Life Clips, Inc. (OTCPK:LCLP) entered into an agreement to acquire Belfrics Malaysia Sdn Bhd on July 7, 2021. Under the terms of the transaction, Life Clips will issue LCLP Series C preferred shares and up to an additional $15 million of Series C preferred stock upon obtaining the milestones. The final number of shares issuable upon closing is subject to adjustment prior to closing. All shares issuable pursuant to the acquisition will be restricted securities subject to statutory resale restrictions. Life Clips will use $10 million as equity investment. Belfrics Chief Executive Officer and Founder, Praveen Kumar, will remain the Chief Executive Officer of Belfrics, while Robert Grinberg will serve as Chief Executive Officer of Life Clips. The Belfrics Group acquisition is expected to close in the second quarter. The transaction is expected to close on or before July 30, 2021. Jonathan D Leinwand P A acted as a legal advisor to Life Clips.

Life Clips, Inc. (OTCPK:LCLP) completed the acquisition of Belfrics Malaysia Sdn Bhd for $41.8 million on August 25, 2021. Under the terms of the transaction, Life Clips issued 2 million of LCLP Series C preferred shares of $26 million and up to an additional 1.5 million of Series C preferred stock for $15.8 million upon obtaining the milestones. The cash acquired was $0.07 million. Post-closing, Belfrics Malaysia Sdn Bhd became a wholly owned subsidiary of Life Clips, Inc. The principal of the Belfrics Entities has the right to be appointed to the Board. The Board of Life Clips consists of three people: Robert Grinberg, Victoria Rudman, and Charles Adelson. However, the original Board of Directors remains in place post-acquisition. Robert Grinberg remains Chief Executive Officer and Victoria Rudman remains Chief Financial Officer. None of the Belfrics' principals became an executive officer of the parent company.