Life Clips Inc (fka LCLP)

[Dolly Llama]

NEWS -- Life Clips Signs Letter Of Intent To Acquire Global Sourcing

Life Clips Signs Letter of Intent to Acquire Global Sourcing Provider


AVENTURA, FLORIDA--(Marketwired - June 1, 2017) - Life Clips, Inc. (OTCQB:LCLP) (the "Company") a designer and seller of mobile accessories, and provider of global sourcing and sales and marketing services, announced today that it has signed a Letter of Intent (LOI) to acquire an International Trading Company (the "Target Company") to further its global sourcing business. The acquisition of the Target Company will bolster The Company's ability to import and export products on a global basis.

The signed LOI outlines the structure and terms of the transaction. All due diligence has been completed on the Target Company, however, certain terms of the LOI must to be fulfilled prior to completing the acquisition. Management is working towards fulfilling these obligations in an expeditious manner and plans to announce the results in the near-term.

As stated in previous press releases, Life Clips is transitioning to provide end to end product development, factory sourcing, factory negotiations, factory production management, total logistics management and PO financing, as well as multi-channel sales and marketing services. The Company previously announced the primary focus moving forward will be on importing and exporting products to sell globally, and that existing investors provided additional funding for acquisitions.

Huey Long, Life Clips President and Chief Executive Officer, said "The Global Sourcing and International Trading business is fast-paced and can be very lucrative for our shareholders. We have had several questions from shareholders about what the business encompasses and plan to host a conference call in coming weeks to more clearly define the process."

http://www.marketwired.com/press-release/life-clips-signs-letter-of-intent-to-acquire-global-sourcing-provider-2219788.htm