Lifeist Strengthens Board with New Appointment and Announces Changes to Chief Financial Officer and Auditor

TORONTO, Sept. 14, 2023 (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 companies that transform human wellness, is pleased to announce that John C. Sinclair has joined the Company's board of directors and has been appointed as Chief Financial Officer ("CFO"), on an interim basis, until a suitable replacement is found. Mr. Sinclair replaces Slava Klems, the former CFO, who is leaving her current role with Lifeist to pursue new opportunities. The Company is actively reviewing potential candidates for the role. As a member of the board, Mr. Sinclair will also serve as the chairperson of the Audit Committee.

"I am extremely pleased to welcome John to the board of directors and as our interim CFO," said Meni Morim, CEO of Lifeist Wellness. "John is an accomplished leader with an impressive track record of driving financial strategies across many sectors. He has experience leading new business development, strategic planning and oversight of all financial matters. John is very familiar with Lifeist, as he was the Company's audit partner for several years, giving him a unique vantage point. I am confident that his background and strong financial acumen makes him a valuable addition to the board to continue Lifeist's growth trajectory and achieve our financial goals."

"I would also like to express my sincere appreciation to Slava Klems for her outstanding financial and strategic leadership during her tenure at Lifeist," continued Morim. "Her professional guidance has made a lasting impact on our entire team, and we highly value her expertise. Slava will continue to provide support to Lifeist as a consultant on an "as needed" basis, which will provide invaluable support in maintaining financial stability, driving strategic initiatives, and facilitating a smooth transition to new leadership within our organization. We extend our best wishes to her as she embarks on the next chapter of her remarkable professional journey."

Mr. Sinclair is a highly accomplished Canadian CPA with extensive experience in the field of finance, accounting, and the audit of public companies. With a career spanning several decades, he has served as Senior Partner with various audit firms including Smith, Nixon LLP, Collins Barrow Toronto LLP, and Baker Tilly WM LLP, including as Managing Partner of Baker Tilly WM LLP's Toronto office. During these tenures, Sinclair played a pivotal role in initiating and driving growth, managing complex projects, and providing superior financial advisory services to clients around the world. Throughout his impressive career, Mr. Sinclair has consistently demonstrated leadership, expertise, and a relentless commitment to delivering exceptional results in the world of finance and strategy.

The Company also announces that it has changed its auditor from Baker Tilly WM LLP ("Former Auditor") to Clearhouse LLP ("Successor Auditor") effective September 14, 2023. This change is being made at the request of the Company, as part of our continued efforts to optimize our structure. The Former Auditor resigned as the auditor of the Company effective September 14, 2023, and the board of directors of the Company appointed the Successor Auditor as the Company's auditor effective September 14, 2023, until the next Annual General Meeting of the Company, ensuring a seamless transition.

There were no reservations in the Former Auditor's audit reports for the period commencing at the beginning of Lifeist's two most recently completed financial years and ending at the date of the resignation of the Former Auditor. There are no "reportable events" (as the term is defined in National Instrument 51-102 ? Continuous Disclosure Obligations ("NI 51-102")) between the Company and the Former Auditor.

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the board of directors of the Company and filed on SEDAR.

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

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

www.lifeist.com
https://cannmart.com
https://www.roilty.co
https://wearemikra.com/
www.australianvaporizers.com.au

Contact:

Meni Morim, Lifeist Wellness Inc., CEO
Ph: 647-362-0390
Email: [email protected]

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.

Source: Lifeist Wellness Inc.