LeanLife Provides Update on Status of Cease Trade Order and Announces Extension of Warrants

November 03, 2022 1:15 PM EDT | Source: LeanLife Health Inc.

Vancouver, British Columbia--(Newsfile Corp. - November 3, 2022) - LeanLife Health Inc. (CSE: LLP) (FSE: LL1) (the "Company" or "LeanLife") announces further to its press release of September 13, 2022, the Company and its auditors are continuing to work diligently to complete the audit of the Company's annual financial statements for the fiscal year ended March 31, 2022, the related management's discussion and analysis and CEO and CFO certifications (collectively, the "Annual Filings") by the prescribed deadline of July 29, 2022. The Company has also failed to file its first Quarter Financial Statements, management's discussion and analysis and CEO and CFO certifications (collectively, the "Interim Filings") for the period ended June 30, 2022.

The Company's 2022 audit currently remains ongoing and as previously disclosed, is experiencing delays caused by complexities arising from the Company's financials. The CTO will remain in place until such time as the Annual Filings and Q1 filings are filed by the Company, currently expected before November 4, 2022 respectively.

The CTO prohibits the trading by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer, including trades in the Company's common shares made through the Canadian Securities Exchange, for as long as the CTO remains in effect; however, the CTO provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of August 5, 2022 ) insiders or control persons of the Company and who sell securities of the Company acquired before August 5, 2022 if both of the following criteria are met: (i) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.

There is no assurance that the Company will be able to remedy its filing default and have the CTO lifted in a timely manner or at all.

The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.

The Company further announces that it is has applied to the CSE to extend the expiry date on 20,844,600 warrants expiring on November 30, 2022. The proposed date for the new expiration date is November 20, 2023. The exercise price of the warrants will continue to be $0.075 each.

About LeanLife Health Inc.

LeanLife Health Inc. was born from a desire to offer high-quality omega-3 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 United States in 2021. LeanLife Health Inc. is confident this strategy will propel us forward with positive gains in the foreseeable future.

The Company has 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 United States.

For more information, visit our website at https://www.leanlifehealth.com/
or contact:

Anis Barakat, CEO
(416) 669-4303

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142986