Research & development phase is complete; production will begin in spring 2023
TORONTO, Jan. 17, 2023 (GLOBE NEWSWIRE) — Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today announced that its U.S. biosciences subsidiary Mikra Cellular Sciences Inc. (“Mikra”) will expand into the health food and snacks product category. With the research & development phase complete, Mikra expects to begin production of nutritional bars in late spring 2023 with products available for purchase by consumers in the second half of the year.
The first foray for Mikra into health food and snacks will be a certified gluten-free, vegan, functional nutrition bar targeting intermittent fasters in need of a low glycemic index meal to break their fast and health-conscious individuals looking for a clean, substantial snack to maintain energy between meals.
Mikra’s debut in this mainstream vertical steps outside of the nutraceuticals category it is currently known for, expanding visibility and consumer targeting to reach a broader audience and grow its customer base in a variety of directions, maximizing potential for long term growth and overall brand resonance.
“This strategic expansion into health food and snacks continues our mission to open new opportunities in a large and growing market category,” said Mikra CEO and Lifeist COO Faraaz Jamal. “The global protein bar market was valued at $4.68 billion USD in 2022 with an expected growth of over 6% annually between now and 2029, according to Fortune Business Insights. Mikra’s products generally cater to a niche audience, however, we have created this particular line to appeal to an exponentially larger consumer base, making it perfect for expanded distribution, both online and in brick & mortar locations.”
Added Meni Morim, CEO of Lifeist, “Mikra’s expansion into its second product category gives me great confidence that it is becoming the engine of growth for Lifeist that I know it can be. Along with growth of Mikra’s nutraceutical offerings, I’m looking forward to more meaningful contribution from Mikra toward Lifeist’s top and bottom-line goals this year.”
Each bar flavor from the line will be paired with a distinct desired effect by anchoring each recipe with an adaptogenic substance or compound. Adaptogens are mushrooms, herbs and other plants that, when consumed at optimal, compounded doses, can help the body better respond to stress, fatigue and anxiety, thus supporting overall well-being.
The Mikra product roadmap for nutritional bars includes plans for three total flavors paired with unique desired effects, with expansion timing to be determined based on demand. The bars will be available for sale at wearemikra.com and will be offered to Mikra’s existing partner, GNC. Other retailers interested in wholesale opportunities are encouraged to inquire at firstname.lastname@example.org.
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:
Meni Morim, Lifeist Wellness Inc., CEO
Matt Chesler, CFA, FNK IR, Investor Relations
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.
Forward Looking Information
This news 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 can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.
The forward-looking information contained herein, including, without limitation, statements related to the anticipated expansion into the mainstream health food product market and the expected production and sale of health food products, such as the anticipated launch of its first nutrition bar, during 2023, are made as of the date of this news release and is based on assumptions management believed to be reasonable at the time such statements were made, including, without limitation, expectations that Mikra’s anticipated health food products to be developed by the Company, including its first nutrition bar, will be developed and available for purchase as anticipated and in a timely manner and gain market acceptance along with the expansion of the market for health food products, its expectation that the market for health food products will remain strong and will continue to grow as currently anticipated, the health food market will continue to be a multi-billion dollar high-margin market, the introduction of new products, brands and distribution channels will generate additional awareness of Mikra’s existing and future products and increase revenue. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that 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 in this press release. Such factors include, without limitation: the failure to develop and launch for sale health food products in 2023, including its first nutrition bar, the Company’s inability to continue to develop Mikra’s business as a whole, including its inability to increase distribution through retail and online channels, unanticipated changes to current regulations that would adversely impact Mikra’s business, unforeseen developments that would delay Mikra’s ability to develop and sell any health food products, the risk that the expected demand for health food products in general and those of Mikra in particular, including consumer uptake, does not develop as anticipated and risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom. Additional risk factors can also be found in the Company’s current MD&A which has been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put 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. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Source: Lifeist Wellness Inc.