Smart for Life CEO Issues Year-End Letter to Shareholders
January 12 2023 - 9:00AM
Smart for Life, Inc. (Nasdaq: SMFL) (“Smart for Life” or
the “Company”), a high growth global leader in the Health
& Wellness sector marketing and manufacturing nutritional foods
and supplements worldwide, today provided the following letter to
shareholders from the Company’s CEO, Darren Minton:
“2022 was truly a transformative year for Smart
for life and as we look toward a promising year ahead, I am proud
to reflect on all that we have achieved. In the beginning of 2022,
we completed our Initial Public Offering and raised gross proceeds
of $14.4 million. We have now completed five major acquisitions
since our formation which not only validates our ability to acquire
accretive businesses at attractive multiples but also our ability
to successfully integrate these companies within our organization.
Although 2022 has certainly been a tumultuous year in the capital
markets, our proactive “Buy and Build” strategy is working—we are
currently generating pro forma revenues in excess of $30 million
and anticipate expanding to over $100 million in annualized
revenues in the next twelve months based on anticipated
acquisitions and organic growth. In addition, as we have publicly
announced, we have an objective of achieving $300 million in
revenues within the next 36 months.
Through our subsidiaries, we boast a dynamic,
exciting mix of brands and capabilities including Ceautamed
Worldwide LLC, GSP Nutrition Inc. (which owns a license in the U.S.
and Canada for the exclusive use of certain of the Sports
Illustrated brands in the fields of dietary and nutritional
supplements), Doctors Scientific Organica, LLC, Bonne Santé Natural
Manufacturing, Inc. and Nexus Offers, Inc. Our current businesses
include two state-of-the-art FDA-certified contract manufacturing
facilities, spanning an aggregate of 60,000 sq. ft., along with
consumer brands, digital marketing services, and licensing
agreements. We offer a variety of cutting-edge formulary and
manufacturing capabilities including capsules, tablets, powders,
health bars, baked goods, functional foods, and other product types
and delivery methods.
We achieved several noteworthy milestones in
2022:
- Launched new
line of Greens First protein bars
- Achieved strong
revenue growth: Q3 2022 revenues increased 59.1% year-over-year to
$5.4 million due to successful acquisition strategy; Q3 2022 profit
margin increased to 49.1%, versus 42.6% for the same period last
year
- Initiated
capital restructuring designed to increase shareholders’ equity and
contribute toward our continued Nasdaq listing requirements
- Opened new
corporate headquarters, consolidated operations aimed at delivering
greater savings and efficiencies at scale
- Executed Letter
of Intent for strategic co-venture with Cosmos Health, Inc.
(Nasdaq: COSM) to cross market products and services in their
reciprocal markets
- Announced Letter
of Intent to acquire a premier eCommerce nutraceuticals company
with operations in North America; acquisition is expected to add
over $12 million of revenue and to be accretive to earnings
- Formed Smart
Acquisition Group, LLC to accelerate M&A activities; named
Stuart Benson, JD as Managing Director
- Completed
strategic acquisition of Ceautamed Worldwide LLC owner of Greens
First Brand; expected to be highly synergistic and accretive, while
adding established medical distribution channels and expanding
product portfolio
- Partnered with
Milk Dust for manufacturing of its proprietary products designed to
support mother’s breast milk production during baby formula
shortage
- Aided shipment
of over 100,000 meal replacement bars to Ukraine to help those in
need
- Selected by
Amazon to launch various Smart for Life products in Singapore
- Acquired Sports
Illustrated™ trademark rights as described above
In summary, Smart for Life represents an
exciting opportunity to invest in a dynamic, innovative, proactive
organization capitalizing on the fragmented yet rapidly growing
nutraceutical market. We believe our proactive acquisition
strategy, targeting accretive cash flow positive companies,
combined with strategies to enhance organic growth, represents the
best path to drive long-term value for shareholders. We are
extremely well positioned to take advantage of the opportunities in
front of us and are excited about the outlook for 2023 and
beyond.”
About Smart for Life, Inc.
Smart for Life, Inc. (Nasdaq: SMFL) is engaged
in the development, marketing, manufacturing, acquisition,
operation and sale of a broad spectrum of nutritional and related
products with an emphasis on health and wellness. Structured as a
publicly held global holding company, the Company is executing a
Buy-and-Build strategy with serial accretive acquisitions creating
a vertically integrated company with an objective of aggregating
companies generating a minimum of $300 million in revenues within
the next thirty-six months. To drive growth and earnings, Smart for
Life is developing proprietary products as well as acquiring other
profitable companies, encompassing brands, manufacturing and
distribution channels. The Company currently operates five
subsidiaries including Doctors Scientific Organica, Nexus Offers,
Bonne Santé Natural Manufacturing, GSP Nutrition and Ceautamed
Worldwide. For more information about Smart for Life, please visit:
www.smartforlifecorp.com.
Video regarding the Company’s manufacturing
facility at Bonne Santé Natural Manufacturing is available at:
www.bonnesantemanufacturing.com/video.
Investor material and a Fact Sheet with
additional information about Smart for Life is available at:
www.smartforlifecorp.com/investor-center.
Forward-Looking Statements
This press release may contain information about
our views of future expectations, plans and prospects that
constitute forward-looking statements. All forward-looking
statements are based on management’s beliefs, assumptions and
expectations of Smart for Life’s future economic performance,
taking into account the information currently available to it.
These statements are not statements of historical fact. Although
Smart for Life believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it
can give no assurance that its expectations will be attained. Smart
for Life does not undertake any duty to update any statements
contained herein (including any forward-looking statements), except
as required by law. No assurances can be made that Smart for Life
will successfully acquire its acquisition targets. Forward-looking
statements are subject to a number of factors, risks and
uncertainties, some of which are not currently known to us, that
may cause Smart for Life’s actual results, performance or financial
condition to be materially different from the expectations of
future results, performance or financial position. Actual results
may differ materially from the expectations discussed in
forward-looking statements. Factors that could cause actual results
to differ materially from expectations include general industry
considerations, regulatory changes, changes in local or national
economic conditions and other risks set forth in “Risk Factors”
included in our filings with the Securities and Exchange
Commission.
Disclaimer
The information provided in this press release
is intended for general knowledge only and is not a substitute for
professional medical advice or treatment for specific medical
conditions. Always seek the advice of your physician or other
qualified health care provider with any questions you may have
regarding a medical condition. This information is not intended to
diagnose, treat, cure or prevent any disease.
Investor Relations Contact
Crescendo Communications, LLCTel: (212)
671-1021SMFL@crescendo-ir.com
Smart for Life (NASDAQ:SMFL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Smart for Life (NASDAQ:SMFL)
Historical Stock Chart
From Sep 2023 to Sep 2024