TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), a health-tech company that leverages advancements in science and technology to enable you to find your path to wellness, today provided a corporate update including on its 2021 Annual General Meeting of Shareholders (“AGM”).
Annual General Meeting of Shareholders
Lifeist’s AGM was held on Tuesday November 30, 2021 at 9:00 a.m. ET at the DoubleTree Toronto Downtown Hotel. Shareholders approved the appointment of Baker Tilly WM LLP as the Company’s auditors, the ratification of the Company’s amended and restated stock option plan, and the re-election of four directors, namely Mr. Branden Spikes as Chairman of the Board, Mr. Baran Dilaver, Mr. Laurens Feenstra and Mr. Meni Morim, CEO of Lifeist, as well electing a new member, Ms. Barbara Boyd. Ms. Boyd is an accomplished global finance executive bringing more than 35 years of senior leadership experience with Diageo Plc, Pepsi Beverages Company and KPMG, where she proved adept at building and sustaining revenue and profit growth through innovation, new categories and consumer experiences.
The matters passed on at the AGM are fully described in the Management Information Circular, which is available on the Company’s website and under the Company’s SEDAR profile at www.sedar.com.
Upon completion of the formal items of the AGM’s agenda, Mr. Morim provided a general corporate update, including:
- the Company’s name change and evolution to wellness:
- expanding the total addressable market with the recent launch of a new biosciences and consumer wellness company Mikra, Cellular Sciences Inc. (“Mikra”)
- Mikra’s recently-announced collaboration with six-time MLB All-Star Jose Bautista, who is also joining the Company as an advisor and has made a direct equity investment in Lifeist
- Mikra’s upcoming first product seeks to become one of the world’s most potent bioactive compounds targeting cellular stress
- the Company’s Canadian cannabis portfolio:
- Lifeist’s cannabis business being distinguishable from both growers facing large inventory write downs and facility closures, and retailers facing a pricing race to the bottom
- CannMart Inc.’s (“CannMart”) growing business-to-business offering acting as intermediary for Canadian LPs and brands, including craft growers, and recreational consumers
- acknowledgement of the earlier delays faced at CannMart Labs Inc. (“Labs”), confirmation of commercialization of the first 2.0 consumer-focused products under in-house “Roilty” brand, and plans to increase and diversify the range of high-margin Roilty products to be produced at Labs
- the Company’s other portfolio assets:
- Australian Vaporizers, showing strong growth and emerging profitability this year as one of the country’s largest online suppliers of hardware and accessories
- Findify, the Company’s SaaS business, which is one of the world’s leading product search and discovery platforms, once again included by Shopify on its annual list of top certified apps by featuring it in the 2021 Shopify Plus Certified App Program.
Following the Company update, Mr. Morim answered a number of questions from shareholders attending in person and on-line as well as questions submitted by shareholders prior to the AGM. The Company wishes to put on record its gratitude to all shareholders that participated and confirm its commitment to deliver a health-tech company that leverages advancements in science and technology and increase shareholder value as a result.
Share Issuance Related to CannMart Labs
Lifeist intends to issue an aggregate of 2,830,882 common shares (issued at a deemed price of $0.0952, which is equal to the seven-day volume weighted average), without a hold period, as payment of the fourth tranche of the remaining base purchase price to the vendors under the share purchase agreement for the acquisition of the remaining 49% interest in Labs first announced on November 18, 2020. The issuance is considered to be a shares for debt transaction under the policies of the TSX Venture Exchange (the "TSX-V") and remains subject to TSX-V approval.
About Lifeist Wellness Inc.
Sitting at the forefront of the post-pandemic wellness revolution, Lifeist is a portfolio of wellness companies leveraging advancements in science and technology to enable individuals to find their personalized path to wellness. Portfolio business units include: CannMart, which operates a B2B wholesale distribution business facilitating recreational sales to Canadian provincial government control boards and the CannMart.com marketplace which provides Canadian medical customers with a diverse selection of cannabis products from a multitude of federally licensed cultivators and its U.S. customers with access to hemp-derived CBD and smoking accessories; Australian Vapes, the country’s largest online retailer of vaporizers and accessories; Findify, a leading AI-powered search and discovery platform; and Mikra, a biosciences and consumer wellness company seeking to develop innovative therapies for cellular health and recovery.
Information on Lifeist and its businesses can be accessed through the links below:
Lifeist Wellness Inc.
Meni Morim, CEO
Matt Chesler, CFA, Investor Relations
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.
The forward-looking information contained herein, including, without limitation, statements related to the expected development of Mikra’s first product and Lifeist’s plans to increase and diversify the range of high-margin Roilty products to be produced at Labs are made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including, without limitation, , expectations that the launch of Mikra and the introduction of new nutraceutical products and additional cannabis 2.0 products, including Roilty-branded products, will generate additional revenue, Lifeist’s beliefs regarding the expected demand for nutraceutical products and cannabis 2.0 products and the expected growth of those markets, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: unforeseen developments that would delay Mikra’s ability to develop its first nutraceutical product and/or Labs ability to produce additional Roilty-branded products, as anticipated and in a timely manner, the risk that the expected demand for nutraceutical products in general and those of the Company does not develop as anticipated, the risk that the expected demand for additional Roilty-branded products does not develop as anticipated, regulatory risk, risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom and risks specifically related to the Company’s operations. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Source: Lifeist Wellness Inc.
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