Smart for Life Announces Completion of Audit for Pending Acquisition
05 1월 2024 - 10:00PM
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 announced that it has completed the
audit for the planned acquisition of a premier eCommerce
nutraceuticals company with operations in North America. The
acquisition is expected to close within the next several weeks and
is subject to financing and customary closing conditions.
“We have now completed the audit for our
acquisition and expect to close in early 2024,” stated Darren
Minton, CEO of Smart for Life. “Once closed, this will be one of
our largest acquisitions since going public in 2022. This eCommerce
company is currently generating estimated revenue in excess of $8
million and its operations are net income positive.”
“On completion of the acquisition, we expect to
realize an additional economic benefit when we migrate the contract
manufacturing of the acquisition to our facilities at Smart for
Life,” added A.J. Cervantes, Jr., Executive Chairman at Smart for
Life. “The acquisition’s management team has created a world class
brand with a deep and loyal customer base and we believe that Smart
for Life can monetize that customer base with substantial brand
extensions. We look forward to announcing additional details
shortly when the acquisition closes.”
Completion of the acquisition is subject to a
number of conditions including successful financing. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of Smart for Life.
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 by the
fourth quarter of 2026. 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/Sports Illustrated
Nutrition and Ceautamed Worldwide/Greens First. For more
information about Smart for Life, please visit:
www.smartforlifecorp.com.
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)
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