Smart for Life Reports Significant Balance Sheet Improvement; Achieves Over $9.4 Million in Positive Net Stockholders' Equity Following Successful Restructuring Efforts
Smart for Life, Inc. (OTC: SMFL) has reported a significant improvement in its balance sheet, achieving over $9.4 million in positive net stockholders' equity as of September 20, 2024. This financial turnaround was primarily due to the elimination of over $15 million in debt and interest. The company has successfully filed its 2023 annual report on Form 10-K with the SEC.
CEO Darren Minton stated that while earnings were down, the financial restructuring is viewed as a major achievement. The company's focus has been on reducing debt and improving operational efficiency as part of a broader strategy for sustainable growth. Smart for Life remains committed to executing its long-term M&A strategy and is working towards regaining its listing on a senior U.S. exchange.
Smart for Life, Inc. (OTC: SMFL) ha riportato un significativo miglioramento del suo bilancio, raggiungendo oltre $9,4 milioni di patrimonio netto positivo per gli azionisti al 20 settembre 2024. Questo turnaround finanziario è stato principalmente dovuto all'eliminazione di oltre $15 milioni di debito e interessi. L'azienda ha presentato con successo il suo rapporto annuale 2023 sul modulo 10-K alla SEC.
Il CEO Darren Minton ha dichiarato che, sebbene i guadagni siano diminuiti, la ristrutturazione finanziaria è vista come un'importante conquista. L'azienda si è concentrata su riduzione del debito e miglioramento dell'efficienza operativa come parte di una strategia più ampia per una crescita sostenibile. Smart for Life rimane impegnata ad attuare la sua strategia M&A a lungo termine e sta lavorando per riconquistare la sua quotazione su un mercato statunitense di livello superiore.
Smart for Life, Inc. (OTC: SMFL) ha informado una mejora significativa en su balance, logrando más de $9.4 millones en patrimonio neto positivo para los accionistas a fecha del 20 de septiembre de 2024. Esta recuperación financiera se debe principalmente a la eliminación de más de $15 millones en deudas e intereses. La empresa ha presentado con éxito su informe anual 2023 en el Formulario 10-K ante la SEC.
El CEO Darren Minton declaró que, aunque las ganancias han disminuido, la reestructuración financiera se considera un gran logro. La empresa se ha centrado en reducir la deuda y mejorar la eficiencia operativa como parte de una estrategia más amplia para un crecimiento sostenible. Smart for Life sigue comprometida a ejecutar su estrategia de M&A a largo plazo y está trabajando para recuperar su cotización en un intercambio superior de EE. UU.
Smart for Life, Inc. (OTC: SMFL)은 2024년 9월 20일 기준으로 주주 순자산이 940만 달러 이상으로 긍정적인 균형을 이루었다고 보고했습니다. 이러한 재정적 전환은 주로 1500만 달러 이상의 부채 및 이자의 제거로 인해 발생했습니다. 회사는 SEC에 2023년 연간 보고서인 10-K 양식을 성공적으로 제출했습니다.
CEO 대런 민턴은 수익이 감소했지만 재정 재구성이 주요 성과로 평가된다고 밝혔습니다. 회사는 지속 가능한 성장을 위한 보다 광범위한 전략의 일환으로 부채를 줄이고 운영 효율성을 개선하는 데 주력해왔습니다. Smart for Life는 장기 M&A 전략을 실행하고 있으며, 미국의 상장 시장에서 다시 상장될 수 있도록 노력하고 있습니다.
Smart for Life, Inc. (OTC: SMFL) a signalé une amélioration significative de son bilan, atteignant plus de 9,4 millions de dollars de capitaux propres positifs pour les actionnaires au 20 septembre 2024. Ce retournement financier est principalement dû à l'élimination de plus de 15 millions de dollars de dettes et d'intérêts. L'entreprise a réussi à déposer son rapport annuel 2023 sur le formulaire 10-K auprès de la SEC.
Le PDG Darren Minton a déclaré que, bien que les bénéfices aient diminué, la restructuration financière est considérée comme une réalisation majeure. L'entreprise s'est concentrée sur la réduction de la dette et l'amélioration de l'efficacité opérationnelle dans le cadre d'une stratégie plus large de croissance durable. Smart for Life reste engagée à exécuter sa stratégie de fusions et acquisitions à long terme et travaille à retrouver sa cotation sur un marché boursier américain de premier plan.
Smart for Life, Inc. (OTC: SMFL) hat eine erhebliche Verbesserung seiner Bilanz gemeldet und erreichte zum 20. September 2024 über 9,4 Millionen Dollar an positivem Eigenkapital. Diese finanzielle Wende war hauptsächlich auf die Beseitigung von über 15 Millionen Dollar an Schulden und Zinsen zurückzuführen. Das Unternehmen hat erfolgreich seinen Jahresbericht 2023 im Formular 10-K bei der SEC eingereicht.
CEO Darren Minton erklärte, dass die Einnahmen zurückgegangen seien, die finanzielle Umstrukturierung jedoch als ein großer Erfolg angesehen werde. Das Unternehmen hat sich darauf konzentriert, Schulden zu reduzieren und die Betriebseffizienz zu verbessern, als Teil einer umfassenderen Strategie für nachhaltiges Wachstum. Smart for Life bleibt bestrebt, seine langfristige M&A-Strategie durchzuführen und arbeitet daran, seine Listung an einer höherwertigen US-Börse zurückzugewinnen.
- Achieved over $9.4 million in positive net stockholders' equity
- Eliminated over $15 million in debt and interest
- Successfully filed 2023 annual report on Form 10-K
- Improved operational efficiency
- Earnings were down
- Currently listed on OTC market, not a senior U.S. exchange
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
This financial turnaround was primarily achieved through the elimination of over
"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
“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
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