GROVE, Ill., July 29,
2022 /PRNewswire/ -- Lifeway Foods, Inc.
(Nasdaq: LWAY) ("Lifeway" or the "Company"), a leading U.S.
supplier of kefir and fermented probiotic products to support the
microbiome, today announced that it has entered into an agreement
(the "Agreement") with Edward and Ludmila
Smolyansky. The Agreement ensures stability on Lifeway's
board of directors and positions the Company to continue to execute
on its strategic plan.
Pursuant to the Agreement, Lifeway's board will nominate the
following individuals for election at Lifeway's upcoming annual
meeting, which is expected to be held on August 31, 2022: Juan
Carlos Dalto, Jodi Levy,
Dorri McWhorter, Perfecto Sanchez, Jason
Scher, Pol Sikar, Julie
Smolyansky and Ludmila
"Lifeway has been a pioneering force in the natural foods world
for more than 35 years; we are proud of our history and excited for
our future," said Julie Smolyansky, President and CEO of
Lifeway. "I'm energized by the new members that we plan to welcome
to the Board. They are an incredible group of individuals whose
skill sets and purpose-driven principles sync up perfectly with the
Lifeway mission. We have an amazing team, and we're poised to
deliver value to our shareholders, great products to our customers
and exceptional company culture to our employees."
As part of the Agreement, the Audit and Corporate Governance
Committee of the Lifeway board will oversee a review of strategic
alternatives for the Company.
Edward and Ludmila Smolyansky
have agreed to withdraw their director nominations previously
submitted to the Company and vote all of their shares in favor of
Lifeway's nominees at the annual meeting. In addition, they have
entered into other customary standstill and voting commitments. The
full Agreement will be filed by the Company with the U.S.
Securities and Exchange Commission as an exhibit to the Current
Report on Form 8-K.
About Lifeway Foods, Inc.
Lifeway Foods, Inc., which has been recognized as one of Forbes'
Best Small Companies, is America's leading supplier of the
probiotic, fermented beverage known as kefir. In addition to its
line of drinkable kefir, the company also produces cheese,
probiotic oat milk, and a ProBugs line for kids. Lifeway's tart and
tangy fermented dairy products are now sold across the United
States, Mexico, Ireland, France and
the United Kingdom. Learn how Lifeway is good for more than
just you at lifewayfoods.com.
This release (and oral statements made regarding the subjects of
this release) contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995 regarding,
among other things, future operating and financial performance,
product development, market position, business strategy and
objectives. These statements use words, and variations of words,
such as "continue," "build," "future," "increase," "drive,"
"believe," "look," "ahead," "confident," "deliver," "outlook,"
"expect," and "predict." Other examples of forward looking
statements may include, but are not limited to, (i) statements of
Company plans and objectives, including the introduction of new
products, or estimates or predictions of actions by customers or
suppliers, (ii) statements of future economic performance, and
(III) statements of assumptions underlying other statements and
statements about Lifeway or its business. You are cautioned not to
rely on these forward-looking statements. These statements are
based on current expectations of future events and thus are
inherently subject to uncertainty. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from Lifeway's expectations
and projections. These risks, uncertainties, and other factors
include: price competition; the decisions of customers or
consumers; the actions of competitors; changes in the pricing of
commodities; the effects of government regulation; possible delays
in the introduction of new products; and customer acceptance of
products and services. A further list and description of these
risks, uncertainties, and other factors can be found in Lifeway's
Annual Report on Form 10-K for the fiscal year ended December
31, 2021, and the Company's subsequent filings with the SEC. Copies
of these filings are available online
at https://www.sec.gov, http://lifewaykefir.com/investor-relations/,
or on request from Lifeway. Information in this release is as of
the dates and time periods indicated herein, and Lifeway does not
undertake to update any of the information contained in these
materials, except as required by law. Accordingly, YOU SHOULD NOT
RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION
CONTAINED IN ANY ARCHIVED PRESS RELEASE.
For media inquiries:
Vice President of Communications, Lifeway Foods
For general Lifeway Foods inquiries:
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SOURCE Lifeway Foods, Inc.