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Smart Balance Announces Conversion of Convertible Preferred Stock
Date:1/3/2008

Improves capital structure; approximately 19.5 million common shares to be

issued

PARAMUS, N.J., Jan. 3 /PRNewswire-FirstCall/ -- Smart Balance Inc. (Nasdaq: SMBL) announced today it is forcing the conversion of its Series A Convertible Preferred Stock. At 5:00 p.m., Eastern Time, today, each preferred share will be automatically converted into approximately 1.268 shares of common stock. All of the issued and outstanding shares of Series A Convertible Preferred will cease to exist.

"We have reached another milestone in the evolution of our capital structure," commented Robert S. Gluck, vice chairman and CFO of Smart Balance Inc. "The conversion improves our debt/equity ratio and should help toward raising our credit ratings. We will continue to work on improving our financial position to facilitate funding Smart Balance's growth opportunities."

The Company is exercising its right to force the conversion of its Series A Convertible Preferred Stock based on meeting the conditions in the Company's Restated Certificate of Incorporation governing the terms of the preferred shares. One condition was that the last sales price of the Company's common stock equals or exceeds $11.50 per share on 20 trading days within a 30 day trading period ending on the third business day prior to the date on which notice of conversion is given. This condition was met on the 30 day trading period ended December 28, 2007. Another condition required the redemption of the Company's outstanding public warrants, which was met on December 3, 2007.

A total of approximately 19.5 million common shares will be issued upon the conversion, which includes the pay-out of in-kind dividends. With this issue, the total
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SOURCE Smart Balance Inc.
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