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Lifeist Wellness Reviews Annual General Meeting Results
Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B0) (OTCMKTS: LFSWF), a leading health-tech entity dedicated to advancing human wellness through science and technology, recently concluded its Annual General and Special Meeting (AGSM) of shareholders. This event served as an essential platform for the Company to communicate significant updates and decisions made in the interest of its stakeholders.
Shareholders Participation and Key Votes
At the AGSM, an impressive 13,837,781 common shares, which constitutes 39.92% of the total voting shares, were represented either in person or by proxy. The shareholders showed overwhelming support for all discussed agenda items. Here are the notable resolutions passed during the meeting:
Board of Directors Elections
Shareholders voted to elect the four nominees to the Company’s Board of Directors. The elected members include Meni Morim, Laurens Feenstra, Branden Spikes, and John Sinclair, who will serve diligently in the coming year.
Appointment of Auditor
The Company appointed Clearhouse LLP, Chartered Public Accountants as its auditor. They will provide their services until the next annual shareholder meeting or until a successor is appointed, at a fee determined by the Board.
Stock Option Plan Approval
Lifeist received necessary yearly shareholder approval to continue utilizing the Amended and Restated Stock Option Plan in line with TSXV regulations. This approval underscores the commitment of shareholders toward innovative compensation practices.
Strategic Sale of CannMart Inc.
In a significant move, shareholders approved the special resolution regarding the sale of the Company’s wholly-owned subsidiary, CannMart Inc. The resolution met the super majority requirement, with over 93% voting in favor of the sale to Simply Solventless Concentrates Ltd. (“SSC”). This transaction, as outlined in a previous press release, is expected to close imminently, marking a pivotal step in the Company’s strategic direction.
Message from the CEO
Meni Morim, CEO of Lifeist Wellness, expressed sincere gratitude to the shareholders for their robust support concerning the business items, particularly the CannMart Inc. divestiture. Morim emphasized that this sale represents a transformative milestone, allowing Lifeist to dedicate its resources towards elevating Mikra, a burgeoning health and wellness brand, with a focus on science-backed, natural ingredients. Morim 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. stands at the forefront of the evolving wellness landscape post-pandemic. The Company aims at enhancing human wellness through innovative applications of science and technology. Its key business units include Mikra, which concentrates on cellular health and wellness products, and CannMart, a B2B provider facilitating recreational cannabis sales. Lifeist is committed to expanding its influence in the health sector through innovative solutions that address modern consumer needs.
Frequently Asked Questions
What were the key outcomes of the Lifeist AGSM?
The AGSM highlighted the election of board members, auditor appointment, 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 anticipated to be transformative, allowing Lifeist to focus fully on its growth strategy for Mikra, enhancing overall value for shareholders.
How will the appointment of auditors benefit the company?
The appointment of Clearhouse LLP ensures continued quality auditing, aiding in compliance and fostering trust among investors.
What is Mikra's role in Lifeist's strategy?
Mikra focuses on developing health-focused products utilizing science-driven, nature-based ingredients, aligning with Lifeist's commitment to innovation in wellness.
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