Mr. Stan Lis reports
LEANLIFE INC. UPDATES STAKEHOLDERS ON ONGOING ADVANCEMENTS
TO ITS ACCOUNTING PROCESSES
LeanLife Health Inc. has provided updates on the continuing progress in its accounting and auditing processes.
Over the recent months, the LeanLife team has been working hard to prepare its 2021 and 2022 financial
statements in anticipation of its 2021 and 2022 year-end audit. LeanLife has demonstrated its
commitment to transparency and co-operation with its auditor. Importantly, no regulatory actions have
been taken against the company.
Looking ahead, LeanLife is scheduled to recommence its interaction with the auditor in mid-August to
initiate the 2021 and 2022 fiscal year-end auditing procedures. Rest assured, the LeanLife accounting
team has painstakingly arranged all necessary paperwork to ensure a smooth auditing process.
LeanLife will continue to focus on making necessary updates and achieving compliance in the
forthcoming months. As it prepares its quarterly filings for 2021 and 2022, which will occur in the
coming months, it also looks forward to progressing the audit process efficiently.
The timeline for completing the audit is influenced by various elements, with the efficiency of the audit
process being paramount. The process has proved somewhat atypical and more intricate and time-consuming than usual. In response, strategies are being evaluated to ensure a smoother and quicker
execution of tasks.
Following the audit, the focus will shift to the relisting process with the Canadian Securities Exchange, which calls for
comprehensive information about directors, executives and other relevant details. The documentation
required by the CSE is already in the works. The objective is to wrap up all these proceedings by late
winter or early in the new year. However, this timeline is an approximation and might require adjustments
in the face of unforeseen challenges. Despite this, optimism remains high within the team, and progress
is being made quickly and steadily.
It is crucial to acknowledge that despite numerous challenges and hurdles, the company has continued
to identify entry to market for its retail brands. In the face of delays, complications and extensive reviews,
alongside the additional burden on company resources, LeanLife has managed to navigate these obstacles
adeptly.
As of today, the company continues to be subject to a cease trade order and is working diligently to
complete the annual financial statements for the fiscal year ended Oct. 31, 2021, and the fiscal year
ended Oct. 31, 2022.
About LeanLife Health Inc.
LeanLife's products are shelf-stable extractions from flaxseed, a plentiful plant-based source of omega-3, that gives them a significant advantage as a fortified food ingredient. The products can be used as food
additives or as nutraceuticals. They have been used to make bread, noodles, cheese, yogurt, juice and
milk products for the European market. LeanLife's industry-leading and proprietary omega-3
product formulations are of the highest quality and contain no cholesterol. Products are available in oil,
emulsion and powder forms.
We seek Safe Harbor.
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