Life Clips Inc (OTCMKTS:LCLP) shares rose 1.35% to $0.375 on Friday and were flat in after-hours trading. The company has a market cap of $20 million at 53.33 million shares outstanding. Share prices have been trading in a 52-week range of $0.11 to $0.76.
Life Clips Inc is a company that develops and manufactures action cameras, aiming to revolutionize the way people capture, manage, enjoy, and charge the devices that share life’s moments. The company’s products are aimed at families, action enthusiasts, and vacationers, encouraging these users to gain the most out of their video experience with features such as live streaming and having two cameras with pivoting lenses.
In a recent press release, Life Clips Inc announced that it has closed on a distribution deal for Mobeego products in Chile through independent Chilean distributor Jorge Guinguis. This agreement requires a minimum annual quota purchase of 100,000 units, amounting to a total value of $170,000.
Prior to this, the company was already able to close a couple of international distribution agreements in Spain and Portugal, adding up to an estimated $700,000. This was followed by an international distribution agreement in Brazil for 500,000 units or a total of $800,000. All in all, these agreements round up to $1,670,000 in annual amounts for August alone.
Sometimes you have to let your results do the talking. These international distribution agreements are just the start as we pursue distribution in other countries & continue to push distribution within the USA,” said Life Clips Inc CEO Bob Gruder.
These Mobeego units were launched in November last year and is already available in 16 different countries. Sales have reached 450,000 units so far. This product is a one-time use wireless, disposable and recyclable battery that plugs directly into one’s mobile device, iPad, or action camera.
Earlier in the month, Life Clips Inc announced that it has successfully filed their S-1 Registration to raise up to $7.8 million required to be listed on the Nasdaq possibly later this year or early next year.
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