Acquisition Expected to Contribute More than $8 Million of Annualized Revenue and Positive Net Income

MIAMI, Jan. 05, 2024 (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 it has completed the audit for the planned acquisition of a premier eCommerce nutraceuticals company with operations in North America. The acquisition is expected to close within the next several weeks and is subject to financing and customary closing conditions.

“We have now completed the audit for our acquisition and expect to close in early 2024,” stated Darren Minton, CEO of Smart for Life. “Once closed, this will be one of our largest acquisitions since going public in 2022. This eCommerce company is currently generating estimated revenue in excess of $8 million and its operations are net income positive.”

“On completion of the acquisition, we expect to realize an additional economic benefit when we migrate the contract manufacturing of the acquisition to our facilities at Smart for Life,” added A.J. Cervantes, Jr., Executive Chairman at Smart for Life. “The acquisition’s management team has created a world class brand with a deep and loyal customer base and we believe that Smart for Life can monetize that customer base with substantial brand extensions. We look forward to announcing additional details shortly when the acquisition closes.”

Completion of the acquisition is subject to a number of conditions including successful financing. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Smart for Life.

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 by the fourth quarter of 2026. 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/Sports Illustrated Nutrition and Ceautamed Worldwide/Greens First. For more information about Smart for Life, please visit: www.smartforlifecorp.com.