14:08:00 EDT Sat 22 Jun 2024
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Lifeist Wellness Inc
Symbol LFST
Shares Issued 581,734,420
Close 2024-03-08 C$ 0.005
Market Cap C$ 2,908,672
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Lifeist Wellness CEO Morim to step down

2024-03-11 09:52 ET - Shareholders Letter

Mr. Branden Spikes reports


Lifeist Wellness Inc. has provided the following update.

My fellow shareholders,

As Lifeist prepares for a truly transformative year, we have received meaningful feedback from shareholders regarding the strategic focus of Lifeist going forward, its compensation structure and incentivization of management, and the value that fresh insights and approaches might bring to Lifeist's core businesses.

At this time, Meni Morim wishes to announce his intent to step down as chief executive officer of Lifeist after the board of directors, led by Branden Spikes, has completed its executive search and appointed a new CEO to assume leadership of Lifeist. Until a new CEO has been selected, Mr. Morim has agreed to remain and will continue to serve as CEO, at reduced compensation, to keep the operating subsidiaries on track through the strategic pivot to increase focus on Mikra Cellular Sciences and Aussie Vapes.

Furthermore, the members of the board of directors has also individually agreed to reduce their own compensation in order to cut costs and improve cash flow for Lifeist in this pivotal year.

We are more confident than ever in Lifeist's road map to cash flow positivity and profitability. Initiatives presently under way at its operating subsidiaries hold great promise for the realization of shareholder value, and we look forward very much to reaching new milestones in 2024.

On behalf of the board of directors

Mr. Spikes, chairman of the board

Lifeist Wellness

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