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Boston, MA, Feb. 28, 2024 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX) ("MiniLuxe" or the "Company") announces today its intention to commence a normal course issuer bid through the facilities of the TSX Venture Exchange (the "TSXV") to repurchase, for cancellation, up to 2,800,000 Class A subordinate voting shares of the Company, representing approximately 5% of the Company's presently issued and outstanding Class A subordinate voting shares (the "NCIB"). The NCIB remains subject to the final approval of the TSXV.

The NCIB will commence on March 6, 2024 and will terminate upon the earliest of (i) the Company purchasing 2,800,000 Class A subordinate voting shares, (ii) the Company providing notice of termination of the NCIB, and (iii) March 6, 2025. Under the NCIB, the Company may not acquire more than 2% of its issued and outstanding subordinate voting shares in any 30-day period.

The Company believes that, from time to time, the market price of its Class A subordinate voting shares does not adequately reflect the Company's underlying value and prospects and that, at such times, the purchase of the Company's Class A subordinate voting shares represents an appropriate use of the Company's financial resources and will enhance shareholder value.

The Company has engaged Canaccord Genuity Corp. to act as its broker for the NCIB (the "Broker"). The NCIB will be made through the facilities of the TSXV and the purchase and payment for the Class A subordinate voting shares will be made from the Company's existing working capital at the market price of the applicable securities at the time of acquisition, plus brokerage fees, if any, charged by the Broker. All Class A subordinate voting shares purchased by the Company under the NCIB will be cancelled.

In connection with the NCIB, the Company has entered into an automatic purchase plan ("APP") with the Broker as the designated broker. The APP provides a set of standard instructions to the Broker to make purchases under the NCIB in accordance with the limits and other terms set out in the APP. The Broker will determine the timing of these purchases in its sole discretion based on purchasing parameters set by the Company and subject to the policies of the TSXV, applicable securities laws and the terms of the APP.

To the Company's knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any securities to the Company during the course of the NCIB. The Company completed a normal course issuer bid on September 20, 2023, under which the Company purchased 63,500 Class A subordinate voting shares at an average price of $0.444 per share, for an aggregate purchase price of $28,213.

A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV in respect of the NCIB can be obtained from the Company upon request without charge.

About MiniLuxe

MiniLuxe, a Delaware corporation based in Boston, Massachusetts. Miniluxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high-quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company's owned-and-operated studio services. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe's aims to radically transform a highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences. For its clients, MiniLuxe offers best-in-class self-care services and better-for-you products, and for nail care and beauty professionals, MiniLuxe seeks to become the employer of choice. In addition to creating long-term durable economic returns for our stakeholders, the brand seeks to positively impact and empower one of the most diverse and largest hourly worker segments through professional development and certification, economic mobility, and company ownership opportunities (e.g., equity participation and future franchise opportunities). Since its inception, MiniLuxe has performed over 3.5 million services.

For further information

Christine Mastrangelo
Corporate Secretary and Investor Relations, MiniLuxe Holding Corp.
cmastrangelo@miniluxe.com
miniluxe.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.