TORONTO, Sept. 19, 2022 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX; OTCQX: MNLXF) (“MiniLuxe” or the "Company") announces today that it has received TSX Venture Exchange ("TSXV") approval to commence a normal course issuer bid through the facilities of the TSXV permitting the Company to repurchase, for cancellation, up to 2,800,000 subordinate voting shares of the Company, representing approximately 4.99% of the Company’s presently issued and outstanding subordinate voting shares (the "NCIB").
The NCIB will commence on September 20, 2022 and will terminate upon the earliest of (i) the Company purchasing 2,800,000 subordinate voting shares, (ii) the Company providing notice of termination of the NCIB, and (iii) September 20, 2023. Under the NCIB, the Company may not acquire more than 2% of its issued and outstanding subordinate voting shares in any 30-day period.
The Company believes that, from time to time, the market price of its subordinate voting shares does not adequately reflect the Company’s underlying value and future prospects and that, at such times, the purchase of the Company's subordinate voting shares represents an appropriate use of the Company's financial resources and will enhance shareholder value. The funding for any purchases pursuant to the NCIB will be from the working capital of the Company.
The Company has engaged Canaccord Genuity Corp. to act as its broker for the NCIB ("Canaccord"). The NCIB will be made through the facilities of the TSXV and the purchase and payment for the subordinate voting shares will be made in accordance with TSXV requirements at the market price of the subordinate voting shares at the time of acquisition, plus brokerage fees, if any, charged by Canaccord. All subordinate voting shares purchased by the Company under the NCIB will be cancelled.
In connection with the NCIB, the Company has entered into an automatic purchase plan ("APP") with Canaccord as the designated broker. The APP provides a set of standard instructions to Canaccord to make purchases under the NCIB in accordance with the limits and other terms set out in the APP. Canaccord will determine the timing of these purchases in its sole discretion based on purchasing parameters set by the Company and subject to the policies of the TSXV, applicable securities laws and the terms of the APP.
To the Company’s knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any subordinate voting shares to the Company during the course of the NCIB. The Company has not purchased any of its subordinate voting shares in the past 12 months through a normal course issuer bid.
A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV can be obtained from the Company upon request without charge.
About MiniLuxe
MiniLuxe, a Delaware corporation based in Boston, Massachusetts is a digital-first, socially-responsible lifestyle brand and talent empowerment platform for the nail and waxing industry. For over a decade, MiniLuxe has been setting industry standards for health, hygiene, and fair labour practices in its efforts to transform the most used, but highly under-regulated nail care industry.
MiniLuxe looks to become one of the largest inclusionary educators and vocational employers, with a diverse, predominantly female and BIPOC workforce on its talent empowerment platform.
Today, MiniLuxe derives its revenue streams from talent (provision of nail care and waxing services) and product (through its own proprietary clean nail care products). MiniLuxe is driven by a fully-integrated digital platform that manages all client bookings, preferences and payments and provides designers with the ability to manage scheduling and client preferences, track their performance and compensation, and access training content. Since its inception, MiniLuxe has performed nearly 3 million services. www.miniluxe.com
For further information
Anthony Tjan
Executive Chairman, MiniLuxe Holding Corp.
atjan@miniluxe.com
www.miniluxe.com
Forward-looking Statements
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") concerning MiniLuxe Holding Corp. (the “Company”) and its subsidiaries within the meaning of applicable securities laws. Forward-looking information may relate to the future financial outlook and anticipated events or results of the Company and may include information regarding the Company's financial position, business strategy, growth strategies, acquisition prospects and plans, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. The forward-looking information contained herein includes information with respect to proposed purchases, if any, by the Company under the NCIB.
Many factors could cause the Company's actual results, performance, or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking information, including, without limitation, those listed in the "Risk Factors" section of the Company's filing statement dated November 9, 2021. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release.
Forward-looking information, by its nature, is based on the Company's opinions, estimates and assumptions in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate and reasonable in the circumstances. Those factors should not be construed as exhaustive. Despite a careful process to prepare and review forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the Company bases its forward-looking information on assumptions that it believes were reasonable when made, which include, but are not limited to, assumptions with respect to the Company's future growth potential, results of operations, future prospects and opportunities, execution of the Company's business strategy, there being no material variations in the current tax and regulatory environments, future levels of indebtedness and current economic conditions remaining unchanged, the Company cautions readers that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this press release. In addition, even if the Company's results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made (or as of the date they are otherwise stated to be made). Any forward-looking statement that is made in this press release speaks only as of the date of such statement.
Neither 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.
