LifeVantage Corporation (Nasdaq:LFVN) a leading health and wellness
company with products designed to activate optimal health processes
at the cellular level, today announced the appointment of Dayton
Judd to the Company’s Board of Directors (the “Board”), effective
immediately, in an expansion of the Board. The Company has had
discussions with Bradley L. Radoff and Sudbury Capital Fund, LP
(collectively with certain of their affiliates, the “Radoff-Sudbury
Group”), which owns approximately 12.6% of the Company’s
outstanding stock, since the Company’s fiscal year 2024 annual
meeting of shareholders held on November 6, 2023. During these
discussions, the Company and the Radoff-Sudbury Group worked
together to create a framework for long-term collaboration between
the parties. The appointment of Dayton Judd to the Board is in
connection with a Cooperation Agreement entered into between the
Company and the Radoff-Sudbury Group.
Steve Fife, LifeVantage’s President and Chief
Executive Officer, commented, “We welcome Dayton to the Board and
believe his insights and perspective will benefit the Company and
its shareholders. The LV360 initiatives are driving improving
profitability and we remain on track to return Adjusted EBITDA
margins back to double-digit levels. Coupled with our strong
balance sheet, we expect to continue returning a meaningful portion
of excess free cash flow to shareholders through dividends and
share repurchases.”
“I’m thrilled to join the Board and look forward
to working closely with my fellow directors and the management team
as we continue focusing on driving value for all shareholders,”
said Dayton Judd. “With its unique assortment of high-quality,
innovative products and a powerful business model, LifeVantage is
well positioned for growth, improved profitability and higher
returns on capital.”
“Dayton is an accomplished executive with a
strong track record in, and deep understanding of, the health and
wellness industry,” said Ray Greer, Chairman. “The combination of
his financial and industry expertise is a great addition to the
Board. We appreciate our engagement with the Radoff-Sudbury Group
and are mutually aligned on the pathway to maximizing value for all
shareholders.”
The Radoff-Sudbury Group has agreed to abide by
certain customary standstill, voting commitment and other
provisions in connection with the Cooperation Agreement. The full
agreement between the Company and the Radoff-Sudbury Group will be
filed on a Form 8-K with the U.S. Securities and Exchange
Commission (“SEC”).
Dayton Judd Biography
Dayton Judd has served as the Chief Executive
Officer of FitLife Brands, Inc. (NASDAQ: FTLF) ("FitLife"), a
national provider of innovative and proprietary nutritional
supplements and wellness products for health-conscious consumers,
since February 2018, and founder and Managing Member of Sudbury
Capital Management, LLC, a provider of investment advisory
services, since 2012. Prior to that, he served as a Portfolio
Manager for Q Investments, L.P., a multi-billion-dollar hedge fund,
from 2007 through 2011, and held various positions at McKinsey
& Company, Inc., a global management consulting firm, from 1996
to 1998 and again from 2000 to 2007. Mr. Judd currently serves as
Chairman of FitLife, where he has served as a director since 2017,
and has also served as a director of Optex Systems Holdings, Inc.
(NASDAQ: OPXS), a manufacturer of optical sighting systems and
assemblies, since October 2022, where he also serves as Audit
Committee Chair. Mr. Judd is a Certified Public Accountant. He
received an M.B.A. with high distinction from Harvard Business
School, where he was a Baker Scholar, and earned his M.S. and B.S.,
summa cum laude, in Accounting from Brigham Young University.
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq: LFVN), the
activation company, is a pioneer in nutrigenomics, the study of how
nutrition and naturally occurring compounds affect human genes to
support good health. The Company engages in the identification,
research, development, formulation and sale of advanced
nutrigenomic activators, dietary supplements, nootropics, pre- and
pro-biotics, weight management, skin and hair care, bath &
body, and targeted relief products. The Company’s line of
scientifically-validated dietary supplements includes its flagship
Protandim® family of products, LifeVantage® Omega+, ProBio, IC
Bright®, Daily Wellness, Rise AM, Reset PM, and D3+ dietary
supplements, the TrueScience® line of skin, hair, bath & body,
and targeted relief products. The Company also markets and sells
Petandim®, its companion pet supplement formulated to combat
oxidative stress in dogs, Axio®, its nootropic energy drink mixes,
and PhysIQ, its smart weight management system. LifeVantage was
founded in 2003 and is headquartered in Lehi, Utah. For more
information, visit www.lifevantage.com.
Cautionary Note Regarding Forward Looking
Statements
This document contains forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Words and
expressions reflecting optimism, satisfaction or disappointment
with current prospects, as well as words such as "believe," "will,"
"hopes," "intends," "estimates," "expects," "projects," "plans,"
"anticipates," "look forward to," "goal," “may be,” and variations
thereof, identify forward-looking statements, but their absence
does not mean that a statement is not forward-looking. The
declaration and/or payment of a dividend during any quarter
provides no assurance as to future dividends, and the timing and
amount of future dividends, if any, could vary significantly in
comparison both to past dividends and to current expectations.
Examples of forward-looking statements include, but are not limited
to, statements we make regarding executing against and the benefits
of our key initiatives, future growth, including geographic and
product expansion, the impact of COVID-19 on our business, expected
financial performance, and expected dividend payments in future
quarters. Such forward-looking statements are not guarantees of
performance and the Company's actual results could differ
materially from those contained in such statements. These
forward-looking statements are based on the Company's current
expectations and beliefs concerning future events affecting the
Company and involve known and unknown risks and uncertainties that
may cause the Company's actual results or outcomes to be materially
different from those anticipated and discussed herein. These risks
and uncertainties include, among others, further deterioration to
the global economic and operating environments as a result of
future COVID-19 developments, as well as those discussed in greater
detail in the Company's Annual Report on Form 10-K and the
Company's Quarterly Reports on Form 10-Q under the caption "Risk
Factors," and in other documents filed by the Company from time to
time with the SEC. The Company cautions investors not to place
undue reliance on the forward-looking statements contained in this
document. All forward-looking statements are based on information
currently available to the Company on the date hereof, and the
Company undertakes no obligation to revise or update these
forward-looking statements to reflect events or circumstances after
the date of this document, except as required by law.
Investor Relations Contact:
Reed Anderson, ICR(646)
277-1260reed.anderson@icrinc.com
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