<SEC-DOCUMENT>0001683168-25-008829.txt : 20251203
<SEC-HEADER>0001683168-25-008829.hdr.sgml : 20251203
<ACCEPTANCE-DATETIME>20251203095416
ACCESSION NUMBER:		0001683168-25-008829
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251203
DATE AS OF CHANGE:		20251203

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:		251545221

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>smolyansky_dfan14a.htm
<DESCRIPTION>FORM DFAN14A
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<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 IMMEDIATE RELEASE</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">Edward Smolyansky Issues Shareholder Letter Regarding Lifeway Foods,
Inc. Misleading and False Public Statements (NASDAQ: LWAY)</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">CHICAGO &mdash; December 3, 2025 &mdash; Edward Smolyansky, the largest
individual shareholder of Lifeway Foods, Inc. (Nasdaq: LWAY), today
issued the following statement in response to the Lifeway Board&rsquo;s recent press release, which contained not only highly misleading
statements but several patently false claims about the dissident nominees:</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;The Board&rsquo;s baseless personal attacks are an obvious attempt
to distract from what truly matters: the Company&rsquo;s persistent governance failures and recent leadership misconduct under CEO Julie
Smolyansky. Instead of addressing the issues affecting shareholder value today, the Board has chosen to publish distorted and false narratives
to avoid accountability.&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">Smolyansky noted that the release continues a disturbing pattern of
Lifeway leadership relying on personal smears&mdash;most recently targeting co-founder Ludmila Smolyansky, whose decades of work built
the company&rsquo;s foundation. &ldquo;This reliance on misleading and false accusations reflects a serious breakdown in judgment and
an effort to divert attention from the performance governance and concerns shareholders are rightfully focused on.&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">He added that the tone and content of the Board&rsquo;s message speak
for themselves:</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;The unhinged nature of these attacks reflects a CEO and her
spouse acting out of desperation, terrified of losing the control they have abused for far too long. Confident leadership does not behave
this way. Entrenched leadership does.&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">As the annual meeting approaches, Smolyansky urged investors to look
beyond the Board&rsquo;s misleading and false statements and remain focused on Lifeway&rsquo;s ongoing governance failures, leadership
instability, and lack of transparency.</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 formally contacted the Company to request a retraction
and is presently evaluating legal options.</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,<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>follow&nbsp;Edward
Smolyansky on LinkedIn</B></FONT></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Important Information</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 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">Participants in the Solicitation</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. 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 Schedule 13D/A filed by Mr. Smolyansky with the SEC
on November 18, 2025, Annex I to the preliminary proxy statement filed by Mr. Smolyansky with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) on November 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>

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

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