Lifeway’s Independent Directors Support CEO Julie Smolyansky and Lifeway 2.0 Strategy

MORTON GROVE, Ill., March 01, 2022 (GLOBE NEWSWIRE) -- Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”), the leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today issued a response to the recent 13D filing. The independent Directors of the Board issued the following response:

“Lifeway’s independent Directors fully supports CEO Julie Smolyansky and her continued execution of the Lifeway 2.0 strategy. Julie has consistently delivered growth for the Lifeway brands during her tenure as CEO. We believe the Company is reaching an important inflection point supported by ongoing research around probiotics and their influence on gut health, mental health and immunity, all of which are especially important with the impact of Covid-19. Her execution of the Lifeway 2.0 strategy and transition into Lifeway 3.0 has already delivered significant results for our stockholders including eight consecutive quarters of year-over-year net sales increases. Further, we believe new product innovation with the recent introduction of Lifeway Oat, a probiotic cultured oat drinkable and the recent expansion into drinkable yogurt through the acquisition of GlenOaks Farms will drive future success and we look forward to continued growth under her leadership.”

As fiduciaries to stockholders, the Board of Directors will consider all ideas to deliver long term value.

“I am grateful and appreciate the Board’s support through these challenging times. My loyalty lies with our Company, our brand, our customers, our employees, our shareholders, and my father’s legacy,” said Lifeway CEO Julie Smolyansky. 

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 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.

Forward-Looking Statements

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, 2020, 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.

Contact:

Lifeway Foods, Inc.

Phone: 847-967-1010

Email: info@lifeway.net