TORONTO, June 30, 2023 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: LFSWF), a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, is pleased to announce that it has entered into a Consulting Agreement (the "Agreement") with Singular Narrative Management Ltd. ("Singular"), an arm's length party, for the provision of strategic business consulting, product development, and brand marketing services to the Company as well as other services that do not include investor relations or promotional activities (the “Services”). The Agreement is for an initial term of 6 months and may be terminated by either party with 30-days’ prior notice and is automatically renewable thereafter for additional one-month periods unless otherwise terminated by either party.
"Our agreement with Singular encompasses both existing product marketing efforts and the integration of new product introductions into the Lifeist product line this year,” said Meni Morim, CEO of Lifeist Wellness. “It is important to note that this is a performance-based arrangement with compensation in the form of restricted securities, aligning the interests of consultants with Lifeist and its shareholders. We also maintain the right to terminate the agreement if the direction, pace, or productivity of the relationship does not meet our expectations. This initiative reflects our commitment to driving results, improving profitability, and enhancing shareholder value."
Pursuant to the Agreement, the Company shall pay a monthly fee of $20,000 to Singular for the provisions of the Services, after such services have been provided, to be satisfied in common shares (“Shares”) of the Company and common share purchase warrants (“Warrants”), with the number of Shares and Warrants issuable to Singular calculated based on dividing $20,000 by the 5-day volume-weighted average price (“WVAP”) of the Shares for the last 5 trading days of each calendar month during which the Services are provided. The exercise price of the Warrants shall equal the greater of the “Market Price” (as defined in Policy 1.1 of the TSXV) on the trading day prior to the date of issuance of the Warrants and $0.05 and the Warrants expire 5 years from the date of issuance.
The Agreement and payment thereunder which constitutes a Shares for Services transaction under the policies of the TSXV has received the conditional acceptance of the TSXV but remains subject to the final acceptance of the TSXV.
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 including for CannMart Labs, a BHO extraction facility producing high margin cannabis 2.0 products; Australian Vapes, one of Australia’s largest online retailers of vaporizers and accessories; and Mikra, a biosciences and consumer wellness company developing and selling innovative therapies for cellular health.
Information on Lifeist and its businesses can be accessed through the links below:
www.lifeist.com
https://cannmart.com
https://www.roilty.co
https://wearemikra.com/
www.australianvaporizers.com.au
Contacts
Meni Morim, Lifeist Wellness Inc., CEO
Ph: 647-362-0390
Email: ir@lifeist.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events.
The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company’s goal to leverage advancements in science and technology to build breakthrough companies that transform and revolutionize human wellness; the proposed benefits, terms, and timeline with respect to Acquisition, including, the Acquisition marking a significant milestone for the Company’s expansion strategy, serving as another crucial step in establishing the Company as a leading health-tech company, aligning the Company’s core categories and further solidifies its position in the market, and representing a considerable opportunity for the Company to make material contributions to its topline and gross profit; CannMart’s anticipated focus on rapidly expanding and growing Zest’s market share in the markets CannMart currently serves; the anticipated sale of vapes to generate additional revenue streams for the Company through prospective royalty and licencing agreements; the anticipated benefits of the Zest brand and products to the Company, including, the seamless integration the brand and products with the Company and its affiliates, the accelerated growth in both top-line revenue and gross profit for the Company’s Cannabis division, and that growth can be achieved without the need for additional capital expenditure or operating expenses; the Company’s expectations that the Acquisition can continue to drive growth and achieve similar results to its Roilty brand; the Company’s focus on continuing its expansion with plans to increase the number of products available in Ontario to 14 by the end of Q3 2023; the Company’s plans to expand the geographical availability of Zest and new product lines for Zest as part of the Company’s commitment to delivering innovative and exceptional cannabis products to consumers nationwide; the Company’s current and future product offerings and number of SKUs available; the receipt of the TSXV’s approval, satisfaction of customary conditions of closing, and the completion of the Acquisition under the timeline stated, including the deposit and release of the Escrowed Shares pursuant to the terms of the escrow agreement.
Forward-looking information in this press release are based on certain assumptions and expected future events, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, and those assumptions and expected future events include, but are not limited to: the Company’s ability to leverage advancements in science and technology to build breakthrough companies that transform and revolutionize human wellness; the Company’s ability to realize upon the proposed benefits, terms, and timeline with respect to Acquisition, including, the Acquisition marking a significant milestone for the Company’s expansion strategy, serving as another crucial step in establishing the Company as a leading health-tech company, aligning the Company’s core categories and further solidifies its position in the market, and representing a considerable opportunity for the Company to make material contributions to its topline and gross profit; CannMart will continue to focus on rapidly expanding and growing Zest’s market share in the markets CannMart currently serves; the Company’s ability to capitalize upon the anticipated sale of vapes and generate additional revenue streams for the Company through prospective royalty and licencing agreements; the Company’s ability to realize upon the anticipated benefits of the Zest brand and products to the Company, including, the seamless integration the brand and products with the Company and its affiliates, the accelerated growth in both top-line revenue and gross profit for the Company’s Cannabis division, and that growth can be achieved without the need for additional capital expenditure or operating expenses; the Company’s ability to realize upon its expectations that the Acquisition will continue to drive growth and achieve similar results to its Roilty brand; the Company’s ability to focus on continuing its expansion and carry out its plans to increase the number of products available in Ontario to 14 by the end of Q3 2023; the Company’s ability to carry out its plans to expand the geographical availability of Zest and new product lines for Zest as part of the Company’s commitment to delivering innovative and exceptional cannabis products to consumers nationwide; the Company’s ability to maintain, develop, and expand its current and future product offerings and number of SKUs available; the Company’s ability to obtain receipt of the TSXV’s approval, satisfy of customary conditions of closing, and the complete of the Acquisition under the timeline stated, including the deposit and release of the Escrowed Shares pursuant to the terms of the escrow agreement.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to leverage advancements in science and technology to build breakthrough companies that transform and revolutionize human wellness; the Company’s inability to realize upon the proposed benefits, terms, and timeline with respect to Acquisition, including, the Acquisition marking a significant milestone for the Company’s expansion strategy, serving as another crucial step in establishing the Company as a leading health-tech company, aligning the Company’s core categories and further solidifies its position in the market, and representing a considerable opportunity for the Company to make material contributions to its topline and gross profit; CannMart’s inability to continue to focus on rapidly expanding and growing Zest’s market share in the markets CannMart currently serves; the Company’s inability to capitalize upon the anticipated sale of vapes and generate additional revenue streams for the Company through prospective royalty and licencing agreements; the Company’s inability to realize upon the anticipated benefits of the Zest brand and products to the Company, including, the seamless integration the brand and products with the Company and its affiliates, the accelerated growth in both top-line revenue and gross profit for the Company’s Cannabis division, and that growth can be achieved without the need for additional capital expenditure or operating expenses; the Company’s inability to realize upon its expectations that the Acquisition will continue to drive growth and its inability to achieve similar results to its Roilty brand; the Company’s inability to focus on continuing its expansion and carry out its plans to increase the number of products available in Ontario to 14 by the end of Q3 2023; the Company’s inability to carry out its plans to expand the geographical availability of Zest and new product lines for Zest as part of the Company’s commitment to delivering innovative and exceptional cannabis products to consumers nationwide; the Company’s inability to maintain, develop, and expand its current and future product offerings and number of SKUs available; the Company’s inability to obtain receipt of the TSXV’s approval, satisfy of customary conditions of closing, and the complete of the Acquisition under the timeline stated, including the deposit and release of the Escrowed Shares pursuant to the terms of the escrow agreement.
