Life Clips Closes Transaction to Acquire Cognitive Apps Software Solutions Inc.
AVENTURA, Fla., April 06, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”), today announced that it has closed the acquisition of Cognitive Apps Software Solutions Inc. (Cognitive Apps), 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 the mental well-being of their employees, patients or customers. The Cognitive Apps solution is driven to achieve the Three Pillars: improved diagnostic outcomes, better and more personalized care for individuals, and to decrease the overall costs and time for the care. An individual only needs to record their voice on a handset, iPad, or tablet. The Cognitive Apps assessment is designed to be administered as often as daily, 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 technology is designed to measure very tiny changes in individuals mental health and is able to identify the risk factors behind it by collecting data in two forms, both voice and text. Based on the assessment, our company also deploys interactive content and chat bots for personalized care of the individuals. Overall AI is not an intruder but a multi-talented, non-biased personalized assistant which can improve the care, treatment outcomes and lifestyle of patients.”
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 and other molecules related to mental health indications for the treatment of various mental health disorders.
Robert Grinberg, CEO and Director of Life Clips, said, "The acquisition of Cognitive Apps marks the first step in growth and expansion strategy of Life Clips. As we continue to move forward, we maintain a positive business outlook focused on achieving revenue growth, profitability and value creation for our shareholders. We expect this transaction to serve as a launchpad for Life Clips to broadenoperations and expand into multiple markets." Mr. Grinberg continued, "We are enthusiastic, after months of tough negotiations and careful due diligence, to move forward with the acquisition of Cognitive Apps. As well, we are truly so pleased to work closely with Dr. Manideep Gopishetty, who will bring a tremendous amount of knowledge to the team we plan to assemble at Life Clips."
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), Welmind EMR, Betterhelp, Belshare, and Movefit.
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