Lifeist Wellness to Release Fourth Quarter and Full Year 2021 Results on March 25, 2022
March 03 2022 - 7:30PM
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
build breakthrough companies that transform human wellness, today
announced that it intends to release its financial results for the
fiscal fourth quarter and full year ended November 30, 2021, on
Friday, March 25, 2022, before the market open.
In addition, the Company provided the following
corporate updates:
Share Issuance Related to CannMart Labs
Inc.
Lifeist intends to issue an aggregate of
3,481,912 common shares (issued at a deemed price of $0.0774, which
is equal to the seven-day volume weighted average per common share
for the trading period up to and including March 3, 2022), without
a hold period, as payment of the fifth tranche of the remaining
base purchase price to the vendors under the share purchase
agreement for the acquisition of CannMart Labs Inc. The issuance is
considered to be a shares-for-debt transaction under the policies
of the TSX-V and remains subject to TSX-V approval.
Australia Flooding
A major flooding event has occurred in
Queensland and New South Wales, Australia, resulting in property
damage and loss of life throughout the region and including in
Brisbane where the Company's wholly owned subsidiary Australian
Vaporizers Pty Limited ("AV") leases a warehouse facility.
Thankfully, the Company can report that all members of the AV team
are safe and accounted for, though the business did suffer partial
loss of inventory and is experiencing business interruption. Whilst
any disruption to any business is not welcome, the AV team is
working diligently to resume standard operations as soon as
possible and while the near-term impact is still being fully
quantified, the Company is confident in AV’s ability for a quick
and full recovery due to its superior customer service, high repeat
customer rate, and the measures already put into place to maintain
customer loyalty. Furthermore, AV will take this opportunity to
instigate initiatives to optimize operations and set future
foundations for continued growth by investigating expansion into
new premises.
"First and foremost, my heart goes out to all
those affected by the flooding," said Meni Morim, CEO of Lifeist.
“Unfortunate as it is, thanks to our amazing can-do team at AV,
this challenge also presents an opportunity to accelerate
improvement and growth. The AV team’s ‘build back better’
initiative will see the operation emerge better and stronger and
consolidate its position as one of Australia’s pre-eminent sellers
of vaporizers and smoking accessories.”
About Lifeist Wellness Inc.
Sitting at the forefront of the post-pandemic
wellness revolution, Lifeist leverages advancements in science and
technology to build breakthrough companies that transform human
wellness. Portfolio business units include: CannMart, which
operates a B2B wholesale distribution business facilitating
recreational cannabis sales to Canadian provincial government
control boards; CannMart Labs, a BHO extraction facility for the
production of high margin cannabis 2.0 products; the CannMart.com
marketplace, which provides U.S. customers with access to
hemp-derived CBD and smoking accessories; Australian Vapes,
Australia’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.
Information on Lifeist and its businesses can be
accessed through the links below:
www.lifeist.comwww.cannmart.comwww.australianvaporizers.com.auwww.wearemikra.com
Contacts
Lifeist Wellness Inc.Meni Morim, CEOMatt
Chesler, CFA, Investor RelationsPh: 647-362-0390Email:
ir@lifeist.com
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.
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
issuance of shares as payment for the fifth tranche of the
remaining base purchase price to the vendors under the share
purchase agreement for the acquisition of CannMart Labs Inc. and
the anticipated growth and improvement prospects of AV including
the potential expansion into new premises as a result of the
flooding, 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, its
ability to obtain TSX-V approval for the shares for debt
transaction and AV’s ability to quickly resume business activities,
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: the failure to
obtain the requisite approval of the TSX-V for the shares-for-debt
issuance, and the inability of AV to resume standard operations as
soon as possible or as anticipated, and AV’s inability to find new
adequate premises on economic terms, if at all. 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.
Source: Lifeist Wellness Inc.
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