Lifeist Wellness Reviews Results from Annual General Meeting
Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B0) (OTCMKTS: LFSWF), a prominent health-tech company dedicated to enhancing human wellness through scientific advancements and technology, has recently wrapped up its Annual General and Special Meeting (AGSM) of shareholders. This meeting provided a crucial opportunity for the Company to share important updates and decisions made for the benefit of its stakeholders.
Shareholder Participation and Key Votes
During the AGSM, a total of 13,837,781 common shares were represented, either in person or by proxy, which accounts for 39.92% of the total voting shares. The shareholders demonstrated strong backing for all agenda items discussed. Below are the key resolutions that were approved during the meeting:
Board of Directors Elections
Shareholders cast their votes to elect four nominees to the Company’s Board of Directors. The newly elected members are Meni Morim, Laurens Feenstra, Branden Spikes, and John Sinclair, who will serve with dedication over the coming year.
Appointment of Auditor
The Company has appointed Clearhouse LLP, Chartered Public Accountants, as its auditor. They will provide auditing services until the next annual shareholder meeting or until a successor is named, with their fees to be determined by the Board.
Approval of Stock Option Plan
Lifeist received the necessary annual approval from shareholders to continue using the Amended and Restated Stock Option Plan, in accordance with TSXV regulations. This approval highlights shareholders' commitment to innovative compensation strategies.
Strategic Sale of CannMart Inc.
In a significant decision, shareholders approved a special resolution regarding the sale of the Company’s wholly-owned subsidiary, CannMart Inc. The resolution achieved the super majority requirement, with over 93% of votes cast in favor of the sale to Simply Solventless Concentrates Ltd. (“SSC”). As detailed in a prior press release, this transaction is expected to close soon, marking a crucial step in the Company’s strategic evolution.
Message from the CEO
Meni Morim, the CEO of Lifeist Wellness, expressed heartfelt thanks to the shareholders for their strong support on the business matters, particularly the divestiture of CannMart Inc. Morim noted that this sale signifies a transformative milestone, enabling Lifeist to focus its resources on elevating Mikra, a growing health and wellness brand that emphasizes science-based, natural ingredients. He is optimistic about the future, stating, "We are excited to journey forward in transforming human wellness and delivering exceptional value to our shareholders."
About Lifeist Wellness Inc.
Lifeist Wellness Inc. is at the forefront of the evolving wellness landscape in the post-pandemic world. The Company is dedicated to improving human wellness through innovative applications of science and technology. Its primary business units include Mikra, which focuses on cellular health and wellness products, and CannMart, a B2B provider that facilitates recreational cannabis sales. Lifeist is committed to expanding its impact in the health sector by providing innovative solutions that meet modern consumer needs.
Frequently Asked Questions
What were the key outcomes of the Lifeist AGSM?
The AGSM highlighted the election of board members, the appointment of an auditor, the approval of the stock option plan, and the significant sale of CannMart Inc.
Who were elected to the Board of Directors?
The elected members included Meni Morim, Laurens Feenstra, Branden Spikes, and John Sinclair.
What is the significance of the CannMart Inc. sale?
The sale is expected to be transformative, allowing Lifeist to focus entirely on its growth strategy for Mikra, thereby enhancing overall shareholder value.
How will the appointment of auditors benefit the company?
The appointment of Clearhouse LLP ensures high-quality auditing, which aids in compliance and builds trust among investors.
What is Mikra's role in Lifeist's strategy?
Mikra is focused on developing health-oriented products that utilize science-driven, nature-based ingredients, aligning with Lifeist's commitment to innovation in wellness.
