FitLife Brands enters into agreement to acquire Mimi's Rock Corp. for CAD $23.2M

On December 4, 2022, FitLife Brands, Inc. (“ FitLife ”) entered into an Arrangement Agreement (the “ Agreement ”) with 1000374984 Ontario Inc. (“Subsidiary”, and collectively with FitLife, the “ Company ”), and Mimi’s Rock Corp. (“ Mimis ”), pursuant to which the Company has agreed to acquire Mimi’s for a total cash purchase price of approximately CAD $23.2 million, of which approximately CAD $14.1 million will be used to retire all of Mimi’s outstanding indebtedness, and approximately CAD $9.0 million, or CAD $0.17 per share, will be used to purchase all issued and outstanding shares of Mimi’s from its current shareholders (collectively, the “ Purchase Price ”) (the “ Acquisition ”).