Smart for Life Reports Significant Balance Sheet Improvement; Achieves Over $9.4 Million in Positive Net Stockholders' Equity Following Successful Restructuring Efforts
September 23 2024 - 5:54PM
Smart for Life, Inc. (OTC: SMFL) (“Smart for Life” or the
“Company”), a distinguished leader in the Health & Wellness
sector specializing in the marketing and manufacturing of
nutritional supplements and foods, today announced significant
progress in strengthening its balance sheet following a series of
restructuring initiatives over the past several quarters. The
Company has significantly improved its financial position,
transitioning from negative net stockholders' equity to over $9.4
million in positive net stockholders' equity as of September 20,
2024. The Company also announced that it has successfully filed its
2023 annual report on Form 10-K with the U.S. Securities and
Exchange Commission.
This financial turnaround was primarily achieved
through the elimination of over $15 million in debt and interest,
underscoring Smart for Life's commitment to building long-term
value for shareholders. The Company’s leadership has been focused
on reducing debt and improving operational efficiency as part of a
broader strategy to position the Company for sustainable
growth.
"We are proud of the tremendous strides we’ve
made in transforming our balance sheet," stated Darren Minton, CEO
of Smart for Life. "Although earnings were down, we view our
financial restructuring as a major achievement. By eliminating more
than $15 million in debt and interest, we have transitioned from
negative net stockholders' equity to a much stronger balance sheet,
paving the way for future growth. In addition, the completion of
our audit and filing of our annual report for 2023 marks an
important step towards regaining our listing on a senior U.S.
exchange.”
“Looking ahead, we remain focused on strategic
initiatives to streamline our operations, reduce liabilities, and
strengthen our financial foundation. The restructuring has allowed
us to refocus on our core business and improve operational
efficiency, laying the groundwork for growth. We remain committed
to executing on our long-term M&A strategy going forward,”
concluded Mr. Minton.
About Smart for Life, Inc.
Smart for Life, Inc. (OTC: SMFL) is an emerging
growth company in the nutraceutical industry, committed to
delivering innovative solutions that promote Health & Wellness.
With a focus on research-driven formulations and consumer-centric
approaches, Smart for Life is dedicated to redefining the
boundaries of nutritional science. The Company is engaged in the
development, marketing, manufacturing, acquisition, operation and
sale of a broad spectrum of nutritional and products. Structured as
a publicly held holding company, the Company is executing a
Buy-and-Build strategy with serial accretive acquisitions creating
a vertically integrated company. To drive growth and earnings,
Smart for Life is developing proprietary and related products as
well as acquiring other profitable companies, encompassing brands,
manufacturing and distribution channels. The Company recently
concluded the execution of a restructuring plan including
recapitalization of the Company with equity and debt financings,
the sale of certain non-performing assets, and the successful
liquidation of the Company’s senior debt facility. In addition, the
Company converted substantial debt obligations to equity materially
improving the Company’s balance sheet. For more information about
Smart for Life, please visit: www.smartforlifecorp.com.
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
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