Life Clips to Acquire Mental Health Voice-Based AI Technology Company
Acquisition will allow the Company to utilize speech-based AI technology to help accurately predict risk for various types of depression and mood and anxiety-based disorders
AVENTURA, Fla., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), today announced that it has entered into a letter of intent to acquire Cognitive Apps Software Solutions Inc., a developer of artificial intelligence (AI) applications for the healthcare industry and psychedelic research.
Cognitive Apps provides an AI powered mental health analytics platform empowering businesses to measure, understand, and improve mental well-being of their employees, patients or customers with easy to use tools. The Cognitive Apps assessment is fast and easy to administer. The patient only needs to record their voice on a handset, iPad, or tablet. Traditional mental health assessments like the Asberg, PHQ-9 and Hamilton are stressful for the patient and can be undermined by learning effects. The Cognitive Apps assessment is designed to be administered as often as monthly, in order to provide a more granular picture of changes in mental health over time. As a result, the Cognitive apps assessment can be routinely completed to monitor mental health and track variables that might be impacted by treatment.
Dr. Manideep Gopishetty, CEO and Co-founder of Cognitive Apps, said, "Our advanced voice recognition AI technology diagnostic core can identify various mental health disorders. This is especially beneficial in the corporate environment in order to ascertain corporate employees’ mental wellness and to provide personalized remote mental health care." Dr. Gopishetty continued, "Our technology can also be beneficial in clinical intelligence diagnostic and monitoring solutions for hospitals and clinics. Our goal is to use advanced AI based technology to disrupt industries such as healthcare, mental health, and both clinical and academic psychedelic research."
With the acquisition, Life Clips gains access to Cognitive Apps' intellectual property, including AI enabled speech-based technology, and its research and development team. Life Clips will further develop Cognitive Apps' technology for use in the development and testing of psychedelics for the treatment of various mental health disorders.
Cognitive Apps delivers a comprehensive approach to well-being, supporting the whole person. Cognitive apps currently has partnerships with Ehave (OTC: EHVVF), Mycotopia (OTC: TWGL), Biomedican, Welmind EMR, Betterhelp, Belshare, and Movefit.
"Our mission is to make Life Clips a digital medicine company capable of disrupting the way data is captured and measured for various mental health disorders in modern healthcare. Drug development in mental health disorders and other cognitive impairments is hampered by the ability to identify at risk groups before the onset of clinically significant symptoms" said Life Clips CEO Robert Grinberg. "The current trend in mental healthcare and psychedelic medicine is toward improving isolated and observed measures that are self-reported. Cognitive Apps is addressing this problem with its speech-based AI technology capable of accurately predicting risk for various types of depression and mood and anxiety-based disorders well before a clinical diagnosis is typically obtained. We look forward to having Dr. Gopishetty and his team as part of our Life Clips team.”
The Cognitive Apps acquisition is expected to close in the second quarter. The final number of shares issuable upon closing is subject to adjustment prior to closing. All shares issuable pursuant to the acquisition will be restricted securities subject to statutory resale restrictions.
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About Cognitive Apps Software Solutions Inc.
Drug development for mental health disorders and other cognitive impairments is hampered by the ability to identify at risk groups before the onset of clinically significant symptoms, as well as continuous assessments on the progress made by the participants. Cognitive Apps is addressing this problem by pioneering a speech-based AI technology which could help accurately predict risk for various types of depression and mood and anxiety-based disorders years before a clinical diagnosis is obtained. Our technology can help detect and monitor subtle changes in mental state by assessing individuals more frequently and more objectively than the assessments used today. Cognitive Apps delivers a comprehensive approach to well-being, supporting the whole person, demonstrating care from the organization and integrating with the whole ecosystem — tied to your unique company culture. Cognitive apps currently has partnerships with Ehave, Mycotopia, Biomedican, welmind EMR, Betterhelp, Belshare, and Movefit.
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.
Contact: LifeClips, Inc.
Gabriel P. Rodriguez
Investor Relations: (623) 261-9046
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