LQR House (LQR) Implements Strategic Cost-Cutting

LQR House Inc. (NASDAQ: LQR), a niche e-commerce platform specializing in the spirits and beverage industry, today announced its first major strategic updates under the guidance of David Lazar, the Company's newly appointed Director and President. In an effort to reduce the Company's costs and refocus its resources, LQR House will be shutting down its NFT platform, RareSips, and ending its partnership with Bevage LLC.

David Lazar believes that the NFT platform RareSips no longer aligns with the vision for LQR House and that the platform's operations consume resources that could be better allocated elsewhere. By cutting RareSips, Lazar aims to streamline operations and sharpen the Company's focus on more impactful opportunities.

Additionally, LQR House and Bevage LLC have ended their partnership by mutual agreement, following LQR House's role in building the brand's online presence and designing their website. While the Company believes in Bevage LLC 's potential, it was decided to shift away from this partnership in favor of cost reduction and operational efficiency. LQR House wishes Bevage LLC the best in its pursuit of a wholesale-driven strategy.

Sean Dollinger, CEO of LQR House, expressed his support for Lazar's decisive actions:
"I love seeing immediate action like this. It's clear that LQR House is in good hands with David Lazar, who sees a lot of potential here and is already rolling up his sleeves to make the necessary changes. While it's bittersweet for me, as I was passionate about both RareSips and Bevage LLC , and believe our team built some of the most beautiful platforms for these concepts, I agree with David that focusing on stockholders interests by cutting costs is the best path forward for the Company."

The Company's management believes that these strategic updates mark the beginning of LQR House's transformation, with a renewed emphasis on operational efficiency and shareholder value.

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