Life Clips, Inc.
18851 NE 29th Ave.
Suite 700 PMB# 348
Aventura, FL 33180 USA
AVENTURA, FLORIDA--(Marketwired - May 18, 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 entered into an exclusive one-year contract with a Taipei based distributor of off grid inverters (the "Distributor") to sell Mobeego products in Thailand and Taiwan. The contract grants the Distributor the non-transferable right to promote market and resell Mobeego products and will be automatically renewed for one additional year, provided the Distributor has performed all of its commitments and obligations. The terms of the contract require the Distributor to pay 50% of each accepted order in advance and 50% on delivery. The terms of the agreement also provides the Distributor certain named accounts in China, Hong Kong, Macau, Korea, Japan, Australia, New Zealand, Singapore, Philippines, India, Indonesia, Cambodia and Vietnam. The Distributor has forecasted sales of 210,000 units over the next four quarters.
In Thailand, a survey conducted by Nielsen Informate Mobile Insights has revealed that the average Thai spends 160 minutes on their mobile phone every day. According to the study, data consumption among smartphone users in Thailand is almost 60 percent higher than in other countries in the region. Thai smartphone users spend more time streaming video content and music to their devices than users in neighboring countries. There is also tremendous demand for social media, news and mobile gaming. In our April 24, 2017 press release, we referenced an October 3, 2016 report published by Allied Market Research projecting the global mobile phone accessories market is expected to reach $107.3 billion by 2022. According to the Allied report, the Asia-Pacific market will account for the majority of the revenue growth. The report also states a "rise in disposable income, proliferation of e-commerce websites, digitization of infrastructure with increased spending capacity of consumers, availability of low-cost products, and changing lifestyle pattern offer lucrative opportunities that fuel the market growth in this region."
Huey Long, Life Clips President and Chief Executive Officer, said, "Mobeego is an affordable cordless battery that provides an instant, single-use shot of power for smartphones. Our goal is to provide our customers with the ability to stay mobile and connected whenever and wherever they go." Mr. Long continued, "Unlike cumbersome chargers with a cord, Mobeego is small, lightweight, cordless and has a shelf life of 10 years. Once you have used it up, the Mobeego battery can be recycled, disposed of and replaced."
Safe Harbor Statement
In addition to statements of current and historical fact, this Press Release contains forward-looking statements. The words "forecast," "will," "intend," "anticipate," "project," "intend," "expect," "should," "believe" and similar expressions are intended to identify 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.