<SEC-DOCUMENT>0001683168-25-008683.txt : 20251126
<SEC-HEADER>0001683168-25-008683.hdr.sgml : 20251126
<ACCEPTANCE-DATETIME>20251126104138
ACCESSION NUMBER:		0001683168-25-008683
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251126
DATE AS OF CHANGE:		20251126

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lifeway Foods, Inc.
		CENTRAL INDEX KEY:			0000814586
		STANDARD INDUSTRIAL CLASSIFICATION:	DAIRY PRODUCTS [2020]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				363442829
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42398
		FILM NUMBER:		251525799

	BUSINESS ADDRESS:	
		STREET 1:		6431 W OAKTON
		CITY:			MORTON GROVE
		STATE:			IL
		ZIP:			60053
		BUSINESS PHONE:		847-967-1010

	MAIL ADDRESS:	
		STREET 1:		6431 W OAKTON
		CITY:			MORTON GROVE
		STATE:			IL
		ZIP:			60053

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIFEWAY FOODS INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMOLYANSKY EDWARD
		CENTRAL INDEX KEY:			0001227847
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		1219 N WELLS ST
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60610
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<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>smolyansky_dfan14a.htm
<DESCRIPTION>FORM DFAN 14A
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Edward Smolyansky Files Preliminary Proxy Statement toward Achieving
Further Board Change and a New Beginning for Lifeway Foods, Inc. (NASDAQ: LWAY)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dissident Urges Shareholders to Vote the GREEN Universal Proxy Card
for Nominees. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHICAGO, IL &mdash; November 26, 2025 &mdash; Edward Smolyansky today
announced that he has filed a Preliminary Proxy Statement (PREN14A) with the U.S. Securities and Exchange Commission in connection with
the upcoming 2025 Annual Meeting of Shareholders of Lifeway Foods, Inc. (NASDAQ: LWAY). The filing continues the effort toward comprehensive
board change to finally end the long-running governance failures, value destruction, and entrenched leadership practices that have plagued
the Company at the expense of its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The action seeks to replace those legacy directors most responsible
for the prior board&rsquo;s lack of accountability and deference to management, thereby paving a clear path for a new independent Board
toward long-term value creation for the Company. The proxy statement seeks support for two highly qualified director nominees &mdash;
George Sent and Edward Smolyansky &mdash; as well as a non-binding shareholder proposal requesting the formation of a new Board committee
composed exclusively of independent directors appointed or elected after September 30, 2025. According to the filing, this committee would
be tasked with conducting reviews of Lifeway&rsquo;s executive leadership, strategic plan, and strategic alternatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Smolyansky believes the December 2025 Annual Meeting is a pivotal
moment for Lifeway&rsquo;s long-term viability. Shareholders are presented with a clear choice: partial entrenchment or the establishment
of a new, truly independent board accountable for meaningful oversight and implementing credible governance practices. Mr. Smolyansky
highlights the Board&rsquo;s continued dysfunction and reluctance to serve shareholders effectively by pointing out that as of this press
release, the Company has yet to disclose the completion of its previously announced commitment to appoint two new Independent Board Members,
or to disclose a definitive meeting date for the upcoming 2025 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Lifeway&rsquo;s shareholders deserve an independent, transparent
and accountable board of directors,&rdquo; said Edward Smolyansky. &ldquo;The pattern of governance failures outlined in our preliminary
proxy statement, including the mishandling of the Danone proposal, insider-driven decisions and entrenchment tactics, has damaged shareholder
value and destabilized the Company. Our nominees bring independence, experience, integrity and the institutional knowledge required to
restore confidence and guide Lifeway forward. I encourage all shareholders to review our filing and vote the GREEN card to support meaningful
change.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders Urged to Vote the GREEN Universal Proxy Card</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information and to contact the shareholder group, <B>&nbsp;follow&nbsp;Edward
Smolyansky&nbsp;on LinkedIn</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication is not a request for a proxy to vote on any matter.
Any written solicitation of a proxy by Mr. Smolyansky will be made through a definitive proxy statement (the &quot;Shareholder Proxy Statement&quot;).
Lifeway shareholders are urged to read the Shareholder Proxy Statement, including any amendments or supplements thereto, and any other
soliciting materials, when they become available as they will contain important information. Shareholders may obtain, free of charge,
copies of the Shareholder Proxy Statement when it becomes available at&nbsp;sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Smolyansky has notified the Company of his intent to nominate himself
and George Sent for election as directors of Lifeway at the 2025 Annual Meeting. Each of them may be deemed to be a participant
in any solicitation of proxies by Mr. Smolyansky.&nbsp; Lifeway shareholders can find information regarding Mr. Smolyansky and Mr. Sent,
and their respective direct or indirect interests, by security holdings or otherwise, in the&nbsp;Schedule 13D/A&nbsp;filed by Mr. Smolyansky
with the SEC on November&nbsp;18, 2025, Annex I to the&nbsp;preliminary proxy statement&nbsp;filed by Mr. Smolyansky with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) on November&nbsp;24, 2025, the Shareholder Proxy Statement, when it becomes available,
and in Mr. Smolyansky&rsquo;s other filings with the SEC, all of which information is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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