Lifeist Reports First Quarter 2024 Financial Results - Seite 2

Balance Sheet and Cash Flow

Cash and cash equivalents were $1.6 million at February 29, 2024, compared to $1.5 million at November 30, 2023.

Inventories were $3.3 million at February 29, 2024 compared to $4.5 million at November 30, 2023.

The working capital position was negative $2.4 million at February 29, 2024.

Net cash provided by operations was $0.4 million in Q1 2024 compared to net cash provided by operations of $2.2 million in Q1 2023.

New CFO Appointed 

Lifeist also announces the appointment of Mr. Joshua Hone to the position of Chief Financial Officer (CFO) of the Company, effective April 30, 2024. Mr. Hone was promoted from his current position of Controller and is replacing Mr. John Sinclair, who took on the position of interim CFO in September 2023.

Mr. Hone is a Chartered Professional Accountant and brings over 14 years of progressive financial leadership to the Company with extensive experience working with multi-entity organizations across diverse industries. Mr. Hone is thoroughly qualified in financial planning, modeling and analysis, operations, reporting and regulatory compliance, and change management. Mr. Hone will focus his efforts on accelerating growth and forging a path to sustained profitability to create shareholder value.

The Board of Directors would like to thank Mr. Sinclair for his financial leadership and his many contributions as interim CFO of Lifeist. Mr. Sinclair will remain a member of the board of directors and chair of the Audit Committee.

Additional Information

The Company’s complete financial statements and management’s discussion & analysis (“MD&A”) for the three months ended February 29, 2024 are available on Lifeist’s website (www.lifeist.com) and SEDAR+ (www.sedarplus.ca).

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: Mikra, a biosciences and consumer wellness company developing and selling innovative products for cellular health; 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; and Australian Vapes, one of Australia’s largest online retailers of vaporizers and accessories.