Life Clips (OTCQB:LCLP) has announced it has entered into a royalty-free non-exclusive one-year contract with a distributor to sell Mobeego products in Japan.
As quoted in the press release:
The contract grants the Distributor the non-transferable right to promote, market and resell Mobeego products and will be automatically renewed for one additional year, provided the Distributor has performed all of its commitments and obligations. The terms of the contract require the Distributor to pay 50% of each accepted order in advance and 50% on delivery.
There were over 55 Million smartphone users in Japan at the end of 2016. According to an October 3, 2016 report published by Allied Market Research, the global mobile phone accessories market is expected to reach $107.3 billion by 2022. Market growth is expected to be boosted by the rise in sales of smartphones and increase in Internet penetration, popularity of apps, social networking websites, and customers increasing need for convenience, which can be delivered with mobile accessories such as power banks, headphones and cases and other accessories.
Huey Long, Life Clips President and Chief Executive Officer, said, “We are proud to enter the Japanese market where commuting is a daily way of life for people going to work, school and performing other activities. Even children in the early grades of elementary school commute.” Mr. Long continued, “Accessing a place to charge your Smartphone can be a challenge and Mobeego is a solution to the problem. Our Mobeego one time use charger is an affordable single use, cordless battery that provides an instant shot of power for smartphones so our customers can stay mobile whenever and wherever they go. Once the battery is depleted, it can be recycled, or disposed of, and the user can simply buy a replacement battery.