Key Developments For Lifeway Foods, Inc.
Lifeway Foods, Inc. (LWAY.O) (Consolidated Issue listed on NASDAQ Global Market)
Lifeway Foods, Inc. Acquires Fresh Made Dairy
Lifeway Foods, Inc. announced the acquisition of Fresh Made Dairy. The total purchase price of this transaction is $14,050,000 million for all of the stock of Fresh Made. Specifically, the terms include $10,050,000 in cash to be paid at the closing, $2,735,000 in a note, with quarterly installment payments over two years, and $1 million of Lifeway's treasury shares, (i.e. approximately 131,500 shares). Included in the total purchase price is approximately $2,000,000 in real estate. The agreement was signed February 6, 2009.
Lifeway Foods, Inc. Clarifies Recent FDA Enforcement For Pennsylvania Facility
Lifeway Foods, Inc. announced that all of its production facilities remain open and fully operational. The only product line temporary affected is the cream cheese spreads which are produced only in Pennsylvania by LFI Enterprises, Inc., a wholly owned subsidiary of Lifeway.
Lifeway Foods, Inc. Launches New Lassi Drink
Lifeway Foods, Inc. announced that it has expanded its product line with a new smoothie drink called Lifeway Lassi. Lifeway's mango and strawberry versions of the traditional South Asian beverage are available in 8-oz. Grab and Go containers and will be distributed through select natural, specialty and ethnic food stores.
Lifeway Foods, Inc. Announces Stock Repurchase
Lifeway Foods, Inc. announced that its Board of Directors has authorized a stock repurchase program of up to 75,000 shares. Under such a program, Lifeway Foods may repurchase up to 75,000 shares of the Company's common stock through the open market within a period of one year from the date of the first purchase. The Company will use its available cash resources to fund the stock repurchase program.
Lifeway Foods, Inc. Acquires Helios Nutrition Limited-Knobias
Knobias reported that Lifeway Foods, Inc. has acquired Helios Nutrition Limited. The total purchase price of this transaction is $8 million. Specifically, the terms include $2.5 million in cash, $4.2 million in a debt note to be paid off quarterly over four years, and $1.3 million worth of the Company's treasury shares, which will be equivalent to approximately 101,000 shares.
