22nd Century Group Signs Letter of Intent With European Factory For Production of Nicotine-Free Tobacco Cigarettes in Europe
May 29 2014 - 7:15AM
Business Wire
22nd Century Group, Inc. (NYSE MKT:XXII) today announced that
its subsidiary, Goodrich Tobacco Company LLC, signed a letter of
intent with Orion, a cigarette manufacturer based in Poland, to
contract manufacture the Company’s proprietary tobacco products to
be distributed in the European Union.
Goodrich Tobacco will export its proprietary tobacco from the
United States to Orion. Orion will manufacture the finished
cigarettes under the brands owned by Goodrich Tobacco. Initially,
Orion will manufacture one of Goodrich’s signature products: GOLD
MAGIC®, the world’s lowest nicotine tobacco cigarette.
Henry Sicignano III, President of Goodrich and 22nd Century,
stated, “We are thrilled to be working with such a dynamic,
entrepreneurial tobacco manufacturer. The virtually nicotine-free
GOLD MAGIC brand contains approximately 97% less nicotine than
typical ‘light’ cigarettes, yet GOLD MAGIC cigarettes look, smoke,
and taste like conventional cigarettes.” Independent laboratory
results confirmed that the average nicotine yield per GOLD MAGIC
cigarette is 0.037 milligram per cigarette, a small fraction of the
nicotine yield of conventional cigarette brands.
Previously, Goodrich entered into an exclusive distribution
agreement with Wilshire Marketing BV for the GOLD MAGIC brand in
Belgium, The Netherlands and Luxembourg, known as “Benelux.”
Wilshire recently concluded packaging design and intends to begin
distribution of GOLD MAGIC cigarettes this summer in Benelux.
To inquire about becoming an import agent or distributor, on a
country-by-country basis, please send inquiries to
info@GoodrichTobacco.com.
About Orion
Orion is a manufacturer and distributor of smoking tobaccos,
cigarettes, filter tubes, and smoking accessories with distribution
in more than 20 countries. Committed to producing the highest
quality cigarettes and tobacco products, Orion’s manufacturing
facilities are vertically integrated and include a primary
processing plant as well as the largest cigarette tube factory in
Poland. Orion owns several popular brands in Eastern Europe and
specializes in production of private label tobacco products.
For more information, please visit www.orion-orion.pl/en/
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. 22nd Century owns or is the
exclusive licensee of 116 issued patents in 78 countries plus an
additional 42 pending patent applications. Goodrich Tobacco
Company, LLC and Hercules Pharmaceuticals, 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.
For additional information, please visit:
www.xxiicentury.com
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.
Redington, Inc.Tom Redington, 203-222-7399
22nd Century (AMEX:XXII)
Historical Stock Chart
From Aug 2024 to Sep 2024
22nd Century (AMEX:XXII)
Historical Stock Chart
From Sep 2023 to Sep 2024