18851 NE 29th Avenue
Suite 700 PMB# 348
Aventura, FL 33180
Atlanta Capital Partners LLC
235 Peachtree Street NE, Suite 400
Atlanta, Georgia 30303
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, leveraged forex instruments, 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 also 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 AppsApps' 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
Life Clips To Enter Cryptocurrency Market With A Definitive Agreement To Acquire Global Blockchain And Digital Currency Platform Belfrics Group July 14, 2021
AVENTURA, Fla., July 14, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”, “Life Clips”), announced today it has agreed to acquire Belfrics Group ("Belfrics"), a global blockchain technology firm that runs cryptocurrency exchanges on its proprietary platform. Belfrics currently has a presence in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, and Bahrain; and it has the capability to process over 1 million transactions per second. Belfrics CEO and Founder, Praveen Kumar, will remain the CEO of Belfrics, while Robert Grinberg will serve as CEO of Life Clips.
The cryptocurrency market is expected to reach $8 trillion dollars by 2030, while the market for blockchain technology is expected to add $176 billion to the US GDP during the same period. Founded in 2014, the Belfrics digital exchange platform, which was fully developed in-house, is one of the most compliant platforms in the cryptocurrency industry. Supported by the proprietary technology of Belrium blockchain KYC solution, the KYC and AML process of Belfrics Exchange is well accepted by regulators globally. With 10 operational offices in 8 countries, 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.
Belfrics CEO and Founder, Praveen Kumar said, "This is an exciting time for Belfrics. After many years of hard work building a global exchange for cryptocurrency and the most secured trading platform, it is time to spread our wings globally. The acquisition of Belfrics by Life Clips will help expand the reach of both our cryptocurrency platform and our blockchain solutions, which will create an impact worldwide.”
Belfrics Group specializes in blockchain technology and digital asset exchange solutions. Belfrics runs two distinct business verticals: Digital asset exchange and blockchain division. Belfrics is one among the few regulated exchanges across the globe, that provides regulated digital asset trading solutions.
Belrium, the proprietary blockchain developed by Belfrics, acts the central focal point of the blockchain division. Belrium, which is a hybrid private-public blockchain solution, focusses on identity management on blockchain for decentralized transactions.
It has taken a tremendous amount of work to prepare Life Clips for this landmark moment. We are proud to have reached this milestone for our shareholders by becoming current and settling previous liabilities of the Company to the satisfaction of our acquisition candidate," said Life Clips CEO Robert Grinberg. Mr. Grinberg continued, "According to PwC, the total volume of mergers and acquisitions in the cryptocurrency industry more than doubled from $481 million in 2019 to $1.1 billion in 2020. The average deal size increased from $19 million in 2019 to nearly $53 million. Major global cryptocurrency exchanges like Binance, FTX and Coinbase made the top three acquisitions in the crypto industry in 2020. We welcome Praveen and his team to our family and look forward to providing them with the resources to take their world class cryptocurrency exchange and platform to the next level."
The Belfrics Group acquisition is expected to close in the second quarter. The final number of shares issuable upon closing is subject to adjustment prior to closing. All shares issuable pursuant to the acquisition will be restricted securities subject to statutory resale restrictions.