$LCLP Life Clips CEO Issues End of Year 2021 Letter to Shareholders
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.