03:41:55 EDT Fri 21 Jun 2024
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or Name

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Lifeist Wellness Inc
Symbol LFST
Shares Issued 460,758,328
Close 2023-06-30 C$ 0.03
Market Cap C$ 13,822,750
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Lifeist hires Singular for brand marketing services

2023-06-30 20:09 ET - News Release

Mr. Meni Morim reports


Lifeist Wellness Inc. has entered into a consulting agreement with Singular Narrative Management Ltd., 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 agreement is for an initial term of six months, 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, chief executive officer 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 of the company and common share purchase warrants, with the number of shares and warrants issuable to Singular calculated based on dividing $20,000 by the five-day volume-weighted average price (WVAP) of the shares for the last five 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 TSX Venture Exchange) on the trading day prior to the date of issuance of the warrants and five cents, and the warrants expire five years from the date of issuance.

The agreement and payment thereunder which constitute a shares-for-service transaction under the policies of the TSX-V have received the conditional acceptance of the TSX-V but remain subject to the final acceptance of the TSX-V.

About Lifeist Wellness Inc.

Sitting at the forefront of the postpandemic 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 business-to-business 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 on-line retailers of vaporizers and accessories; and Mikra, a bioscience and consumer wellness company developing and selling innovative therapies for cellular health.

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