Announcement • Dec 07
FitLife Brands, Inc. (OTCPK:FTLF) entered into a definitive arrangement agreement to acquire Mimi's Rock Corp. (TSXV:MIMI) in a transaction valued at CAD 9 million. FitLife Brands, Inc. (OTCPK:FTLF) entered into a definitive arrangement agreement to acquire Mimi's Rock Corp. (TSXV:MIMI) in a transaction valued at CAD 9 million on December 5, 2022. Under the terms of the Arrangement Agreement, shareholders of Mimi's Rock will be entitled to receive cash consideration of CAD 0.17 in exchange for each Share held immediately prior to the effective time of the arrangement The total equity value of Mimi's Rock , on a fully-diluted basis, of approximately CAD 9.1 million, following the repayment of outstanding debt and other financial obligations of Mimi's Rock to be repaid from the proceeds upon the closing of the transaction. FitLife plans to fund the consideration, the transaction costs, and the working capital investment using a combination of cash on hand and a new, committed term loan not to exceed $12.5 million to be provided by First Citizens Bank. In addition, in conjunction with the closing of the Arrangement, the Company intends to enter into a new upsized, undrawn $3.5 million revolving line of credit, which facility has already been approved by First Citizens Bank. Following the closing of the Arrangement, the Shares are expected to be de-listed from the Exchange. Mimi's Rock has agreed to pay a termination fee of CAD 1 million if the Arrangement Agreement is terminated in certain circumstances, including if Mimi's Rock enters into an agreement with respect to a superior proposal or if the Board or Special Committee withdraws its recommendation with respect to the arrangement. The arrangement is subject to, among other things, the approval of the Ontario Superior Court of Justice (Commercial List) by way of interim and final orders, and the satisfaction or waiver of certain closing conditions customary in transactions of this nature, including the shareholder approval, the absence of material adverse changes in the business and affairs of Mimi's Rock. Subject to the satisfaction of such conditions, the arrangement is expected to close in the first quarter of 2023. The all-cash transaction, with no shares being issued by FitLife, is expected to be highly accretive to existing shareholders once all transaction-related costs have been expensed. Bloom Burton Securities Inc. acted as financial advisor to the Special Committee of Mimi's Rock and Bennett Jones LLP is acting as legal advisor to Mimi's Rock. An independent fairness opinion was provided to the Special Committee by BDO Canada LLP. Stikeman Elliott LLP is serving as legal advisor to FitLife. Announcement • Dec 06
Mimi's Rock's Shares Are Expected to Be De-Listed from the Exchange Mimi's Rock Corp. has entered into a definitive arrangement agreement dated December 4, 2022, whereby an affiliate of FitLife Brands Inc. has agreed to acquire all of the issued and outstanding common shares of Mimi's Rock in exchange for cash consideration of 17 cents per share, subject to customary closing conditions. The arrangement is expected to be completed by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Following the closing of the Arrangement, the Shares are expected to be de-listed from the Exchange. Price Target Changed • Nov 16
Price target increased to CA$0.60 Up from CA$0.40, the current price target is provided by 1 analyst. New target price is 253% above last closing price of CA$0.17. Stock is down 39% over the past year. The company is forecast to post earnings per share of CA$0.03 next year compared to a net loss per share of CA$0.095 last year. Announcement • Sep 16
Mimi's Rock Corp. Announces New Product Launch Mimi's Rock Corp. announced that it has shipped its initial stock to Amazon for its new Maritime Naturals Probiotic + Collagen Eye Cream. The product has already begun selling on the Company's own site and has generated a solid initial response. The product is expected to be live on Amazon in the coming days. In addition, the Company has already launched a Retinol Moisturizer 2-pack and will also be offering a travel pack size. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: CA$0.006 (down from CA$0.01 in 2Q 2021). Revenue: CA$10.0m (up 2.9% from 2Q 2021). Net income: CA$339.7k (down 32% from 2Q 2021). Profit margin: 3.4% (down from 5.2% in 2Q 2021). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 2.7%, compared to a 157% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Announcement • Jul 14
Mimi's Rock Corp., Annual General Meeting, Aug 22, 2022 Mimi's Rock Corp., Annual General Meeting, Aug 22, 2022. Price Target Changed • Jul 11
Price target decreased to CA$0.40 Down from CA$0.50, the current price target is provided by 1 analyst. New target price is 150% above last closing price of CA$0.16. Stock is down 50% over the past year. The company is forecast to post earnings per share of CA$0.02 next year compared to a net loss per share of CA$0.095 last year. Announcement • Jun 29
Mimi's Rock Corp. Announces Goodwill Impairment Loss for Fourth Quarter 2021 Mimi's Rock Corp. announced goodwill impairment loss for fourth quarter 2021. For the quarter, the Company recognized a goodwill impairment loss of approximately $4.2 million. Announcement • May 14
Mimi's Rock Corp., Annual General Meeting, Jun 29, 2022 Mimi's Rock Corp., Annual General Meeting, Jun 29, 2022. Agenda: Annual and Special meeting. Price Target Changed • Apr 27
Price target decreased to CA$0.40 Down from CA$0.50, the current price target is provided by 1 analyst. New target price is 142% above last closing price of CA$0.17. Stock is down 62% over the past year. The company is forecast to post earnings per share of CA$0.01 for next year compared to CA$0.043 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Director David Kohler is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 24
Mimi's Rock Corp. Announces Its Top Selling Supplements Brand, Dr. Tobias, Is Expanding Its Product Selection with Digestive Enzymes with Prebiotics & Probiotics to Support Gut Health Developed to Meet Growing Market Demand in the Digestive Health Space Mimi's Rock Corp. announced its supplements brand, Dr. Tobias, is expanding its product selection with Digestive Enzymes with Prebiotics & Probiotics to support gut health developed to meet growing market demand in the digestive health space. Dr. Tobias has formulated an amazing 4 in 1 supplement to help optimize gut health. Dr. Tobias Digestive Enzymes with Probiotics and Prebiotics to help process difficult-to-digest food and offers relief from bloating, post-meal gas, and digestive discomfort. This combination of enzymes, pro, pre, and postbiotics supports nutrient absorption while reducing digestive inflammation and irritation. This in turn helps boost the body's defense, recovery, and immune system functions. The Company is hosting an Instagram Live event where participants can learn more about how to maintain a healthy gut and incorporating vitamins and supplements into a healthy lifestyle. When a digestive system is not functioning optimally, it can limit the production of digestive enzymes which keep a gut healthy. Millions of Americans suffer from autoimmune issues which may stem from a faulty gut. When gut health is compromised it can affect the immune system which accounts for about 80% of the body's immune defense. Digestive enzymes with pre- and probiotics are formulated to help women and men find relief from occasional bloating, gas, and discomfort. The product is designed to replenish the digestive enzymes that may decline with age and helps tackle hard to digest foods while supporting the gastrointestinal tract. Announcement • Jan 26
Mimi's Rock Corp. Launches Dr. Tobias Vitamin D-3 and Dr. Tobias Apple Cider Vinegar Gummies in Canada Mimi's Rock Corp. (the 'Company') announced its top selling supplements brand, Dr. Tobias, is expanding its Canadian product selections with Dr. Tobias Vitamin D3 and Dr. Tobias Apple Cider Vinegar Gummies. Dr. Tobias health supplements, including Dr. Tobias Omega 3 Fish Oil, Probiotics 30 Billion and Adult Multivitamin, are currently available on Amazon.ca. These products will be joined by Dr. Tobias Vitamin D-3 (to support bone and teeth health) and Dr. Tobias Apple Cider Vinegar (to aid in overall health and digestion). Canadian consumers can now enjoy these popular supplements as part of a healthier living regime. Announcement • Dec 02
Mimi's Rock Corp. announced that it has received CAD 1.5 million in funding from Hueniken Asset Management Inc. and other investors Mimi's Rock Corp. announced a non-brokered private placement of subordinated secured debentures for gross proceeds of CAD 1,500,000 on December 1, 2021. The transaction included participation from affiliates of Hueniken Asset Management Inc. for CAD 150,000 principal amount of debentures and 53,571 common shares. The debentures are of CAD 10,000 principal amount per debenture. The debentures will mature on November 24, 2023 and will bear a 10% per annum total cash yield, consisting of an 8% per annum, payable quarterly and an annual maintenance fee of 2%, paid annually in advance. The subscribers were also granted 3,571 common shares for each CAD 10,000 of principal amount of debentures or 560,706 bonus shares in the aggregate. The company has paid a total of CAD 66,000 as cash commission and 66,000 compensation warrants in the aggregate. Each compensation warrant entitles the holder thereof to purchase one common share of the company at CAD 0.50 per share until November 24, 2022. The securities issued are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation. Reported Earnings • Nov 28
Third quarter 2021 earnings: EPS and revenues miss analyst expectations Third quarter 2021 results: CA$0.005 loss per share (down from CA$0.01 profit in 3Q 2020). Revenue: CA$8.61m (down 12% from 3Q 2020). Net loss: CA$258.9k (down 147% from profit in 3Q 2020). Revenue missed analyst estimates by 15%. Earnings per share (EPS) were also behind analyst expectations. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 43% growth forecast for the industry in Canada. Price Target Changed • Oct 09
Price target decreased to CA$0.50 Down from CA$1.10, the current price target is provided by 1 analyst. New target price is 59% above last closing price of CA$0.32. Stock is down 41% over the past year. Board Change • Oct 09
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO & Director David Kohler is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS CA$0.01 (vs CA$0.018 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$9.74m (down 11% from 2Q 2020). Net income: CA$502.0k (down 46% from 2Q 2020). Profit margin: 5.2% (down from 8.5% in 2Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • May 27
First quarter 2021 earnings released: CA$0.004 loss per share (vs CA$0.005 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: CA$9.76m (down 6.5% from 1Q 2020). Net loss: CA$232.7k (down 183% from profit in 1Q 2020). Reported Earnings • Apr 30
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$40.3m (up 14% from FY 2019). Net income: CA$2.28m (up CA$5.83m from FY 2019). Profit margin: 5.7% (up from net loss in FY 2019). The move to profitability was primarily driven by higher revenue. Is New 90 Day High Low • Mar 02
New 90-day low: CA$0.43 The company is down 28% from its price of CA$0.60 on 01 December 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 3.0% over the same period. Announcement • Feb 02
Mimi's Rock Corp. and Avivagen Announce Launch of Dr. Tobias Beta Blend on Amazon.Com Mimi’s Rock Corp. and Avivagen Inc. announced the launch of Dr. Tobias Beta Blend available through Amazon.com and DrTobias.com. An exclusive formula featuring a Beta-Carotene Norisporenoid Blend and Vitamin A, Beta Blend provides advanced immune support while promoting eye and skin health. Dr. Tobias Beta Blend is the first product designed for human consumption to leverage Avivigen’s proprietary OxC-betaTM technology, which supports the immune function of humans, livestock and companion animals through non-antibiotic means. OxC-betaTM works by supporting and priming the innate immune system while dampening chronic, overzealous inflammatory responses. Dr. Tobias Beta Blend retails for$29.97 and is available exclusively through Amazon.com and DrTobias.com. Dr. Tobias Beta Blend is developed, marketed and sold by Centre Beach Inc., a joint venture company owned by Avivagen and Mimi’s Rock Corp. Is New 90 Day High Low • Jan 29
New 90-day low: CA$0.44 The company is down 1.0% from its price of CA$0.45 on 30 October 2020. The Canadian market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 6.0% over the same period. Recent Insider Transactions • Jan 19
Founder & Chairman recently sold CA$1.0m worth of stock On the 14th of January, Telfer Hanson sold around 2m shares on-market at roughly CA$0.50 per share. This was the largest sale by an insider in the last 3 months. This was Telfer's only on-market trade for the last 12 months. Announcement • Jan 08
Telfer Hanson Has Stepped Away from His Roles as Executive Chair of Mimi's Rock Corp Mimi's Rock Corp. announced the completion of the transition of its co-founder, Telfer Hanson, to the role of Chairman of the Company. Effective January 1, 2021, Telfer Hanson has stepped away from his roles as Executive Chair of Mimi's Rock Corp., Managing Director of DTI GmbH, and Managing Director of Mimi's Rock GmbH (two German subsidiaries). He is retaining the role of Chairman of the Board of Mimi'sRock Corp. Reported Earnings • Nov 25
Third quarter 2020 earnings released: EPS CA$0.01 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CA$9.77m (up 12% from 3Q 2019). Net income: CA$545.6k (up CA$788.8k from 3Q 2019). Profit margin: 5.6% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Is New 90 Day High Low • Nov 06
New 90-day high: CA$0.55 The company is up 53% from its price of CA$0.36 on 07 August 2020. The Canadian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$0.02 per share. Announcement • Oct 20
Mimi's Rock Corp. Announces Executive Changes, Effective January 1, 2021 Mimi's Rock Corp. announced several organizational changes. Effective January 1, 2021, Telfer Hanson will step away from his roles as Executive Chair of Mimi's Rock Corp., however, he will retain the role of Chairman of the Board of Mimi's Rock Corp. Effective immediately, Chirag Patel has been named Chief Operating Officer of Mimi's Rock. Previously, Chirag held the position of V.P. of Operations and Strategy. Is New 90 Day High Low • Oct 10
New 90-day high: CA$0.53 The company is up 31% from its price of CA$0.41 on 10 July 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 10.0% over the same period.