Founder and CEO Marc Anthony Venere Increases Investment in MAV Beauty Brands

CONCORD, ON, Nov. 20, 2019 /CNW/ - Wynstar Enterprise Inc. ("Wynstar"), a holding investment company controlled by Marc Anthony Venere, founder and Chief Executive Officer of MAV Beauty Brands Inc. ("MAV Beauty Brands"), a global personal care company, is pleased to announce that on November 19, 2019, it acquired ownership of an aggregate of 2,382,385 common shares of MAV Beauty Brands ("Common Shares").

"My additional investment today reflects my long-term commitment to MAV Beauty Brands and my continued belief that its business fundamentals and brands remain strong," said Marc Anthony Venere.

The Common Shares were acquired in an off-market transaction facilitated by a Canadian dealer-broker, as agent, at a price of $2.40 per Common Share and an aggregate purchase price of $5,717,724. Marc Anthony Venere, through Wynstar, has acquired the Common Shares for investment purposes and may acquire further Shares, or dispose of his holdings, both as investment conditions warrant. The Common Shares acquired by Wynstar represent approximately 6.47% of the presently issued and outstanding Common Shares and approximately 6.41% of the equity and voting rights attaching to all of MAV Beauty Brand's Shares (on a non-diluted basis).

Immediately prior to the acquisition, Wynstar held 601,000 Common Shares and no proportionate voting shares (together with the Common Shares, the "Shares") of MAV Beauty Brands.  MAE (2016) Inc. ("MAE"), another holding investment company controlled by Marc Anthony Venere, owned 7,401,817 Common Shares. In addition, Marc Anthony Venere held 1,721,170 options to acquire Common Shares, each option exercisable for one Common Share (each an "Option"), 25% of which (430,292) had vested as of the date hereof (the "Vested Options"), and no proportionate voting shares. The Common Shares held by MAE and Wynstar, together with the Vested Options, represented approximately 22.26% of the outstanding Common Shares, and 20.85% of the equity and voting rights attaching to all of MAV Beauty Brand's outstanding Shares (in each case, on a partially-diluted basis). Immediately following the acquisition, Marc Anthony Venere, together with Wynstar and MAE, collectively owns 10,385,202 Common Shares, 1,721,170 Options and no proportionate voting shares. The Common Shares and the Vesting Options represent, in the aggregate, approximately 29.01% of MAV Beauty Brand's outstanding Common Shares and 26.73% of the equity and voting rights attaching to all of MAV Beauty Brand's outstanding Shares (in each case, on a partially-diluted basis).

The acquisition of the Common Shares was made in reliance on the private agreement exemption from the formal take-over bid requirements of National Instrument 62-104 Takeover Bids and Issuer Bids ("NI 62-104") found in section 4.2 of the same. Wynstar purchased the Common Shares from fewer than five sellers and at a price less than 115% of the market price, in accordance with NI 62-104.

The Common Shares of MAV Beauty Brands are listed on the Toronto Stock Exchange under the symbol "MAV". MAV Beauty Brands' head office is located at 100 New Park Place, Suite 810, Vaughan, Ontario, L4K 0H9. MAV Beauty Brands is incorporated under the laws of British Columbia. Wynstar's head office is located at 100 New Park Place, Suite 810, Vaughan, Ontario, L4K 0H9. For further information and/or a copy of the related early warning report to be filed, please contact Alex Servinis at [phone].

SOURCE Wynstar Enterprise Inc.

Alex Servinis, [phone]