PlantX hosts additional live retail events, driving in-store traffic and increasing sales velocity

Live vegan events in Chicagoland Peter Rubi and XMarket educate and inform consumers and facilitate the plant-based lifestyle

VANCOUVER, BC, August 30, 2022 /PRNewswire/ – PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX” or the “Company”), the digital face of the plant-based community, operating a one-stop-shop for plant-based products, announced today continuing its successful live events initiative to support its outlets and bolster its growing reputation as a leader in the plant-based lifestyle.

PlantX Live Retail Events, Increase Store Traffic and Increase Sales Velocity (CNW Group/PlantX Life Inc.)

This past weekend, PlantX hosted the following events at its two Chicagoland-area outlets:

  • On Saturday August 27at the Peter Rubi location on Montrose Avenue, PlantX has partnered with Good2Go Vegetables to offer free samples of Shock’n Shrimp and Blaz’n Bacon. Both products sold out due to the sampling session.

  • On Sunday August 28, on the XMarket Uptown site, PlantX partnered with Chicago Vegan Test Kitchen to host a farmer’s market-style event with 18 local vendors participating. The event, called “Vegan Paradise”, brought record attendance to the store. Participating vendors included Kitchen 17 (Chicago first deep vegan pizza), Cheeze + Merci, Libby’s Corner, Glow Superfood, Snackie Chan, Tart Pie, Kind Kitchen, Bravo Vegan, Mindful Baking, Tubby’s Taste, Theo’s Plant-Based, The Chunky Scone, Dr. Herbal’s Organic & Vegan Hair Care, Foxship Bakery, Aztec Sweets and Treats, Butter Café, XPressive Mocha Café and Ayurvedic Elements.

“Last weekend’s live vegan event activations were a huge success for PlantX and our partner brands,” said PlantX CEO, Lorne Rapkin. “At both Chicagoland locations, we’ve had a measurable impact on the sale of these great products and an overall increase in in-store sales at both locations.

Rapkin continued, “For PlantX, this is further proof of the power of events and community engagement. live events to learn about plants and health, lifestyles and try new products. Meanwhile, brands recognize us as a valuable partner to gain exposure and accelerate their sales. We plan to continue to organize regular events to continue to grow the PlantX community and partner with brands. All at the same time.”

Update on the Statement of Financial Statements

PlantX also provides an update regarding its previously announced Management Cease Trade Order (the “MCTO”) issued by the British Columbia Securities Commission on August 2, 2022. The OCTM was issued due to the Company’s delay in filing its annual audited financial statements, MD&A and related management certificates for the year ended March 31, 2022 (collectively, the “Annual Filings”) before the prescribed deadline of July 29, 2022.

The MCTO was granted pursuant to the Company’s request made pursuant to National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company requested and was granted an extension relating to annual filings due to the additional time required to complete the Company’s previously announced restatement of its annual audited comparative financial statements for the year ended March 31, 2021and implement additional internal control procedures following the restatement process.

The Company is working diligently with its auditors and expects the audit of the annual filings to be completed and the annual filings to be filed no later than September 27, 2022.

In addition to the late filing of annual filings, the Company failed to file its financial statements, MD&A and related management certificates for the three-month period ended June 30, 2022 (collectively, the “Intermediate Documents”) before the prescribed deadline of August 29, 2022. The Company expects the interim filings to be filed concurrently with the filing of the annual filings on or shortly thereafter. September 27, 2022subject to unforeseen delays.

The Company is providing this update in accordance with NP 12-203. The Company reports that: (i) there is no change in the information contained in its default announcement on July 11, 2022, which could reasonably be expected to be material to an investor; (ii) the Company satisfies and confirms that it intends to continue to satisfy the provisions of the alternative disclosure guidelines set forth in NP 12-203 and to publish reports on the status of defaults every two weeks as long as the delay in the filing of the annual documents and Interim filings continues, which will be published in the form of a press release; (iii) there has been no other default specified by the Company under IG 12-203 (other than failure to file annual filings and interim filings) and no other default is anticipated ; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the applicable Canadian securities authorities may determine, in their discretion, that it would be appropriate to issue a blanket cease trade order against the Company affecting all securities of the Company.

About PlantX Life Inc.

As the digital face of the plant community, the PlantX platform is a one-stop-shop for plant-based products. With its fast-growing vertical categories, the company offers its customers across North America over 5,000 plant-based products. In addition to offering a meal and indoor plant delivery service, the Company is currently considering expanding its product lines to include a juice and coffee business. The company uses its digital platform to create a community of like-minded consumers and, most importantly, to provide education. His successful business is built and strengthened on partnerships with top nutritionists, chefs and brands. The Company’s digital presence aims to remove barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.

Connect with PlantX: E-mail | Website | Facebook | LinkedIn | Twitter | instagram | Youtube | ICT Tac

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws. Any statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some instances, forward-looking information may be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, ” anticipate”, ” “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative form of these terms, or other similar words, phrases and grammatical variations, or statements according to which certain events or conditions “may” or “will” occur, or through discussions of strategy. Forward-looking information contained herein includes, but is not limited to, statements regarding future events of PlantX, expected filing dates interim filings and annual filings, respectively, the company’s belief that no further filing defaults are currently anticipated and the company’s intention to continue to satisfy the provisions of the alternative disclosure guidelines set forth in NP 12-203 and issue default status reports every two weeks as long as the backlog in filing annual and interim filings continues and the Company’s business and strategic plans continue.

By its nature, forward-looking information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that the assumptions are not correct and that the 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 contained in this press release, including, without limitation: receiving a request sufficient for the Offer; the Company’s ability to comply with all applicable governmental regulations, including all applicable food safety laws and regulations; impacts on the Company’s business and operations due to the COVID-19 outbreak; the conflict in the east Europe; having a limited operating history; the Company’s ability to access capital to meet its future financing needs; the Company’s dependence on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.

Other risk factors can also be found in the Company’s continuous disclosure documents, which have been filed on SEDAR and can be viewed at www.sedar.com. Readers are cautioned to carefully consider these factors, as well as other factors, uncertainties and potential events, and not to place undue reliance on any forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management as of the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, or to explain any material differences between subsequent actual events and such forward-looking information, except as required by applicable law.

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SOURCE PlantX Life Inc.

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