On April 6, 2021, Life Clips acquired Cognitive Apps, a provider of an AI powered mental health analytics platform designed to decrease the time to diagnosis and overall costs for patient care, achieve improved diagnostic outcomes, and to provide better and more personalized care for individuals. Cognitive Apps' intellectual property, including AI enabled speech-based technology, and its research and development team.
Cognitive Apps’ first phase of development has been completed with the launch of AIKI, its AI-based interactive assistant that makes it easy to measure, understand, and improve the mental health of employees. Cognitive Apps is now in Phase 2 of AIKI’s development, improving he apps functionality. In 2022 we expect to enter Phase 3, with extensive marketing, significantly growing users and revenues. The Cognitive Apps team is currently in talks with potential strategic partnerships and customers from the USA, Canada, Europe, India and Latin America. Current testing has yielded promising results with the app averaging a three times better retention rate than comparable apps within the mental health space.
On August 25, 2021, Life Clips acquired Belfrics for $20,000,000 of Life Clips’ Series C Preferred Shares. The Belfrics shareholders can earn up to an additional $15,000,000 of Series C Preferred Stock by achieving certain milestones, including:
- Exchange Revenue of $1,000,000 and $2,000,000 per month and 200,000 Exchange Customers
- Decentralized Applications (“DApps”) revenue of $500,000 and 200,000 users
Founded in 2014, the Belfrics digital exchange platform is one of the most compliant platforms in the cryptocurrency industry. Supported by the proprietary technology of the Belrium Blockchain KYC solution, the KYC (“Know Your Customer”) and AML (“Anti-Money Laundering”) processes of the Belfrics Exchange are a well-accepted compliance solution. With 10 operational offices in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, Bahrain and UAE, Belfrics provides localized and personalized support to digital currency traders. Through its Blockchain Academy, Belfrics provides continuous training to traders, developers and Blockchain enthusiasts in more than 20 countries.
https://www.globenewswire.com/news-release/2021/12/20/2355151/0/en/Life-Clips-CEO-Issues-End-of-Year-2021-Letter-to-Shareholders.html