<SEC-DOCUMENT>0001999371-25-003042.txt : 20250324
<SEC-HEADER>0001999371-25-003042.hdr.sgml : 20250324
<ACCEPTANCE-DATETIME>20250324171122
ACCESSION NUMBER:		0001999371-25-003042
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250324
DATE AS OF CHANGE:		20250324

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42398
		FILM NUMBER:		25765041

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>lway-defa14a_032425.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 0px; vertical-align: sub; text-align: center"><B>SCHEDULE 14A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No.&nbsp; )</P>

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

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

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</font></TD></TR>
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    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Confidential, for Use of the Commission Only (as
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    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</font></TD></TR>
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    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</font></TD></TR>
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    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material under &sect;240.14a-12</font></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 16pt"><B>Lifeway Foods,&nbsp;Inc.</B></FONT></TD></TR>
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    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
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    other than the Registrant)</P>

</TD></TR>
<TR STYLE="vertical-align: top">
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check all boxes that apply):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt">No fee required</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&#160;</P>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES<BR>

SECURITIES AND EXCHANGE COMMISSION<BR>

Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&#160;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT<BR>

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported): <B>March 24, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIFEWAY FOODS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</P>

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    <TD STYLE="width: 2%; padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%; padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-17363</B></FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; width: 30%; padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>36-3442829</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-left: auto; width: 35%; border-collapse: collapse; margin-right: auto">
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    <TD STYLE="border-bottom: Black 1pt solid; width: 72%; padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6431 Oakton Street<BR>

Morton Grove, Illinois</B></FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; width: 23%; padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>60053</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Registrant&#8217;s telephone number, including area code: <B>(847) 967-1010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former Name or Former Address, if Changed Since Last
Report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9744;</TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9746;</TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9744;</TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9744;</TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered or to be registered pursuant to Section 12(b) of
the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; width: 17%; padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 2%; padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%; padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center">&#160;</TD>
    <TD STYLE="padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>LWAY</B></FONT></TD>
    <TD STYLE="padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center">&#160;</TD>
    <TD STYLE="padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>The <FONT STYLE="font-size: 10pt">NASDAQ</FONT> Stock Market</B></FONT></TD></TR>
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    <TD STYLE="padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Preferred Stock Purchase Rights</B></FONT></TD>
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    <TD STYLE="padding-top: 0.15pt; padding-bottom: 0.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>n/a</B></FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(&#167;240.12b-2 of this chapter). &#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Emerging growth company &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>Item 7.01.&#160;&#160;&#160;Regulation
FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 24, 2025, Lifeway Foods, Inc., an Illinois corporation, issued
a press release regarding the nomination notice received from Edward Smolyansky. A copy of the press release is furnished as Exhibit 99.1
hereto and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>Item 9.01.&#160;&#160;&#160;Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&#160;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 88%; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><a href="ex99-1.htm">99.1</a></FONT></TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Press Release issued by Lifeway Foods, Inc. on March 24, 2025</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

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    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>LIFEWAY FOODS, INC.</B></FONT></TD>
    <TD STYLE="text-indent: 0in">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; text-indent: 0in">&#160;</TD>
    <TD STYLE="width: 4%; text-indent: 0in">&#160;</TD>
    <TD STYLE="width: 4%; text-indent: 0in">&#160;</TD>
    <TD STYLE="width: 5%; text-indent: 0in">&#160;</TD>
    <TD STYLE="width: 34%; text-indent: 0in">&#160;</TD>
    <TD STYLE="width: 7%; text-indent: 0in">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:&#160;&#160;March 24, 2025</FONT></TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-size: 10pt">/s/ Julie Smolyansky</FONT></TD>
    <TD STYLE="text-indent: 0in">&#160;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">&#160;Julie Smolyansky</FONT></TD>
    <TD STYLE="text-indent: 0in">&#160;</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in">&#160;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 10pt">&#160;Chief Executive Officer and Secretary</FONT></TD>
    <TD STYLE="text-indent: 0in">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0px; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&#160;</P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE ISSUED BY LIFEWAY FOODS, INC. ON MARCH 24, 2025
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><A HREF="lway-defa14a_032425.htm">LIFEWAY FOODS, INC. 8-K</A></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: #222222"><B><IMG SRC="lifeway.jpg" ALT=""></B></FONT></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>After
Reporting Record Full Year 2024 Earnings and 22nd Consecutive Quarter of Growth, Lifeway Foods Issues Statement on Edward Smolyansky&rsquo;s
Director Nomination Notice</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Lifeway notes that Edward Smolyansky was previously
terminated for cause as an officer of the company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MORTON GROVE,
Ill., March 24, 2025 &mdash; Lifeway
Foods, Inc. (NASDAQ: LWAY) (&ldquo;Lifeway&rdquo; or the &ldquo;Company&rdquo;),
a leading U.S. supplier of Kefir and fermented probiotic products to support the microbiome, which recently reported record full-year
earnings for 2024 and delivered its 22nd consecutive quarter of growth, has issued the following statement regarding Edward Smolyansky&rsquo;s
nomination notice with respect to seven candidates to replace the Company&rsquo;s entire Board
of Directors at the Company&rsquo;s 2025 annual meeting of shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&ldquo;Lifeway maintains a consistent dialogue with its shareholders
and welcomes constructive input on creating shareholder value. Lifeway&rsquo;s Audit and Corporate Governance Committee will review Mr.
Smolyansky&rsquo;s nominees, and the Board will make a recommendation in due course. Lifeway&rsquo;s leadership and Board are proud of
the incredible growth the brand has achieved, and Lifeway notes that Mr. Smolyansky was terminated for cause as an officer of the Company.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&ldquo;Our primary
focus is on Lifeway&rsquo;s opportunities and momentum. Following our recently reported record 2024 fiscal year revenue, we believe our
business will continue to grow, as consumers focus on the importance of a healthy microbiome and the gut-brain connection. We look forward
to providing updates as we continue to execute on behalf of all shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&ldquo;Shareholders
do not need to take any action at this time.&rdquo;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><U>About Lifeway</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Lifeway Foods,
Inc., which has been recognized as one of <I>Forbes</I>&rsquo; Best Small Companies, is America&rsquo;s leading supplier of the probiotic,
fermented beverage known as Kefir. In addition to its line of drinkable Kefir, the Company also produces a variety of cheeses and a ProBugs
line for kids. Lifeway&rsquo;s tart and tangy fermented dairy products are now sold across the United States, Mexico, Ireland, South Africa,
United Arab Emirates and France.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Learn how Lifeway
is good for more than just you at lifewayfoods.com.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">This press release contains &quot;forward-looking statements&quot;
as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, the expected growth of Lifeway&rsquo;s
business. These statements use words, and variations of words, such as &quot;will,&quot; &quot;continue,&quot; &quot;future,&quot; &quot;increase,&quot;
&quot;believe,&quot; &quot;outlook,&quot; &quot;expect,&quot; and &quot;predict.&quot; You are cautioned not to rely on these forward-looking
statements. These forward-looking statements are made as of the date of this press release, are based on current expectations of future
events and thus are inherently subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond Lifeway's
control. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary
materially from Lifeway's expectations and projections. These risks, uncertainties and other factors include: price competition; the decisions
of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible
delays in the introduction of new products; the distraction and other adverse effects of a proxy contest on the business; customer acceptance
of products and services; and uncertainty regarding proposals or other actions taken by shareholders related to the unsolicited proposal
made by Danone North America PBC (&ldquo;Danone&rdquo;) to acquire all of the shares of Lifeway&rsquo;s stock that Danone does not already
own. A further list and description of these risks, uncertainties and other factors can be found in Lifeway's Annual Report on Form 10-K
for the fiscal year ended December 31, 2024, which is available online at https://www.sec.gov or http://lifewaykefir.com/investor-relations/
or on request from Lifeway. Lifeway expressly disclaims any obligation to update any forward-looking statements (including, without limitation,
to reflect changed assumptions, the occurrence of anticipated or unanticipated events or new information), except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Important Additional Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The Company intends to file a proxy statement on Schedule
14A, an accompanying WHITE proxy card and other relevant documents with the U.S. Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;)
in connection with the solicitation of proxies from the Company&rsquo;s shareholders for the Company&rsquo;s 2025 annual meeting of shareholders.
THE COMPANY&rsquo;S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY&rsquo;S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS
OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders may obtain a copy of the definitive
proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the definitive proxy statement and other documents
filed by the Company with the SEC at no charge at the SEC&rsquo;s website at www.sec.gov. Copies will also be available at no charge by
visiting the &ldquo;Investor Relations&rdquo; tab of the Company&rsquo;s website at http://lifewaykefir.com/investor-relations/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The Company, each of its independent directors (Juan Carlos Dalto,
Jody Levy, Dorri McWhorter, Perfecto Sanchez, Jason Scher and Pol Sikar) and certain of its executive officers (Julie Smolyansky, Chief
Executive Officer, President and Secretary, and Eric Hanson, Chief Financial and Accounting Officer and Treasurer) are deemed to be &ldquo;participants&rdquo;
(as defined in Schedule 14A under the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company&rsquo;s
shareholders in connection with matters to be considered at the Company&rsquo;s 2025 annual meeting of shareholders. Information about
the names of the Company&rsquo;s directors and officers, their respective interests in the Company by security holdings or otherwise
and their respective compensation is set forth in the sections entitled &ldquo;Information About our Nominees,&rdquo; &ldquo;Compensation
of Directors,&rdquo; &ldquo;Information on Executive Compensation&rdquo; and &ldquo;Stock Ownership&rdquo; of the Company&rsquo;s Proxy
Statement on Schedule 14A in connection with the 2024 annual meeting of shareholders, filed with the SEC on April 29, 2024 (available
here), and the Company&rsquo;s Annual
Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 20, 2024 (available here).
Supplemental information regarding the participants&rsquo; holdings of the Company&rsquo;s securities can be found in SEC filings on
Statements of Change in Ownership on Form 4 filed with the SEC on September 4, 2024 for Juan Carlos Dalto (available here);
September 4, 2024 for Jody Levy (available here);
September 4, 2024 for Dorri McWhorter (available here);
September 4, 2024 for Perfecto Sanchez (available here);
January 3, 2025 for Jason Scher (available here);
September 4, 2024 for Pol Sikar (available here);
March 11, 2025 for Julie Smolyansky (available here);
and March 11, 2025 for Eric Hanson (available here).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>Media contacts</U>:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dan Tarman:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Email: <FONT>dtarman@actumllc.com</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Derek Miller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Vice President of Communications, Lifeway Foods</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Email: <FONT STYLE="color: Black">derekm@lifeway.net</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
