Business
Lifeway Foods Announces Agreement with Edward and Ludmila Smolyansky
MORTON GROVE, Ill., July 29, 2022 /PRNewswire/ -- Lifeway Foods, Inc. (Nasdaq: LWAY) ("Lifeway" or the "Company"), a leading U.S. supplier of kefir and
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"MORTON 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.\n\n \n \n \n \n \n \n\n \nPursuant 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 Smolyansky.\n\"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.\"\nAs part of the Agreement, the Audit and Corporate Governance Committee of the Lifeway board will oversee a review of strategic alternatives for the Company.\nEdward 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.\nAbout 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 Stat...