Landec Corporation Announces Sale of Curation Foods’ BreatheWay® Business for $3.2 Million in Cash
02 Junho 2022 - 5:05PM
Landec Corporation (Nasdaq: LNDC) (“Landec” or the “Company”), a
diversified health and wellness company focused on its growing
Lifecore Biomedical (“Lifecore”) business – a fully integrated
contract development and manufacturing organization (“CDMO”) that
offers highly differentiated capabilities in the development, fill
and finish of complex sterile injectable pharmaceutical products in
syringes and vials – today announced that it has completed the sale
of all of its Curation Foods’ assets related to BreatheWay
packaging technology business (the “BreatheWay Business”) for $3.2
million in cash.
Dr. Albert Bolles, Chief Executive Officer of
Landec Corporation, said, “We are pleased to announce the sale of
the BreatheWay Business, which is yet another step towards creating
a CDMO-focused company aligned with attractive growth categories
and end markets. This transaction demonstrates our team’s continued
focus on simplifying the Landec business through Project SWIFT as a
means to generate shareholder value.”
The BreatheWay Business extends the shelf life
of packaged fruits and vegetables naturally, to ensure high quality
fresh produce reaches the consumer. The BreatheWay Business
represented revenue of $2.1 million in the trailing twelve-month
period ended February 27, 2022. Following the sale, the Company’s
Curation Foods segment is represented by its avocado products and
olive oil & vinegar businesses (Yucatan Foods, O Olive Oil
& Vinegar®).
Net proceeds from the transaction will be used
to repay borrowings under the Company’s credit facility. The
results of operations related to the BreatheWay Business will be
reported as discontinued operations beginning in the fiscal first
quarter of 2023.
About Landec CorporationLandec
Corporation (Nasdaq: LNDC) is a leading innovator of diversified
health and wellness solutions with two operating businesses:
Lifecore Biomedical, Inc. and Curation Foods, Inc. Lifecore
Biomedical is a fully integrated contract development and
manufacturing organization (CDMO) that offers highly differentiated
capabilities in the development, fill and finish of complex sterile
injectable pharmaceutical products in syringes and vials. As a
leading manufacturer of premium, injectable grade Hyaluronic Acid,
Lifecore brings 35 years of expertise as a partner for global and
emerging biopharmaceutical and biotechnology companies across
multiple therapeutic categories to bring their innovations to
market. Curation Foods is focused on innovating and distributing
plant-based foods with 100% clean ingredients to retail, club and
foodservice channels. Curation Foods brands include Yucatan® and
Cabo Fresh® avocado products and O Olive Oil & Vinegar® premium
artisan products. For more information about the Company, visit
Landec’s website at www.landec.com.
Important Cautions Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements regarding future events and our future
results that are subject to the safe harbor created under the
Private Securities Litigation Reform Act of 1995 and other safe
harbors under the Securities Act of 1933 and the Securities
Exchange Act of 1934. Words such as “anticipate”, “estimate”,
“expect”, “project”, “plan”, “intend”, “believe”, “may”, “might”,
“will”, “should”, “can have”, “likely” and similar expressions are
used to identify forward-looking statements. All forward-looking
statements involve certain risks and uncertainties that could cause
actual results to differ materially, including such factors among
others, as the timing and expenses associated with operations, the
ability of the Company to recognize the anticipated benefits of the
sale of the BreatheWay business, future liabilities that may arise
from the transaction with Hazel Technologies, including from
indemnification or retained assets, the ability to successfully
operate the remaining Curation Foods businesses, litigation that
may arise from the transaction with Taylor Farms, the ability to
achieve acceptance of the Company’s new products in the market
place, weather conditions that can affect the supply and price of
produce, government regulations affecting our business, the timing
of regulatory approvals, uncertainties related to COVID-19 and the
impact of our responses to it, the ability to successfully
integrate Yucatan Foods into the Curation Foods business, and the
mix between domestic and international sales. For additional
information about factors that could cause actual results to differ
materially from those described in the forward-looking statements,
please refer to our filings with the Securities and Exchange
Commission, including the risk factors contained in our most recent
Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
Forward-looking statements represent management’s current
expectations and are inherently uncertain. Except as required by
law, we do not undertake any obligation to update forward-looking
statements made by us to reflect subsequent events or
circumstances.
Landec Corp. Contact
Information:Investor RelationsJeff
Sonnek(646) 277-1263jeff.sonnek@icrinc.com
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