CHARLOTTE, NC--(Marketwired - May 3, 2016) - Life Clips, Inc. (OTC PINK: LCLP), an innovative brand of products revolutionizing the way people capture, manage, enjoy, and share life's moments, announced today that it has entered into a binding agreement to purchase Batteryfly Energy, LTD in a transaction valued at approximately $6 million. The transaction consideration will be a combination of cash, stock, and capped royalties.
Batteryfly's flagship battery is a patented battery product called Mobeego. Mobeego is a non-tethered disposable battery, referred to as an "energy drink" for mobile phones such as Samsung™ (www.samsung.com) or Apple™ (www.apple.com) or for action cameras. Simply put, the Mobeego disposable battery is a one-time charger for instant mobile use. Mobeego eliminates the need to find the closest outlet to charge your phone, and you no longer need to stop using your phone to save the battery. Mobeego batteries have a 10 year shelf-life and do not require a charging cord. Mobeego batteries can be purchased as single or double use, as a six pack, or for action cameras, such as Life Clips, GoPro™, and Xiaomi™. Mobeego's products can be viewed at www.mobeego.com.
Mobeego launched its battery products in late November 2015 and its products are now distributed in 14 countries including the U.K., Canada, Russia, Malaysia, Israel, and France. The Mobeego battery will allow users who are out or low on power to give an energy shot to their phone or action camera. The battery will provide about 2 hours of talk time or about 4 hours of use time. Pricing for a single battery is anticipated to be $3.99 or $9.99 for a battery and reusable plug.
The product use concepts can be seen in this commercial: https://www.youtube.com/watch?v=EOb1jnU4NBA
"This product is extremely complementary to our goal to build a digital media and support company. Our initial feedback from big box U.S. retailers has been positive and we look forward to continuing our discussions. We believe a product like this should be stocked at check-out counters at convenience stores, airports, office supply stores, grocery stores, and pretty much everywhere people shop," said Robert Gruder, Chief Executive Officer of Life Clips, Inc. "How many times have you been at a sporting event, a concert, airport or simply at work and your phone was about to go dead? Now a quick, affordable solution is available."
The founders of Mobeego stated, "We believe Life Clips will introduce Mobeego products into the right channels, so our market penetration will expand at an even faster rate. We have been incredibly pleased by the consumer demand from our initial roll out and now believe that this product could be sold at tens of thousands of retail outlets. Our goal is to solve a worldwide problem. The Mobeego battery can help solve this problem."
Safe Harbor Statement
In addition to statements of current and historical fact, this Press Release contains forward-looking statements. The words "forecast," "will," "intend," "anticipate," "project," "intend," "expect," "should," "believe" and similar expressions are intended to identify forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Press Release, we caution you that these statements are based on a combination of facts and factors currently known by Life Clips and its projections of the future, about which it cannot be certain. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including those discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Life Clips' annual report on Form 10-Q and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"), as well as matters discussed in Life Clips' financial statements and related notes and other filings with the SEC, which may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, all forward-looking statements should be evaluated with an understanding of their inherent uncertainty. Except as required by law, Life Clips assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
While Life Clips and Mobeego have signed a binding letter of intent, neither company can give assurances that the parties will be successful in negotiating a binding, definitive acquisition agreement or that the transaction will close. Business, legal and financial due diligence will be required before any binding, definitive acquisition agreement is executed. Additionally, once executed, the completion of the acquisition will be subject to customary closing conditions, a number of which may not be within either company's control and which may prevent, delay or otherwise materially adversely affect the completion of the transaction. We cannot predict with certainty whether and when any of the required closing conditions will be satisfied or if another uncertainty may arise. If the acquisition does not receive, or timely receive, any required regulatory approvals and clearances, or if another event occurs delaying or preventing the acquisition, such delay or failure to complete the transaction may cause uncertainty or other negative consequences that may materially and adversely affect either or both company's sales, financial performance and operating results, and the price per share of Life Clips' common stock and perceived acquisition value.
Samsung, iPhone, GoPro, Xiaomi, are respective trademarks of Samsung, Apple, GoPro and Xiaomi. All rights reserved.