its main offices in Shanghai, China, Ascenda has been in continuous trading operations for 17 years with bi-directional trading and import/export capabilities in China, Taiwan, Korea, Japan, Indonesia, Mexico, Brazil, Argentina, United Kingdom, United States, France, Spain, Germany, Italy and Israel. Ascenda operates around the world with a network of hundreds of factories, logistics and supply chain suppliers. In 2003 Ascenda introduced the concept of “Speed Sourcing” for its clients, offering end‑to‑end sourcing at a fraction of the cost and time compared to traditional exporters and export service providers. The services include design, licensing, factory qualifications and negotiating, financial services, import and export, sales, and end to end supply chain services.
Post-acquisition, Donald Ruan will remain as President and CEO of Ascenda’s Sourcing Operations along with his experienced team, and has also been named to the Board of Directors of the Company, to serve as the Chairman of the Board. Mr. Ruan brings along extensive experience in executive management, international trading and manufacturing. A native of China, he has managed the Ascenda operations in Shanghai since 2001. Mr. Ruan is a key player in bridging the West and East. He is respected globally for his integrity and ability and has served as an executive committee member and CEO of Ascenda Corporation. Mr. Ruan has extensive experience running consumer electronics manufacturing companies, having been CEO of ProView Technology, KDS, Waffer, MAG Innovision, and CTX International. He has served as a board member of Waffer Tech, the world's largest magnesium injection molder, ARC United and MAG Innovision. He has also served as a partner in Unico International, an Executive VP at Taiwan and Hong Kong Trading Co., which is the largest government subsidized trading firm in Taiwan, and as Chief Resident Representative in Shanghai for China Development Financial Holdings Corporation, an arm of the China Development Group’s investment bank in Asia.
Safe Harbor Statement
In addition to statements of current and historical fact, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Press Release, we caution you that these statements are based on a combination of facts and factors currently known by Life Clips and its projections of the future, about which it cannot be certain. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including those discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Life Clips' annual report on Form 10-Q and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"), as well as matters discussed in Life Clips' financial statements and related notes and other filings with the SEC, which may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, all forward-looking statements should be evaluated with an understanding of their inherent uncertainty. Except as required by law, Life Clips assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. All distribution agreements call for minimum quarterly quotas. There is a risk that the distributor will not meet these quarterly quotas. In the event the quotas are not met the agreements are in breech which could void the agreement. Therefore, the dollar volumes may not be attained. The contents of any website referenced in this press release (whether in email addresses or otherwise) are not incorporated by reference herein.
CONTACT INFORMATION: For Business, Marketing and Sales Huey Long Chief Executive Officer info@lifeclips.com Life Clips Investor Relations David Kugelman Atlanta Capital Partners, LLC (404) 856-9157 (866) 692-6847 Toll Free - U.S. And Canada dk@atlcp.com
