Lifeway Foods shareholders call for resignation of Board and CEO

Lifeway Foods shareholders Ludmila and Edward Smolyansky, who beneficially own approximately 29% of Lifeway, released a letter and presentation detailing their belief about certain directors’ history of breaches of fiduciary duty, mismanagement of company assets, and history of underperformance, while calling for the resignation and replacement of lead director Jason Scher, Directors Pol Sikar, Jody Levy, Dorri McWhorter, Perfecto Sanchez and CEO/Chairperson Julie Smolyansky. The letter seeks for a new independent Board to be comprised of up to 8 members, including past Director and Co-Founder Ludmila Smolyansky, as well as an invitation to current and past Director Juan Carlos Dalto and calls for the immediate tTermination of Lifeway Foods Corporate Representative and Julie Smolyansky’s “Chief of Staff” and Spouse, Jason Burdeen, a former jeweler, whom is believed to be acting as the defacto CEO and General Counsel of Lifeway. The letter also calls for the adoption of an anti-nepotism policy to the bylaws and for an operational and strategic review of the business.