TORONTO, March 03, 2022 (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 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.
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:
Lifeist Wellness Inc.
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Matt Chesler, CFA, Investor Relations
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.