22nd Century Group, Inc. (NYSE MKT:XXII)
today announced that its wholly-owned subsidiary, NASCO Products, LLC, a
federally licensed tobacco product manufacturer and participating member
of the tobacco Master Settlement Agreement (MSA), made its first
shipment of Smoker Friendly private label cigarettes.
Currently, Smoker Friendly has more than 800 stores throughout the
United States under license. These stores are independently owned and
operated. The “SF” brand has been on the market for over 20 years and is
the private label brand in Smoker Friendly stores.
Pursuant to a multi-year manufacturing agreement the Company signed with
Smoker Friendly International, LLC last August, and following the
approval of that agreement by the 46 Settling States, the District of
Columbia, and 5 U.S. territories under the MSA, effective as of January
2015, NASCO is Smoker Friendly International’s exclusive manufacturer of
“SF” brand cigarettes.
A transition will now occur under which the Company’s factory will
increase its production and shipment of Smoker Friendly products as the
prior manufacturer of Smoker Friendly products winds down its inventory.
Both manufacturers will ship “SF” brand cigarettes until March 31, 2015,
at which time the prior manufacturer will cease shipments of Smoker
Friendly products. In anticipation of assuming sole rights to
manufacture and ship the “SF” private label cigarettes, NASCO has
already produced an inventory of all 11 brand styles.
Terry Gallagher, Jr., the President of Smoker Friendly International
LLC, stated, “SF brand cigarettes are very important, high volume
products for Smoker Friendly. We awarded NASCO the contract to produce
our private label brand because the people of 22nd Century demonstrated
their ability to manufacture truly outstanding products – with a
commitment to servicing each and every one of our distributor and retail
partners.”
Henry Sicignano, III, the President and Chief Operating Officer of 22nd
Century, commented, “We are very pleased to be embarking on such an
important strategic partnership with Smoker Friendly; not only will this
contract result in substantial “SF” brand contract manufacturing revenue
for 22nd Century, but it also provides our Company with the opportunity
to promote our super-premium RED SUN cigarettes in Smoker
Friendly stores across the country.”
For additional information about 22nd Century Group, please visit: www.xxiicentury.com
About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company whose proprietary
technology allows for the levels of nicotine and other nicotinic
alkaloids (e.g., nornicotine, anatabine and anabasine) in the tobacco
plant to be decreased or increased through genetic engineering and plant
breeding. The Company’s technology also allows the levels of
cannabinoids to be decreased or increased in the cannabis plant. 22nd
Century owns or is the exclusive licensee of 128 issued patents plus an
additional 53 pending patent applications; 22nd Century also holds
co-exclusive rights to another 2 patents and 16 patent applications.
Goodrich Tobacco Company, LLC, Hercules Pharmaceuticals, LLC and
Botanical Genetics, LLC are wholly-owned subsidiaries of 22nd Century.
Goodrich Tobacco is focused on commercial tobacco products and
potentially less harmful cigarettes. Hercules Pharmaceuticals is focused
on X-22, a prescription smoking cessation aid in development. Botanical
Genetics is focused on novel cannabis plant varieties and on
cannabis-based products.
Cautionary Note Regarding Forward-Looking Statements: This
press release contains forward-looking information, including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of 22nd Century Group, Inc., its
directors or its officers with respect to the contents of this press
release. The words “may,” “would,” “will,” “expect,” “estimate,”
“anticipate,” “believe,” “intend” and similar expressions and variations
thereof are intended to identify forward-looking statements. We cannot
guarantee future results, levels of activity or performance. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date that they were made. These cautionary
statements should be considered with any written or oral forward-looking
statements that we may issue in the future. Except as required by
applicable law, including the securities laws of the United States, we
do not intend to update any of the forward-looking statements to conform
these statements to reflect actual results, later events or
circumstances, or to reflect the occurrence of unanticipated events. You
should carefully review and consider the various disclosures made by us
in our annual report on Form 10-K for the fiscal year ended December 31,
2013, filed on January 30, 2014, including the section entitled “Risk
Factors,” and our other reports filed with the U.S. Securities and
Exchange Commission which attempt to advise interested parties of the
risks and factors that may affect our business, financial condition,
results of operation and cash flows. If one or more of these risks or
uncertainties materialize, or if the underlying assumptions prove
incorrect, our actual results may vary materially from those expected or
projected.
Copyright Business Wire 2015