Life Clips, Inc.
18851 NE 29th Ave.
Suite 700 PMB# 348
Aventura, FL 33180 USA
AVENTURA, FLORIDA--(Marketwired - Jun 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."
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.