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
ShareholdersLifeist’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
LabsLifeist 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:
www.lifeist.comwww.cannmart.comwww.everyonedoesit.co.ukwww.australianvaporizers.com.auwww.wearemikra.com
Contacts
Lifeist Wellness Inc.Meni Morim, CEOMatt
Chesler, CFA, Investor RelationsPh: 647-362-0390Email:
ir@lifeist.com
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.