TORONTO, May 10, 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, further to its news release dated April 30, 2024, the TSX Venture Exchange (the "Exchange") has approved the consolidation of the Company's issued and outstanding common shares on the basis of one (1) post-consolidation common share for every twenty (20) pre-consolidation common shares (the "Consolidation"). The Consolidation will be effective at the opening of the market on Tuesday, May 21, 2024. The Consolidation was approved by the Company's shareholders at the annual and special meeting held on March 14, 2024.

The Company's name and trading symbol will remain unchanged following the Consolidation. The new CUSIP number will be 53228D205 and the new ISIN number will be CA53228D2059 for the post-Consolidation common shares. The Company currently has 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.

A letter of transmittal from the Company's transfer agent, Computershare, will be sent to registered shareholders. Shareholders who hold their shares in brokerage accounts are not required to take any action to effect an exchange of their common shares.

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.

Information on Lifeist and its businesses can be accessed through the links below:

Contact:
Meni Morim
CEO
Lifeist Wellness Inc.
Ph: 647-362-0390
Email: ir@lifeist.com

Neither the 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 or has in any way approved or disapproved of the contents of this press release.

Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen.

The forward-looking information contained herein, including, without limitation, statements related to the Consolidation are made as of the date of this news release and are based on assumptions management believed to be reasonable at the time such statements were made, including without limitation, the Consolidation can be effected on the stated date, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. Such factors include, without limitation: unforeseen circumstances that would prevent the Company from completing the Consolidation on the effective date, if at all, the Consolidation failing to achieve its intended benefits, the Company's failure to develop its businesses as anticipated and risks relating to the Company's ability to execute its business strategy and the benefits realizable therefrom. Additional risk factors can also be found in the Company's current MD&A filed under the Company's SEDAR+ profile at . Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Source: Lifeist Wellness Inc.