Life Clips Implements Important Changes To Its Internal Procedures For SEC Filings

AVENTURA, Fla., Feb. 28, 2022 (GLOBE NEWSWIRE) — Following up on its goal of corporate transparency, Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced that working with its legal counsel and other outside consultants it is implementing important changes to its internal procedures to assure the timely filing of its reports with the SEC. In his December 20, 2021, letter to shareholders, Life Clips CEO, Robert Grinberg, said, “One of our primary goals moving forward will be corporate transparency.” The management of Life Clips, Belfrics, and Cognitive Apps values each and every one of their shareholders, and continues to strive to provide clear, consistent, and transparent communications.

Six-months ago Life Clips closed the acquisition of Belfrics. Not long after, Life Clips successfully closed its $5 million Reg A offering. The Company knew the capital it was investing would deliver tremendous growth, but Belfrics has exceeded our expectations. Belfrics began operating at its full capacity, opening a new office, hiring additional employees, and generating new business. This has necessitated an updating of or internal policies and procedures to accommodate this growth. The Company began this process in the 4^th quarter of 2021 and the process continues. Belfrics employees are working hard, and its management team is continuing to build its business.

CEO Robert Grinberg commented, “George Washington said, “It is better to offer no excuse than a bad one.” Following his line of thought, Life Clips’ management team will never make excuses. We will always accept full and complete responsibility for the clear and transparent communications with our shareholders. In closing we would, once again, like to take this opportunity to say we appreciate each and every one of you, our shareholders. We also appreciate your vote of confidence as you stick with us while we make these important changes to our process.”

About Us

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, 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 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 Apps’ 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

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 government 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.

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