Life Clips, Inc. (OTCPK:LCLP) (the Company) in its continued effort to maximize shareholder value, announced that the Company will spin-off its wholly owned subsidiary Cognitive Apps Software Solutions Inc. ("CogApps") to shareholders. Shareholders of Life Clips will receive a pro rata number of shares of CogApps based on the number of shares of Life Clips common stock held as of the record date. CogApps delivers a comprehensive approach to well-being, supporting the whole person, demonstrating care from the organization and integrating with the whole ecosystem.

Since Life Clips acquired CogApps in April 2021, it filed an FDA pre-market notification under 510 (k) to make its solution a part of clinical workflow in modern mental health care facilities. CogApps uses AI-controlled mental health monitoring tools that use voice tone and contextual analysis to analyze tone and emotional state. User data is not stored but instantly deleted after the analysis and all storage and data solutions are HIPAA and GDPR-compliant.

Upon the completion of the spin-off, CogApps will trade as a separate publicly traded company in order to capitalize on several potential acquisitions that have been under review, as well as the funding to support growth. This is one of many planned initiatives to continue to build shareholder value and growth. Life Clips will release continued updates as the process moves forward, including the Record Date and percentage of CogApps to be distributed.

CogApps intends to file a registration statement with the Securities and Exchange Commission for the distribution of shares of CogApps to Life Clips shareholders.