TORONTO, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Lifeist Wellness Inc. ("Lifeist" or the "Company") (TSXV: LFST) (FRANKFURT: M5B0) (OTCMKTS: LFSWF), a health-tech company that leverages advancements in science and technology to support wellness in innovative ways, today reported an executive leadership update in the wake of recent significant structural changes. These changes are the result of the recently successfully completed sale of its former wholly owned subsidiary, CannMart Inc., to Simply Solventless Concentrates Ltd. (SSC), which sale was approved by shareholders at the Company's recent Annual and Special Meeting of shareholders. The CannMart sale represents a pivotal milestone in Lifeist's transition to fully focus on its health and wellness business through its U.S. biosciences subsidiary Mikra Cellular Sciences Inc. ("Mikra").

As announced in March 2024, Lifeist's CEO, Meni Morim, had expressed his intention to step down from his role as CEO. In light of the CannMart divestiture, Mr. Morim, who remains CEO for the time being, has agreed to reduce his involvement in the Company's day-to-day operations, while the Company continues its search for a new CEO. As such, Mr. Morim's compensation has been reduced to reflect his current role.

"With the sale of CannMart successfully completed, Lifeist is now a leaner, more focused organization ready to build on its strengths in the wellness and biosciences sectors," said Meni Morim, CEO of Lifeist Wellness. "As we transition to this new chapter, I have made the decision to reduce my involvement to support the Company's leadership evolution, while allowing the team to remain fully focused on driving our strategic objectives forward."

The Board of Directors continues to work diligently on the process of appointing a new permanent CEO to lead Lifeist into its next phase of growth. The Board is committed to finding a leader with deep experience in the health and wellness space to guide the Company's innovative ventures, including Mikra, as it continues to gain traction in the market with its science-backed nutraceutical products. Mr. Morim will remain in his current capacity until a suitable successor is appointed, ensuring a smooth and effective leadership transition.

"We are in an exciting period of transformation at Lifeist, and the board is actively engaged in selecting a highly qualified CEO to lead the Company's future growth in the wellness sector," said Branden Spikes, Chair of Lifeist's Board of Directors. "We thank Meni for his continued dedication to Lifeist and look forward to announcing the next chapter of leadership soon."

About Lifeist Wellness Inc.

Sitting at the forefront of the post-pandemic wellness revolution, Lifeist leverages advancements in science and technology to develop innovative products, support human wellness and transform lives. Lifeist's key asset is its U.S. biosciences subsidiary Mikra Cellular Sciences Inc., a biosciences and consumer wellness company focused on developing and selling innovative products.

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

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Source: Lifeist Wellness Inc.