Life Clips and Belfrics enter into Mutual Rescission
AVENTURA, Fla., Feb. 03, 2023 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC: LCLP) (the “Company”) announced today that it and Belfrics have mutually rescinded their August 26, 2021 agreement.
LCLP acquired the Belfrics entities intending to enter the blockchain and cryptocurrency industry. At the time, the companies planned an aggressive expansion and scalability of Belfrics' operations. Due to the nature of the cryptocurrency business and the multiple jurisdictions Belfrics was operating in, Life Clips encountered numerous delays in completing its quarterly and annual filings on a regular basis. These delays affected Life Clips' ability to raise the necessary capital for Belfrics, which in turn affected its overall operations.
Most recently, LCLP’s PCAOB auditor resigned, citing lack of resources and expertise related to Belfrics’ multi-jurisdictional digital assets. The circumstances surrounding the FTX bankruptcy have provided additional difficulties in identifying any alternative auditor to complete Life Clips' annual audit, which has prevented the Company from filing our Form 10-K for the year ended June 30, 2022 and subsequent quarterly filings.
As a result of all the above, Life Clips and Belfrics believe it is in the best interest of their shareholders to mutually rescind their original transaction.
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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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Life Clips, Inc.
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