Lifeist Board of Directors Changes Compensation Structure for Non-Employee Directors to Better Align with the Company and its Shareholders

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TORONTO, Jan. 26, 2022 (GLOBE NEWSWIRE) — Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF) , a health technology company that leverages advances in science and technology to help you find your way to wellness, today announced that the Board of Directors (“Board”) has implemented changes to the company’s compensation plan for non-employee directors. The changes are part of a review by the compensation committee, driven by changes in the company’s portfolio of assets, evolving industry practices, good corporate governance practices and shareholder feedback. . The changes made serve to better align the compensation of our directors with the interests of the Company and its shareholders, and support the focus on innovation, cash flow generation and return on capital.

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Main changes for 2022
Based on the recommendations made by the Compensation Committee, the Board approved changes to the compensation plan for non-employee directors of the Company, including:

“The board wanted to demonstrate its support for management’s strategy by not only rebalancing, but also reducing non-employee director compensation,” said Branden Spikes, chairman of the board.

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In addition, the Board asked management to inquire about the possibility of Lifeist establishing an Automatic Securities Disposal Plan (“ADSP”) for certain insiders under which a plan administrator would be authorized to sell securities of the company in the name of such insiders for predetermined periods with predetermined instructions, solely to cover the tax costs associated with such securities, while ensuring compliance by insiders with insider trading restrictions and blackout periods. prohibition, all in accordance with CSA Staff Notice 55-317 Automatic Disposal Plans.

About Lifeist Wellness Inc.

At the forefront of the post-pandemic wellness revolution, Lifeist is a portfolio of wellness companies leveraging advances in science and technology to empower individuals to find their personalized path to health. well-being. Portfolio business units include: CannMart, which operates a B2B wholesale distribution business facilitating recreational sales to Canadian provincial government screening boards; CannMart Labs, a BHO extraction facility for the production of high-margin Cannabis 2.0 products; and the CannMart.com marketplace, which provides Canadian medical customers with a diverse selection of cannabis products from a host of federally-licensed cultivators and US customers with access to hemp-derived CBD and accessories. for smokers; Australian Vapes, the country’s largest online retailer of vaporizers and accessories; Findify, a leading AI-powered search and discovery platform; and Mikra, a bioscience and consumer wellness company that seeks to develop innovative therapies for cellular health and recovery.

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Information about Lifeist and its activities can be accessed via the links below:

www.lifeist.com
www.cannmart.com
www.australianvaporizers.com.au
www.wearemikra.com

contacts

Wellness Lifeist Inc.
Meni Morim, CEO
Matt Chesler, CFA, Investor Relations
Phone: 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 endorses or disapproves of the contents of this press release. .

Forward-looking information

This press 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 may be identified by words or phrases such as “may”, “expect”, “probable”, “should”, “should”, “plan”, “anticipate”, “intend”. of”, “potential”, “proposed”, “estimate”, “believe” or the negative form of these terms, or other similar words, phrases and grammatical variations, or statements that certain events or conditions “may” or “will occur”.

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Forward-looking information contained in this press release, including, without limitation, statements relating to the Company’s ability to establish ADSPs for the benefit of certain insiders, is made as of the date of this press release. and are based on assumptions that management believed to be reasonable at the time. such representations have been made, including, without limitation, its ability to establish such ADSPs in accordance with regulatory requirements, as well as other considerations deemed appropriate in the circumstances. Although we consider these assumptions to be reasonable based on information currently available to management, there can be no assurance that these expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that the assumptions are not correct and that the 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 contained in this press release. These factors include, but are not limited to: management’s decision not to proceed with the implementation of ADSP for the benefit of insiders. Other risk factors can also be found in the Company’s current MD&A and Annual Information Form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to place 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. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Source: Wellness Lifeist Inc.