CHARLOTTE, N.C., May 18, 2016 (GLOBE NEWSWIRE) -- Life Clips, Inc. (LCLP), an innovative brand of products revolutionizing the way people capture, manage, enjoy, and share life's moments, today announced the Company has obtained an agreement for purchase order financing in the form of a $500,000 revolving credit facility. The credit facility is non-dilutive and involves no debt or equity. The revolver carries a fixed interest rate.
The credit revolver has been secured specifically to obtain the necessary and non-dilutive capital to fulfill purchase orders from big box retail chains. The Company already believes it has the ability to fulfill initial inventory demands for the small chains or individual retail stores. The credit revolver allows the Company to initially finance larger orders.
CEO Bob Gruder said, “This credit revolver will put Life Clips in a strong position to be able to deliver on orders that we may obtain from big box retail chains for the Mobeego and SoloVu™ products. Carrying a fixed interest rate, this facility will assist the Company with the necessary capital to hopefully allow us to meet our business goals and plans while maintaining shareholder’s interests.”
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,” “intend,” “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.
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