Company Files Annual 10-K Report with Full Financial Results
MIAMI, Sept. 23, 2024 (GLOBE NEWSWIRE) -- 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, LLC
Tel: (212) 671-1021
SMFL@crescendo-ir.com
