Lifeist Announces Reorganization of the Board of Directors

TORONTO, Dec. 13, 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 announced a reorganization of its Board of Directors. As part of Lifeist's ongoing efforts to enhance corporate governance and further strengthen its leadership structure, Meni Morim, a director of the Company and the former CEO of the Company, has been appointed Chairman of the Board, while Branden Spikes, a director of the Company, has transitioned to the role of Lead Independent Director.

Meni Morim, who has been the driving force behind Lifeist's transformation and successful realignment of the Company's business strategy, assumes the role of Chairman. In this capacity, Meni will continue to provide strategic guidance to Lifeist's executive team and Board, ensuring the successful execution of the Company's long-term vision.

Branden Spikes, who served as Chairman of the Board since 2019, and has been instrumental in guiding the Company's strategic direction, takes on the role of Lead Independent Director to act as the effective leader of the Board and to ensure that the Board's agenda will enable it to successfully carry out its duties. In this role, Branden will continue to play a critical role in overseeing the Board's discharge of its duties together with the Chairman, corporate governance, strategic initiatives, and Lifeist's operations while providing valuable independent oversight of the Company's management.

These appointments reflect Lifeist's commitment to a strong governance framework, ensuring that both executive leadership and independent oversight remain robust as the Company continues to focus on growth in its health and wellness portfolio. In addition, the Board's Compensation Committee has initiated a comprehensive review of board compensation to ensure it aligns with the Company's evolving structure, size, and strategic direction. This review underscores the directors' continued commitment to the long-term success of the Company and their willingness to prioritize the organization's needs over personal gain, as demonstrated throughout their tenure.

Lifeist also reports, as required by the TSXV, in connection with the Consulting Agreement originally announced on June 30, 2023, renewed effective August 1, 2024, and as terminated on October 31, 2024, entered into by the Company with Singular Narrative Management Ltd. ("Singular") for the provision of strategic business consulting, product development, and brand marketing services to the Company as well as other services that do not include investor relations or promotional activities, that it has issued an aggregate of 747,305 common shares and 747,305 common share purchase warrants to acquire up to 747,305 common shares as payment to Singular of the monthly fee of $20,000 for services provided in the months of August, September and October 2024, calculated in accordance with the amended Consulting Agreement. The common shares were issued at deemed prices per share ranging from $0.06-$0.09. The warrants have an exercise price ranging from $0.06-$0.10 per share and expire 5 years from their respective date of issuance.

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 that support human wellness and transform lives. Lifeist's key asset is its U.S. biosciences subsidiary Mikra Cellular Sciences Inc. ("Mikra"), a biosciences and consumer wellness company focused on developing and selling innovative wellness products.

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

www.lifeist.com
https://wearemikra.com/

Contact:
Andrea Judge
CEO
Lifeist Wellness Inc.
Ph: 888-291-8311
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.