Smart for Life Appoints Accomplished Finance and Capital Markets Executive Arthur S. Reynolds to Board of Directors

Rhea-AI Summary

Smart for Life, Inc. (Nasdaq: SMFL) has announced the appointment of Arthur S. Reynolds to its Board of Directors. Reynolds, an international financier with over 35 years of experience, will also serve as Chair of the Audit Committee. He brings a wealth of financial expertise and has previously held executive roles at major firms, including J.P. Morgan and Merrill Lynch. The company aims to leverage Reynolds' skills to enhance its global expansion following five significant acquisitions in the last year, with a goal of exceeding a $100 million revenue run rate within the next 12 months.

Positive

• Appointment of Arthur S. Reynolds adds significant financial expertise.
• Reynolds’ extensive experience could enhance global expansion efforts.
• Company on track to exceed $100 million revenue run rate within 12 months.

Negative

• Potential concerns about continuity and experience gaps in the leadership.

MIAMI, Oct. 21, 2022 (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 Arthur S. Reynolds has been appointed to the Company’s Board of Directors. Mr. Reynolds will serve on the Compensation and Audit Committees and has been appointed Chair of the Audit Committee.

Arthur S. Reynolds is an accomplished international financier bringing more than 35 years of capital markets and financial experience providing cross-border financial consulting services in Europe for clients principally located in the United States. He is the founder of Rexon Limited of London and New York where he has served as managing director. Mr. Reynolds was founder and managing partner of London-based Value Management & Research (UK) Limited. Mr. Reynolds was the founder and served as managing director of Ferghana Financial Services Limited. Prior thereto, Mr. Reynolds held executive positions at Merrill Lynch International Bank Limited, Banque de la Société Financière Européene, J.P. Morgan & Company and Mobil Corporation. Mr. Reynolds previously served on the Board of Directors of ThermoEnergy Corporation, first as Chairman of the Audit Committee, subsequently as Chief Financial Officer, and finally as Chairman. Mr. Reynolds is a member of the Board of the International Festival Society and serves as Chairman of the Elgar Society’s North America Branch. Mr. Reynolds holds an B.A. from Columbia University, a M.A. from Cambridge University, and an M.B.A. in Finance from New York University.

A.J. Cervantes, Jr., Chairman of Smart for Life, stated, "We are delighted to welcome Arthur to the Board of Directors, including his role as Chairman of the audit committee.  He brings extensive financial and executive experience across multiple sectors, with particular strength in the international arena, which will be particularly valuable as we expand our global footprint. Having completed five material acquisitions in just the last year alone, and having recently announced our sixth planned acquisition, we are on track to achieve our goal of surpassing a $100 million revenue run rate within the next 12 months. Given our aggressive growth plans, we look forward to benefitting from Arthur’s knowledge, experience, and skills, as we realize the synergies and operating efficiencies across the acquired companies. We also believe his appointment further reflects our commitment to the highest levels of corporate governance.”

Mr. Reynolds further noted, “I am honored to join the Board of Smart for Life at this exciting time, especially given management’s proven track records and the highly fragmented nature of this industry. They have repeatedly demonstrated their ability to acquire complementary businesses at attractive valuations, while driving economies of scale through their state-of-the-art manufacturing facilities. As a result, Smart for Life is rapidly emerging as a leader in the $400 billion nutraceuticals industry, with an impressive array of high quality nutritional foods and supplements. I look forward to leveraging my capital markets and M&A experience to help maximize value for shareholders.”

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 within the next thirty-six months. 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 and Ceutamed Worldwide. For more information about Smart for Life, please visit: www.smartforlifecorp.com.

Video regarding the Company’s manufacturing facility at Bonne Santé Natural Manufacturing is available at: www.bonnesantemanufacturing.com/video.

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.

Investor Relations Contact
Crescendo Communications, LLC
Tel: (212) 671-1021
SMFL@crescendo-ir.com

FAQ

Who is Arthur S. Reynolds in relation to Smart for Life?

Arthur S. Reynolds has been appointed to the Board of Directors of Smart for Life, where he will serve on the Compensation and Audit Committees and act as Chair of the Audit Committee.

What expertise does Arthur S. Reynolds bring to Smart for Life?

Reynolds brings over 35 years of experience in capital markets and financial consulting, having held key positions at major financial institutions.

What are Smart for Life's revenue goals following the new appointment?

Smart for Life aims to surpass a $100 million revenue run rate within the next 12 months, supported by its aggressive acquisition strategy.

How many acquisitions has Smart for Life made recently?

Smart for Life has completed five material acquisitions in the last year and has announced plans for a sixth acquisition.