Life Clips, Inc. Subsidiary Cognitive Apps Signs LOI to License Yuru Technology to Belfrics BT

AVENTURA, Fla., April 28, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced that its subsidiary Cognitive Apps Software has signed a Letter of Intent (LOI) to license its Yuru software to Malaysian based BelfricsBT for use in its products in the Southeast Asian market. BelfricsBT provides a diverse mix of Blockchain related services, including Blockchain powered smart contracts and crypto exchange software, as well as custom solutions.

Cognitive Apps is the creator of the popular Yuru 3-in-1 tool for understanding and managing mental health. The Company recently announced a successful launch of Yuru on Apple‘s App Store. Yuru was developed by a team of licensed psychotherapists as a personal mental health monitor that screens early signs of mental health conditions, such as stress and depression. With a 10 second voice recording Yuru utilizes vocal biomarkers to recognize an individual’s current emotional state and mood. Yuru is considered by many to be an innovative application in the field of psychological assistance, since it allows individuals to track their mental health while providing them with extensive knowledge about human development and the psychology of everyday life.

Cognitive Apps is targeting employee mental health in the next phase of its rollout of Yuru. Major employers like SAP North America, a global enterprise software company are focusing on the trend toward increased employee mental health. SAP recently announced its first-ever Global Mental Health Day, giving all of its more than 100,000 employees a mandatory day off to help them recharge and balance priorities. The digital mental health space was growing rapidly before the COVID-19 pandemic, but stress and anxiety created by the pandemic have increased demand for virtual behavioral health services.

According to a recent report by Acumen Research and Consulting titled “Mental Health App Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”, the Global Mental Health App Market is expected to grow at a CAGR of around 24.2% from 2020 to 2027 and reach the market value of over US$ 3.7 billion by 2027. The report says the global mental health app market is estimated to gain potential growth over the forecast period from 2020 to 2027 due to increasing awareness about the importance of mental health among people across the globe. Mental health apps are designed to shape up the mood of the user, additionally, these apps let users connect with the licensed mental health professional and peers who can understand what they are going through. These apps also contain lots of information about mental health that helps its users to understand better about their condition. Social stigma for mental health in some regions prevents patients from visiting the concerned organization or professional additionally bolstering the number of mental health apps downloads.ⁱ