Lifeway Foods ( LWAY ) news out today.
Lifeway Foods Address Rumor at Annual Meeting
Shareholders Told Company is Interested in Purchasing a Minority Interest in Lifeway
MORTON GROVE, Ill.--(BUSINESS WIRE)--July 19, 1999--Lifeway Foods, Inc. (Nasdaq Small Cap: LWAY - news) told its shareholders at its annual meeting today that the Company is in discussions with a large food processing and distribution company that has expressed an interest in becoming a substantial minority shareholder in Lifeway.
In making the announcement, Michael Smolyansky, President of Lifeway Foods, said, ''We are in discussions with a large food processing and distribution company that is exploring the feasibility of making an equity investment in Lifeway foods that would make it a substantial minority shareholder.
''Due to a confidentiality agreement between the two companies, at this time we cannot disclose the identity of the other company,'' Smolyansky told shareholders. ''We expect that within the next 2 to 4 weeks a decision will be made concerning the investment and we will make that decision public as soon as it is available.''
Lifeway is America's leading supplier of the cultured dairy beverage known as kefir. The Company markets 12 flavors of kefir and does a brisk business exporting kefir to Eastern Europe. The Company recently introduced a revolutionary probiotic nutritional food product called Basics Plus(TM) and the market's first fat-free farmers cheese and kefir, as well as Kefir Starter for consumers to make kefir at home or in travel. The Company recently launched a low-fat cream cheese substitute, ''Elita'' and has a number of commercially attractive new products in development.
For more information, contact Michael Smolyansky, President, Lifeway Foods, Inc. at (847) 967-1010 or e-mail at lway@linkom.net or visit www.lifeway.net.
Also the following was posted from an investor who went to the shareholder's meeting.
1. Press release today addressing investment by major food producer/distributor.
2. Q2 revenue up 22%-first time over $2 million.
3. Currently at $9.5 million annual run-rate and growing every week.
4. Huge response and demand to Soy product.
5. New website with creditcard ordering soon.
6. Chewable probiotic keifr culture tablets to be sold via internet in conjunction w/largest Canadian probiotic developer.
7. Kroger's and Lucky's adding kefir in next few months.
If anyone wants to invest in an industry leader when it was a microcap stock, this is the company.
kefir.com
Mark |
