Boulder Brands, Inc. : Boulder Brands, Inc. Acquires Majority Ownership of
Level Life Foods
Boulder, CO (July 10, 2013) - Boulder Brands, Inc. (NasdaqGM: BDBD) announced
today it acquired 80% of GlucoBrands, LLC, owner of Level Life Foods (Level).
Based in Colorado, Level is an up-and-coming company, approaching $1 million
in sales, which provides great tasting products to help in the daily
management of diabetes. Level's first products, Level Life(TM) Glucose Gels,
were launched in September of 2012 for use primarily by EMTs and type 1
diabetics to help correct low blood sugar level events. With the acquisition,
Boulder Brands will launch Level's next and primary line of products - bars
and shakes - designed to help control carbohydrates, support healthy blood
sugar levels and help satisfy hunger for those managing carbohydrate and sugar
intake, including consumers who may be pre-diabetic or who already have type 2
Health organizations rank diabetes as a top health concern as there are
currently 26 million people living with diabetes, and 80 million people with
pre-diabetes, in the United States today. Level is uniquely positioned to
harness the overwhelming need for better nutrition solutions for the diabetes
epidemic by creating a compelling lifestyle brand that provides consumers with
great tasting nutritional products that contain less carbohydrates and more
protein and fiber than its competitors (see Level Life Fact Sheet).
"We are excited to add Level to our health and wellness innovation platform as
it will become our fourth category-elastic, need-state vertical brand, serving
the diabetic consumer. Ultimately, Level will complement Smart Balance in
heart-health, Earth Balance in plant-based and Udi's and Glutino in
gluten-free. Diabetes is one of the largest and fastest growing need states
in consumer foods today. However, it is an underserved market with few brands
offering great tasting products with the optimal balance of sugar and
carbohydrates. Level is market-ready and is currently launching four bars and
four shakes. As with our other brands, category expansion opportunities are
extensive, and we look forward to growing Level to a much larger brand in the
future." commented Steve Hughes, Chairman and Chief Executive of Boulder
Mr. Hughes, added, "We are very impressed with the experience and passion of
the Level management team, led by Peter Noverr. Peter has more than 15 years
of success in business start-ups and turnarounds such as EAS and Atkins
Nutrition. His co-founder, Ethan Lewis, is a passionate and highly respected
advocate in the diabetes community. Peter will become Vice President of Level
and will immediately leverage the Boulder Brands' sales, marketing and supply
chain teams to fast track the launch into bars and shakes."
"We are enthusiastic about joining the Boulder Brands organization," stated
Peter Noverr, CEO of Level. "We are impressed with the company's leadership
and vision and look forward to working together to add the diabetes vertical
to Boulder Brands' health and wellness platform. We are excited to be part of
a strategically focused organization, committed to meeting consumer needs."
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 impact of the majority acquisition of GlucoBrands, LLC (Level)
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 GlucoBrands, LLC
GlucoBrands, LLC, owner of Level Life, is committed to redefine diabetes
management by making innovative nutritional products and programs that are
convenient, taste great and based on proven science. For more information
visit the Level Life website at www.levelfoods.com.
Carole Buyers, CFA
Senior Vice President,
Investor Relations & Business Development
Boulder Brands, Inc.
Boulder Brands, Inc.
Diabetes & Level Life Fact Sheet
This announcement is distributed by Thomson Reuters on behalf of Thomson
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applicable laws; and
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information contained therein.
Source: Boulder Brands, Inc. via Thomson Reuters ONE
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