Life Clips Updates Shareholders on Letter of Intent to Acquire Global Sourcing Provider Ascenda

AVENTURA, Fla., June 08, 2017 (GLOBE NEWSWIRE) — Life Clips, Inc. (OTCQB:LCLP) (the “Company”) a designer and seller of mobile accessories, and provider of global sourcing and sales and marketing services, announced today additional details of the International Trading Company it plans to acquire.  Life Clips has entered in to a Letter of Intent to purchase the shares of Ascenda’s Global Sourcing Business, which will include Ascenda’s existing business, clients, executive management and goodwill. Ascenda operates around the world with a network of hundreds of factories, logistics and supply chain suppliers. Ascenda generated over $6M in revenue for 2016 and currently has over 30 active clients. Ascenda provides its clients with a direct import supply chain model called Speed Sourcing, which provides end to end sourcing at a fraction of the cost and time compared to traditional exporters and export service providers. These services include design, licensing, factory qualifications and negotiating, financial services, import and export, sales, and end to end supply chain services.

Ascenda Corporation has been in continuous trading operations for 17 years with bi-directional trading and import and export capabilities in China, Taiwan, Korea, Japan, Indonesia, Mexico, Brazil, Argentina, United Kingdom, United States, France, Spain, Germany, Italy, and Israel. Ascenda currently has offices in the U.S., China, Australia, Mexico and Spain. Ascenda’s original investors included The China Development Group, which was the largest investment banker in Taiwan, and Mr. Donald Ruan who has over 40 years of experience in global trade. Mr. Ruan has been involved in distributorships in Asia for E&J Gallo Winery, Mellita, Philco, Frigidaire, Zenith, Audio Research, GES/LLMO, Parker Hannifin, Hendrickson, Dana, TRW, Farr, CNH, J.I. Case, and Snap-On Tools among others. Following the closing, Mr. Ruan will remain as President and CEO of the Company’s Sourcing Operations along with his experienced team.

Mr. Ruan is a native of China and has managed the Ascenda operations in Shanghai since 2001. He has been an executive committee member, and is the founder and CEO of Seller. Mr. Ruan has extensive experience running consumer electronics manufacturing companies having served as CEO of ProView Technology, KDS, Waffer, MAG Innovision, and CTX International. He served on the Board of Directors of Waffer Tech, which is the world’s largest magnesium injection molder, ARC United and MAG Innovision. He has also served as a partner in Unico International and as an Executive VP at Taiwan and Hong Kong Trading Co, which is the largest government subsidized trading firm in Taiwan. He has also served as Chief Resident Representative in Shanghai for China Development Financial Holdings Corporation, an arm of the China Development Group’s investment bank in Asia.

The terms of the agreement have not been met and we are still under a letter of intent. We anticipate the terms of the agreement will be met in the near future. Additional information about Ascenda can be found on their website at http://www.ascenda.biz.

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,” “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. All distribution agreements call for minimum quarterly quotas. There is a risk that the distributor will not meet these quarterly quotas. In the event the quotas are not met the agreements are in breech which could void the agreement. Therefore the dollar volumes may not be attained.

CONTACT: CONTACT INFORMATION:

For Business, Marketing and Sales
Huey Long
Chief Executive Officer
[email protected]

Life Clips Investor Relations
David Kugelman
Atlanta Capital Partners, LLC
(404) 856-9157
(866) 692-6847 Toll Free - U.S. And Canada
[email protected]

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