Kaival Brands Reports Fiscal 2023 Third Quarter Financial Stable Revenues and Improving Gross Margin and Net Profits
Expanding Distribution, Revised PMI Licensing Agreement and More Favorable Regulatory Environment Expected to Serve as Strong Tailwinds for Improving Financial Performance
GRANT-VALKARIA, Fla., Sept. 20, 2023 (GLOBE NEWSWIRE) -- Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) ("Kaival Brands," the "Company," or "we"), the exclusive U.S. distributor of all products manufactured by Bidi Vapor, LLC ("Bidi Vapor"), including the BIDI® Stick, which are intended for adults 21 and over, today announced its financial results for the fiscal 2023 third quarter ended July 31, 2023.
Recent Business Highlights
- Added more than 1,500 store locations to Circle K rollout bringing the total locations to more than 2,700 in the South Atlantic and Midwest regions
- Shipped an initial order of BIDI® Sticks to over 900 Kwik Trip and Mapco locations
- Amended agreement with Phillip Morris International (PMI) for distribution of Bidi Vapor products internationally, simplifying payment structure thereby reducing costs and accelerating royalty payments. On September 8, 2023, the Company received both a net reconciliation payment from PMI of approximately $135,000 pursuant to this amendment, and also received a royalty payment earned from July 1, 2023 through July 31, 2023, in the amount of approximately $121,000
- Appointed Thomas J. Metzler to the role of Chief Financial Officer
- Promoted Eric Mosser to the role of Chief Executive Officer
- Promoted Stephen Sheriff to role of Chief Operating Officer