MAV BEAUTY BRANDS PROVIDES BOARD UPDATE

VAUGHAN, ON, May 24, 2023 /CNW/ - MAV Beauty Brands Inc. ("MAV Beauty Brands" or the "Company"), a global personal care company, announced today that Marc Anthony Venere has resigned from the Board of Directors, effective May 23, 2023. Mr. Venere is considering whether or not to participate in the Company's strategic review process and resigned from the Board of Directors to avoid any actual or perceived conflict in the event of his potential future participation in the strategic review process. There can be no assurances or guarantees that Mr. Venere will participate in the strategic review process or, if Mr. Venere does participate, the timing or terms of such participation. See "Forward-Looking Information".

Given Mr. Venere's resignation, there are currently four director nominees proposed for election to the Board of Directors at the annual general meeting of shareholders of the Company to be held on June 13, 2023 (the "Meeting"), as further described in the Company's management information circular dated May 3, 2023 (the "Circular"). These remaining director nominees are Chris Elshaw, Jeffrey Barber, Stephen Smith and Kathy Mayor. The Company will not be replacing Mr. Venere with a new director nominee for election to the Board of Directors at the Meeting.

The Circular has been mailed to shareholders of the Company and is available for viewing on SEDAR. Except as described above, the Circular remains unchanged from the version that was mailed to shareholders of the Company and previously filed on SEDAR.

About MAV Beauty Brands (TSX:MAV)

MAV Beauty Brands is a global personal care platform focused on acquiring great independent brands and helping these brands to scale and win market share through product innovation, marketing and expanded distribution, Today, MAV Beauty Brands markets a diversified portfolio of four complementary personal care brands – Marc Anthony True Professional, Renpure, Cake Beauty and The Mane Choice – offering premium quality hair care, face and body care beauty products. These products are sold in over 25 countries around the world and in many major retailers.

Forward-Looking Information

Certain information in this press release, including Mr. Venere's potential future participation in the strategic review process, generally constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, 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.

The Board of Directors has previously announced that it initiated a strategic review process to identify, review and evaluate potential strategic alternatives that may be available to the Company, including without limitation, the sale of all or substantially all of the Company's securities and/or its assets, or the raising of additional debt or equity capital. The Board of Directors has engaged Piper Sandler & Co. as its financial advisor to assist with identifying and soliciting strategic alternatives. It is the Company's current intention not to disclose developments with respect to the strategic review process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. There can be no assurances or guarantees that the strategic review process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by MAV Beauty Brands as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company's most recently filed Annual Information Form, the "Risk Factors" section of the Company's most recently filed MD&A, and the Company's other periodic filings made available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect MAV Beauty Brands; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and MAV Beauty Brands expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE MAV Beauty Brands

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