MINILUXE ANNOUNCES PROPOSED SHARES FOR DEBT SETTLEMENT

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR

FOR DISSEMINATION IN THE UNITED STATES

Boston, MA, Feb. 16, 2024 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX) ("MiniLuxe" or the "Company") announces that in order to settle certain debts of the Company, it intends to issue to Paintbox, LLC ("Paintbox") and certain arm's length non-management employees of the Company (the "Employees") an aggregate of 597,446 Class A subordinate voting shares in the capital of MiniLuxe (the "Shares") at a price of per Share of CAD$0.52 (the "Shares for Debt Transaction"). The Shares for Debt Transaction will settle an aggregate of approximately USD$221,959 owing to Paintbox and the Employees in connection with the Company's earnout obligations pursuant to its wholly-owned subsidiary's acquisition of Paintbox in 2022, and certain cash bonus payments owing under the Employees' employment agreements.

Completion of the Shares for Debt Transaction is subject to the satisfaction of customary closing conditions, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

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.
[email protected]
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.