- Leftist Wellness (LFST) announced the sale of Findify AB, the company’s Swedish subsidiary
- Lifeist has sold all of the issued and outstanding shares of Findify to Maropost AB, a wholly-owned Swedish subsidiary of Maropost Inc.
- Lifeist received a US$3,775,745 cash payment representing the purchase price less a US$300,000 holdback for specific indemnification obligations
- Lifeist Wellness Inc is a portfolio wellness company leveraging advancements in science and technology
- Lifeist Wellness Inc. (LFST) is up 9.09 per cent on the day, trading at C$0.06 per share at 1 pm ET
Lifeist Wellness (LFST) announced the sale of Findify AB, the company’s Swedish subsidiary that operates an AI-powered product search and discovery platform.
Findify was acquired by Lifeist four years ago and successfully integrated technology to increase monetization of its online platforms.
Meni Morim, CEO of Lifeist, commented on the news.
“The sale of Findify is a natural part of Lifeist’s evolution from inhalation products e-tailer to a wellness portfolio company, where we leverage science and technology to deliver innovative consumer packaged goods, rather than to deliver increased web sales.”
“After a robust auction process, we were able to secure a deal that gave Lifeist 100 per cent cash upfront to solidify our balance sheet. We are well capitalized to fund our growth initiatives in our core areas of focus, B2B recreational cannabis and nutraceuticals, where we see significant value creation for our stakeholders,” he added.
Lifeist has sold all of the issued and outstanding shares of Findify to Maropost AB, a wholly owned Swedish subsidiary of Maropost Inc., for US$4,450,000 in cash.
Lifeist received a cash payment in the amount of US$3,775,745 representing the purchase price less a US$300,000 holdback for certain indemnification obligations. The holdback wil be released to Lifeist in two tranches of US$150,000 on each of the 90-day and 12-month anniversary of the closing.
Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include: CannMart, CannMart Labs, the CannMart.com marketplace, Australian Vapes and Mikra.
Lifeist Wellness Inc. (LFST) is up 9.09 per cent on the day, trading at C$0.06 per share at 1 pm ET.
