15:57:37 EDT Sat 22 Jun 2024
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Lifeist Wellness Inc
Symbol LFST
Shares Issued 581,734,420
Close 2024-03-07 C$ 0.01
Market Cap C$ 5,817,344
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Lifeist Wellness receives import licence in Australia

2024-03-08 09:20 ET - News Release

Mr. Meni Morim reports


Lifeist Wellness Inc.'s wholly owned subsidiary, Australian Vaporizers Pty. Ltd., is among the first companies in Australia to be granted a therapeutic goods administration (TGA) import licence for aromatherapy vaporizer devices.

"As a leading Australian on-line supplier of aromatherapy products, being granted this TGA import license improves our competitive advantage even further," said Meni Morim, chief executive officer of Lifeist. "This milestone reflects our unwavering commitment to consumer safety and the highest-quality standards. Aussie Vapes has an important role to play and we wholeheartedly support the TGA's initiatives to reduce nicotine product misuse by minors. We will continue to actively participate in this evolving conversation and anticipate contributing valuable insights that can help shape future policy."

The TGA is Australia's regulatory authority for therapeutic goods, which includes aromatherapy vaporizer devices. It works to protect and promote public health and safety by assessing and monitoring the quality, safety and performance of therapeutic goods sold in Australia. The TGA recently introduced regulations to address concerns related to the misuse of nicotine vaping devices by minors and, as of March 1, 2024, began requiring a special import licence for entities seeking to import such devices for sale. Aussie Vapes was granted one of the first such licences before the deadline.

As an established market leader in Australia, Aussie Vapes recognizes that navigating the aromatherapy vaporizer import licence application process presents a complicated challenge for smaller participants in the space. TGA regulations demand meticulous attention to detail, comprehensive and current documentation, and a clear understanding of rapidly evolving new industry requirements. The regulatory framework is necessarily strict and the application process can be time consuming, requiring a substantial investment of time and resources.

In light of those facts and with an eye toward the future, Aussie Vapes is pleased to report the formation of its new B2B (business to business) subsidiary, Wholesale Vaporizers. As the new market landscape for these devices continues to evolve in Australia, Aussie Vapes will take a leading role in exploring ways to use the company's import licence to help support smaller retailers in a fully regulatorily compliant and transparent fashion.

Aussie Vapes fully supports the TGA in their efforts to restrict and reduce the abuse of nicotine products by minors and looks forward to opportunities for comment and contribution to future policy making to further refine the mechanisms by which to best achieve those goals. It is actively engaged with industry associations as part of a strategic initiative to foster stronger relationships with regulators and actively contribute to the continued formulation of effective regulations in the future. By participating in industry associations, Aussie Vapes can be at the forefront of discussions, offering insights and expertise that contribute to the development of balanced and informed regulatory frameworks.

The company looks forward to a promising 2024 of exploring new opportunities and continuing to bring the highest standards of service and customer satisfaction to the Australian market with our relentless commitment to discerning quality at a competitive price.

The company also reports it has amended its consulting agreement with Singular Narrative Management Ltd. for the continued 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, originally announced on June 30, 2023. The amended agreement is effective as of Feb. 1, 2024, and only changes the compensation payable to Singular which remains payable in securities of the company reflecting Singular's substantial time commitment and dedication in providing the services.

Pursuant to the agreement, Lifeist shall pay a monthly fee of $40,000 to Singular for the provisions of the services, after such services have been provided in the particular month, to be satisfied in common shares of the company and common share purchase warrants, with the number of (i) shares issuable to Singular determined by dividing $30,000 by the five-day volume-weighted average price (VWAP) for the last five days of the month in which the services are provided and (ii) warrants issuable to Singular determined by dividing $10,000 by such VWAP. 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 term of the amended agreement is for an additional of six months and may be terminated by either party with 30-days of prior notice and is automatically renewable thereafter for additional one-month periods unless otherwise terminated by either party.

The agreement and payment thereunder which constitutes a shares for services transaction under the policies of the TSX Venture Exchange has received the conditional acceptance of the TSX Venture Exchange but the issuances of securities remain subject to the final acceptance of the TSX Venture Exchange.

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.

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