Life Clips, Inc. entered into a letter of intent to acquire Cognitive Apps Software Solutions Inc., a developer of artificial intelligence (AI) applications for the health care industry and psychedelic research. The acquisition is expected to close in the second quarter of 2021. The financial terms were not disclosed.
Cognitive Apps provides an AI powered mental health analytics platform empowering businesses to measure, understand, and improve mental well-being of their employees and consumers with easy to use tools. The Cognitive Apps assessment is fast and easy to administer. The consumer 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. Cognitive Apps currently has partnerships with Ehave Mycotopia, Biomedican, Welmind EMR, Betterhelp, Belshare, and Movefit.
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.
Life Clips, Inc. was incorporated in Wyoming on March 20, 2013 as Blue Sky Media Corporation and its principal business was developing, financing, producing and distributing motion pictures and related entertainment products. Following the company’s October 2, 2015 acquisition of Klear Kapture, Inc. the company continued Klear Kapture’s business of developing a body camera and an auditable software solution suitable for use by law enforcement.
On November 3, 2015, the company changed its name to Life Clips, Inc. to better reflect its business operations at the time. On July 11, 2016, the company acquired Batterfly Energy Ltd. an Israel-based corporation that develops and distributes a single-use, cordless battery under the brand name Mobeego for use with cellular phones and other mobile devices. By acquiring Cognitive Apps Software Solutions Inc., Life Clips seeks to become a digital medicine company capable of disrupting the way data is captured and measured for various mental health disorders in modern health care.
This was reported by Life Clips on February 24, 2021.
Contact information: Gabriel P. Rodriguez, Investor Relations, LifeClips, Inc., 18851 NE 29th Ave., Suite 700 PMB# 348, Aventura, FL 33180; 623-261-9046; Email: firstname.lastname@example.org; Website: https://lifeclips.com/