MINILUXE ANNOUNCES PROPOSED SHARES FOR DEBT SETTLEMENT

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR

FOR DISSEMINATION IN THE UNITED STATES

Boston, MA, Feb. 16, 2024 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX) (“MiniLuxe” or the “Company”) announces that in order to settle certain debts of the Company, it intends to issue to Paintbox, LLC (“Paintbox”) and certain arm’s length non-management employees of the Company (the “Employees”) an aggregate of 597,446 Class A subordinate voting shares in the capital of MiniLuxe (the “Shares”) at a price of per Share of CAD$0.52 (the “Shares for Debt Transaction”). The Shares for Debt Transaction will settle an aggregate of approximately USD$221,959 owing to Paintbox and the Employees in connection with the Company’s earnout obligations pursuant to its wholly-owned subsidiary’s acquisition of Paintbox in 2022, and certain cash bonus payments owing under the Employees’ employment agreements.

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