Lifeist Announces Common Share Consolidation

TORONTO, April 30, 2024 (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 ventures that transform human wellness, today announced that its Board of Directors has approved the consolidation of its common shares on the basis of a ratio of one (1) post-consolidation common share for every twenty (20) pre-consolidation common shares, subject to TSX-V approval (the “Consolidation”). Neither the Company’s name nor its trading symbol will change in connection with the Consolidation. The Consolidation was approved by the Company's shareholders at the annual and special meeting held on March 14, 2024 (the “AGSM”). Further details about the Consolidation can be found in the Company’s management information circular dated February 2, 2024 (the “Circular”) distributed to shareholders in connection with the AGSM, a copy of which is available on SEDAR+ at www.sedarplus.ca.

As stated in the Circular for the AGSM, management is of the view that the current share structure of the Company makes it difficult or impossible for the Company to attract business opportunities or any additional equity financing that may be required by the Company. Management is of the opinion that the Consolidation will increase its flexibility and present additional opportunities with respect to potential business transactions, including any equity financing.

Currently, there are 594,087,243 common shares issued and outstanding, and after the Consolidation is effective there will be approximately 29,704,362 common shares issued and outstanding. No fractional shares will be issued as a result of the Consolidation. Instead, any fractional share interest of 0.5 or higher arising from the Consolidation will be rounded up to one whole share, and any fractional share interest of less than 0.5 will be cancelled without further compensation.

The Company will issue a future news release announcing the effective date of the Consolidation and its new CUSIP and ISIN numbers.

Registered shareholders of the Company that hold their shares in certificated form will receive a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., with instructions for exchanging their pre-consolidation shares for post-consolidation shares. Shareholders who hold their shares in DRS or through a broker or other intermediary will not need to complete a letter of transmittal.