LeanLife Health Inc. Announces Board Appointment and Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2022) - LeanLife Health Inc. (CSE: LLP) (FSE: LL1) (the "Company" or "LeanLife"), Lean Life Health CEO, Anis Barakat, is delighted to announce the appointment of Mr. Robert Hall, with immediate effect, as a strategic board member to add to the team bringing the Mike Tyson endorsed Iron Energy Drinks to the soft drink market across Canada and the US.
Mr. Hall replaces Robert Chanson who has resigned from the Board effective as at the date of this release, Mr. Hall will provide the Company with a more local presence and brings over 20-years of management experience to LeanLife. He has previously raised significant seed funding and provided working capital to expand large-scale projects via his extensive network of business associates.
As well as holding, and performing, a variety of executive roles focused on operations, corporate finance, marketing and sales, Mr. Hall has consulted with both public and private companies across multiple industries, and will use his entrepreneurship skills, experience and leadership in capital markets on our behalf.
Mr. Hall will add to a team of experienced professionals already recruited across the marketing, logistics and distribution channels of LeanLife to bring together the planned e-commerce website and Amazon sales pages.
The distribution centers in eastern Canada and the Eastern US, along with Las Vegas, in the western US, are nearing completion and will support both Amazon and online orders together with retail distribution within in-house networks. These preparations will position Iron Energy Drinks perfectly for the summer season, with straight to consumer online sales, across most of Canada and the US.
Mr. Barakat said, "Our dedicated e-commerce website is nearing completion and our customers will soon be able to order online and receive products straight to their door with free shipping. Our Amazon sales will also go live soon." He added, "I am very excited to work with Robert Hall in bringing our vision together coherently. As a strategic board member, I see his contribution and this partnership as being extremely beneficial to the company's growth and expansion."
LeanLife Health CFO, Daniel Cruz, said, "I'm very much looking forward to working with Robert on the financial side of the business and getting into profitability as soon as possible. Our range of skills and experiences complement each other perfectly to steer the company through its early phases of growth."
Mr. Barakat also commented on the company's working relationship with Mike Tyson, the former World Heavyweight champion boxer, and his public networks, "Iron Energy Drink will be one of the branding projects LeanLife will work on directly with Mike Tyson. Given the way he is active in the promotion of his other projects and ventures, I think he will bring his unique style and energy to our products and we are excited to be working with him."
The Company further announces that is has it has settled an aggregate of $1,223,514 of indebtedness to certain creditors of the Company through the issuance of 17,478,774 common shares in the capital of the Company (the "Common Shares") at a price of $0.07 per Common Share (the "Debt Settlement"). The Common Shares issued pursuant to the debt settlement are subject to a four-month hold period and completion of the transaction remains subject to final acceptance of the Canadian Securities Exchange.
The Debt Settlement constituted a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as certain insiders of the Company received an aggregate of 3,785,000 Common Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Debt Settlement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Debt Settlement, which the Company deems reasonable.
About LeanLife Health Inc.
LeanLife Health Inc. was born from a desire to offer high-quality omega3 plant-based oils to the world. Evidence of over 50 years supports the numerous health benefits of flaxseed Omega 3 alpha-linolenic acid. LeanLife Health recognized that over 50% of North Americans do not consume enough Omega 3 fats and eat far too many Omega 6 fats.
Our Omega 3 flaxseed formulation is stable for 2 years, which will allow more food companies to add the oil to their products and more consumers to meet their nutritional needs. Proprietary methods initially developed at a Polish University in 2007 have been continuously improved upon to result in the most nutritionally stable plant-based omega-3 oils that are on the market today.
New initiatives have driven our team to incorporate more products to diversify our offerings and enrich shareholder value. We are excited to be rolling out the Mike Tyson endorsed Iron Energy Drinks into the soft drink market across the US by mid-2021. LeanLife Health Inc. is confident this strategy will propel us forward with positive gains in the foreseeable future.
We have engaged a team with global expertise in omega-3 science and production, energy drink sales, and direct-to-consumer marketing. Our professionals are working to ensure our omega-3 flaxseed oil is the healthiest, most stable, and the most convenient available today. In addition, our team is working diligently to launch Amazon and convenience store sales of Iron Energy Drinks (endorsed by Mike Tyson) across the US.
For more information, visit our website at https://www.leanlifehealth.com/.
Anis Barakat, CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "upon" "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the profitability and anticipated sales, product expansion or potential Amazon orders.
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