MNLX Miniluxe Holding Corp

MiniLuxe Holding Corp. (TSXV: MNLX) announced today that it is undertaking a reorganization and initiating plans for leadership succession.

The board, together with CEO Zoe Krislock, has been involved in restructuring MiniLuxe corporate G&A to better align with urgent near-term priorities of reaching profitability, optimizing store expansion, and launching critical product and wholesale initiatives. In this context the board and Ms. Krislock came to mutual agreement that it would be a good time to formally transition Ms. Krislock’s CEO role and responsibilities.

Effective immediately, Anthony Tjan, the company’s co-founder and Executive Chairman, will assume the role of interim-CEO. Ms. Krislock will remain with the company as Senior Advisor to the Board through June 2024 to facilitate the transition while actively supporting MiniLuxe’s operational initiatives in the Florida and Texas regions, which are geographically close to Ms. Krislock’s homebase.

Mr. Tjan and Ms. Krislock have worked closely together during her leadership tenure and have been spending time since a mid-summer strategic offsite on how best to be thoughtful for this transition. Mr. Tjan commented,

“I am first and foremost grateful and want to thank Zoe, on behalf of the board, for her contributions over these past five years including her leadership during Covid and her unwavering dedication to MiniLuxe’s mission to transform the nail care industry. MiniLuxe is in an exciting position with multiple opportunities for growth but equally navigating the macro environment. I’m looking forward to working with Zoe, the board, and the MiniLuxe team to set the groundwork for the company’s next chapter.”

In the interim, and per the company’s most recent press release and MD+A, Mr. Tjan and the MiniLuxe leadership team will maintain focus on two priorities:

            (1)   Continued improvement of studio economics across the core base of existing studios with the goal of covering corporate G&A from studio contributions.             (2)   Executing on a focused set of growth investments, especially in the areas of fleet expansion, product innovation and other very select areas of M+A that have breakout potential.

“After several years of leading a Covid comeback with consistent YoY growth, I am most proud of helping to build a culture that makes MiniLuxe the employer of choice for hundreds of beauty professionals who are setting positive new standards for our industry. I am especially grateful to my colleagues – amazing people who have inspired and challenged me every day of this journey,” says Krislock.

Ms. Krislock will remain on the board in the short-term while the company is actively evaluating candidates to fill her board seat.

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, high quality services, and fair labor practices in its efforts to transform the nail care and waxing industry. Underlying MiniLuxe’s mission and purpose is to become one of the largest inclusionary educators and employers of diverse self-care professionals across our omni-channel ecosystem and talent empowerment platform.

Today, MiniLuxe derives its revenue streams from nail care and waxing services across an omni-channel ecosystem with company-owned studios and off-premise partnerships. The company also develops and sells a proprietary retail and e-commerce line of clean nail care and waxing products that are also used in MiniLuxe services. 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 TjanExecutive Chairman, MiniLuxe Holding Corp.atjan@miniluxe.com

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Forward-looking statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") concerning 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.

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.