Smart for Life Announces Completion of Audit for Pending Acquisition
Acquisition Expected to Contribute More than $8 Million of Annualized Revenue and Positive Net Income
MIAMI, Jan. 05, 2024 (GLOBE NEWSWIRE) — 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, LLC
Tel: (212) 671-1021
SMFL@crescendo-ir.com
