MORTON
GROVE, Ill., May 2, 2022
/PRNewswire/ -- Lifeway Foods, Inc. (Nasdaq: LWAY) ("Lifeway"), the
leading U.S. supplier of kefir and fermented probiotic products to
support the microbiome, today announced that it has filed
preliminary proxy materials with the U.S. Securities and Exchange
Commission (the "SEC") in connection with its upcoming 2022 Annual
Meeting of Shareholders (the "Annual Meeting"). In connection
with that filing, Lifeways' board of directors announced its slate
of director nominees at the Annual Meeting. That slate includes the
addition of two new, independent director nominees: Perfecto Sanchez and JC Dalto. Messrs. Sanchez
and Dalto will join the Lifeway board if they are elected by
shareholders at the Annual Meeting.
"We are thrilled to nominate Perfecto and JC to join the Lifeway
board," said Julie Smolyansky,
Lifeway CEO. "They both bring deep industry, brand management and
growth experience. As well-respected members of the
consumer-packaged goods sector, their business insights are
unrivaled and their contributions will provide significant value to
the Lifeway brand. Their vision and energy to support the Lifeway
mission to grow profitably, sustainably and consciously will assist
us as we continue on our journey to deliver amazing products and
long-term shareholder value."
Lifeway is committed to maintaining a board with the right mix
of skills and experience. The planned additions of Messrs. Sanchez
and Dalto continue the Lifeway board's ongoing refreshment efforts,
which included the addition of Jody
Levy and Dorri McWhorter as
directors in 2020.
Messrs. Sanchez and Dalto will join existing directors
Jody Levy, Dorri McWhorter, Pol Sikar, Jason Scher and Julie
Smolyansky as the Lifeway board's nominees at the Annual
Meeting.
Lifeway continues to execute the Lifeway 2.0 strategy, which has
already delivered significant results for shareholders, including
eight consecutive quarters of year-over-year net sales increases.
That growth is expected to continue with new product innovations
such as Lifeway Oat, which has already received acceptance at many
major retail partners. Additionally, velocity of Lifeway's core
kefir SKUs accelerated as marketing campaigns have increased
consumption of top-selling Lifeway Kefir flavors.
About Director Nominees
Perfecto Sanchez is a nominee for election
as a member of Lifeway's board. He is a West Point graduate and
decorated U.S Army Veteran with two combat tours to Iraq. He started his corporate career at Kraft
Heinz, where he launched MiO Liquid Water Enhancer, which grossed
over $100 million in its first year
and is regarded as one of Kraft's most successful innovations to
date. In 2013, Mr. Sanchez joined Danone where he led portfolio
strategy and trade finance for over half of the dairy portfolio and
then ultimately went on to lead the Danone Waters Customer
Marketing Team for North America.
In 2014, Mr. Sanchez launched his own marketing consulting firm
called Keep The Change, a growth consulting initiative with a
purpose. At Keep The Change, Mr. Sanchez serves as the chief
executive officer and head of growth. He and his team build social
impact initiatives across a myriad of different sectors from
working with local governments to billion-dollar startups. Mr.
Sanchez currently serves on the board of directors at TechTarget
Inc., a publicly traded company, and as an Advisor at International
Crisis Group and Build in Tulsa. He is also an Ambassador of
Mission Blue, a global coalition aimed at protecting marine
life.
JC Dalto is a nominee for election as a member of
Lifeway's board. He has over 30 years of experience in the
agriculture and food and beverage industries. In 2000, Mr. Dalto
became the CEO of Danone in Portugal, in 2002 the President
and CEO of Danone in Italy, and in
2004 the Chairman, President and CEO of Danone North America
- The Dannon Company, Inc.. He has gone on to hold Director,
Country/Regional President and CEO positions at numerous
international corporations, such as Danone, The Pillsbury Company,
Kraft Foods and Stonyfield Farm. From 2012 to 2015, Mr. Dalto
served as Chief Executive Officer of JDE Brazil (formerly, D.E.
Master Blenders 1753). From 2017 to 2020, Mr. Dalto served as Chief
Executive Officer of Savencia Fromage & Dairy Latin America. In
2021, Mr. Dalto became the President of Dole Sunshine Company
- Dole Packaged Foods LLC, Americas, where he is working on a
movement toward zero fruit loss and zero fossil-based plastic
packaging by 2025, and net zero carbon emissions by 2030. Mr. Dalto
has extensive experience in de-commoditizing agri-business derived
foods and drinks into added-value, functional, nutritional, health
and wellness products, and has executed on sustainable and
profitable growth business models in his previous roles. Mr. Dalto
previously attended the Buenos Aires Institute of Technology and
has post-graduate degrees from the University
of Michigan, London Business
School and Adam Smith Open University. Mr. Dalto is also a
certified Professional Coach from Integral Coaching Canada and has
organized and led campaigns leading to Global Environmental Change
in Latin America.
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.
Additional Information and Where to Find It
On
April 27, 2022, Lifeway filed a
preliminary proxy statement in connection with its 2022 Annual
Meeting of Shareholders (the "Annual Meeting"). Prior to the Annual
Meeting, Lifeway will furnish a definitive proxy statement to its
shareholders, together with a WHITE proxy card. SHAREHOLDERS ARE
URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Detailed information regarding the names, affiliations
and interests of individuals who are participants in the
solicitation of proxies of Lifeway's shareholders is available in
Lifeway's preliminary proxy statement.
Shareholders may obtain, free of charge, Lifeway's proxy
statement (in both preliminary and definitive form), any amendments
or supplements thereto and any other relevant documents filed by
Lifeway with the SEC in connection with the Annual Meeting at the
SEC's website (http://www.sec.gov). Copies of Lifeway's
definitive 2022 proxy statement, any amendments or supplements
thereto and any other relevant documents filed by Lifeway with the
SEC in connection with the Annual Meeting will also be available,
free of charge, at Lifeway's website
(http://www.lifewayfoods.com) or by writing to Investor
Relations, Lifeway Foods, Inc., 6431 West Oakton St., Morton Grove, IL 60053. In addition, copies of
these materials may be requested, free of charge, from Lifeway's
proxy solicitor by writing to Georgeson LLC, 1290 Avenue of the
Americas, 9th Floor, New York, NY
10104, or calling toll-free to 866-775-2705.
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 Lifeway's 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.
Media Contact:
Derek Miller
Email: derekm@lifeway.net
For general Lifeway Foods inquiries:
info@lifeway.net
Phone: 847-967-1010
Investor Contact:
Ed Greene
Phone: 212-805-7303
Email: egreene@georgeson.com
Bill Fiske
Phone: 212-440-9128
Email: bfiske@georgeson.com
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SOURCE Lifeway Foods, Inc.