Boulder Brands, Inc. : Boulder Brands, Inc. Announces License Agreement for
Smart Balance® Milk
Boulder, CO (July 10, 2013) - Boulder Brands, Inc. (NasdaqGM: BDBD) announced
today it signed an exclusive license agreement with Byrne Dairy, of Lafayette,
NY, its current co-packer for Smart Balance® Milk. Under the terms of the
agreement, Byrne will exclusively distribute and market Smart Balance® Milk;
Boulder Brands will receive royalty payments.
Steve Hughes, Chairman and CEO of Boulder Brands, commented, "This agreement
demonstrates our commitment to further strengthening Smart Balance's
profitability and its core portfolio of products, while strategically
positioning Smart Balance® Milk for future growth. Boulder Brands entered
into a co-packing agreement with Byrne Dairy over four years ago, and has
developed a strong partnership. Byrne Dairy is one of the most successful and
innovative companies in the dairy industry, has a strong base business in our
most established markets, and as a result, we believe Smart Balance® Milk is
in good hands."
Carl Byrne, President and CEO of Byrne Dairy, added, "We are thrilled to
include Smart Balance® Milk in our growing portfolio of brands, as the
business is transitioned to Byrne Dairy. We expect the collaboration between
Byrne Dairy and Smart Balance will bring supply chain efficiencies and
accelerate the growth for the Smart Balance® Milk business."
Mr. Hughes concluded, "Today we made three strategic announcements that
represent important steps in helping us continue to fulfill our vision of
creating a high growth, high margin, health and wellness innovation platform.
First, we refinanced our credit facility at reduced interest rates and less
restrictive covenant terms, creating flexibility for future acquisitions. In
addition, we licensed Smart Balance Milk to a strong partner, Byrne Dairy, a
move that will ensure this business becomes a positive contributor to profits
in 2014. Finally, we acquired 80% of Level Life Foods, a market-ready
diabetes brand that will enable us to add a fourth category-elastic platform
and serve a need-state vertical that targets an important consumer group. We
look forward to updating shareholders in more detail on our August 1^st
The financial benefit from the milk license agreement will be provided on the
Company's upcoming earnings call on August 1, 2013.
About Boulder Brands, Inc.
Boulder Brands, Inc. (NasdaqGM: BDBD) is committed to providing superior
tasting, solution-driven products. The company's health and wellness platform
consists of brands that target specific consumer needs: the Glutino® and Udi's
Gluten Free® brands for gluten-free diets; the Earth Balance® brand for
plant-based diets; the Level Life(TM) brand for diabetic diets and the Smart
Balance® brand for heart healthier diets. For more information about Boulder
Brands, Inc., please visit www.boulderbrands.com.
About Byrne Dairy, Inc.
Byrne Dairy is a family-owned manufacturer and distributor of milk, dairy, and
ice cream products. Its commitment to consistently deliver exceptional quality
has remained the cornerstone of the company's success since 1933. Byrne Dairy
also owns and operates 54 convenience stores throughout Central New York. For
more information visit the Byrne Dairy website at www.byrnedairy.com.
Carole Buyers, CFA
Senior Vice President,
Investor Relations & Business Development
Boulder Brands, Inc.
Boulder Brands, Inc.
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Source: Boulder Brands, Inc. via Thomson Reuters ONE
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