AVENTURA, Fla., April 12, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced that Robert Grinberg, President, Chief Executive Officer and Chairman, has issued a letter to Life Clips' shareholders. The full text is as follows:
To My Fellow Stockholders,
Over the course of the last few months, Life Clips, Inc. has made significant progress in advancing its strategic plan and we are off to a tremendous start. First, I am proud to report that Life Clips is current in its status as a fully reporting company with the SEC. This took many months of hard work by our CFO and her team of professionals. One of our primary goals moving forward will be corporate transparency. I am a firm believer that transparency pays off in the financial markets in the form of less risk to investors and a lower cost of capital for our Company, which will hopefully translate into a higher valuation. Maintaining our status as a reporting company is the foundation of providing transparency to our shareholders.
Even though we are just getting started, I think it is important to discuss, not just the accomplishments of our management team, but the potential we see in Life Clips' business plan in the future.
First and foremost, we were very proud to make the announcement to our shareholders this week that we closed our acquisition of Cognitive Apps Software Solutions Inc. Cognitive Apps is a developer of AI applications for the healthcare industry with applications in psychedelic research. Our enthusiasm for Cognitive Apps is based on the premise that Life Clips is now in two of the fastest growing sectors, AI and psychedelics. In addition to entering these fast-growing markets with the acquisition of Cognitive Apps, Life Clips has attained what we believe to be some of the most talented individuals in the business. Dr. Manideep Gopishetty, CEO and Co-founder of Cognitive Apps, holds several advanced degrees, including an MD and an MBA. In addition to education credentials, Dr. Gopishetty also brings a tremendous amount of experience in neuromarketing, neuroeconomics, consumer behavior, and consumer psychology in such diverse fields as healthcare, biotechnology and pharmaceuticals, SAAS, and artificial intelligence.
Cognitive Apps provides an AI powered mental health analytics platform empowering businesses to measure, understand, and improve the mental well-being of their employees, patients or customers. Cognitive Apps was designed specifically to improve diagnostic outcomes, population health, and to provide a better care experience. This is accomplished by processing data into actionable insight that impacts operational benefits and patient outcomes. By recording an individual’s voice periodically on a handset, iPad, or tablet, the Cognitive Apps assessment is designed to provide a picture of changes in mental health. The Cognitive Apps’ assessment will allow us to monitor mental health and track variables that might be impacted by treatment.
Cognitive Apps has participated in a Y-Combinator cohort winning credits from Google, Amazon and Microsoft, and is beginning development of AI algorithms for PTSD and Anxiety.
At the root of our business plan, the force that drives us will be to improve mental health and combat mental illness. Nearly one in five U.S. adults experience some form of mental illness and one adult in 24 has a serious mental illness. Mental illness is treatable, and our mission is to treat even those with serious mental illness. Depression is a common mental disorder affecting more than 264 million people worldwide. Mental health experts have found a strong link between loneliness, depression, and drug overdoses. According to national drug abuse data, drug overdoses have increased 42% since Covid-19. Serious mental illness costs the U.S. economy $193.2 billion in lost earnings each year, but the problem is much larger globally. Mental health disorders are on the rise in every country and could cost the global economy up to $16 trillion annually by 2030. The numbers are staggering but are outweighed by the loss of human lives. We look forward to positioning Life Clips to have even a small role in the global mental health crisis. Mental health is something every one of us should be talking about.
Acquiring Cognitive Apps is the first piece of the business strategy we have developed for Life Clips. Management’s business strategy targets revenue growth, profitability and value creation for our shareholders. This initial acquisition is the first of several that will allow us to broaden operations and expand into multiple markets. Since both the healthcare and psychedelic sectors are made up of many small companies, we will also plan to join forces with both publicly traded and privately held enterprises to form partnerships, joint ventures, and alliances.
Life Clips also has the Mobeego line of affordable, single-use, cordless batteries that provide an instant charge for your phone when you don't have access to a wired power source and is ideally suited for emergency situations having a long shelf life, holding a charge many times longer than any mobile power bank. Mobeego connects to your mobile phone’s charging socket, and is compatible with all iPhones 5 and up, as well as most Micro USB devices. Mobeego consists of two parts: a disposable battery can that extends a mobile phone’s life by 1-4 hours, and a reusable, ultra-compact adapter. When you're ready to use Mobeego, simply connect the can to your mobile phone via the adapter, and charging will begin immediately when you switch it on. After you finish using the can, save the adapter and recycle the can. Unlike a rechargeable power bank, the Mobeego won’t lose charge when stored for extended periods, such as a part of an emergency kit.
I realize it is early in the game, but we are delighted with our progress to date and are very excited about our momentum, as well as Life Clips' prospects. I would like to thank our shareholders for their vote of confidence. I learned a long time ago respect is earned, and my goal is to earn the respect of shareholders by building a successful company. We look forward to continued success in 2021 and beyond.
About Life Clips, Inc.
Life Clips is the parent company of Cognitive Apps Software Solutions Inc. and distributes single-use and cordless batteries under the Mobeego brand for use with cellular phones and other mobile devices. Cognitive Apps is an AI-Powered mental health analytics platform that empowers businesses to measure, understand, and improve mental well-being of their employees, patients and customers. Drug development for mental health disorders and other cognitive impairments is hampered by the inability to identify at risk groups before the onset of clinically significant symptoms, as well as continuous assessments on the progress made by the participants. Cognitive Apps is addressing this problem by pioneering a speech-based AI technology which could help accurately predict risk for various types of depression and mood and anxiety-based disorders years before a clinical diagnosis is obtained. Our technology can help detect and monitor subtle changes in mental state by assessing individuals more frequently and more objectively than the assessments used today.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “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 consequently, 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 other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law.
Contact: LifeClips, Inc.
Gabriel P. Rodriguez
Investor Relations: (623) 261-9046