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