22nd Century Group Partner NASCO Products Enters into Agreement with Smoker Friendly International
August 29 2014 - 8:22AM
Business Wire
22nd Century Group, Inc. (NYSE MKT:XXII) announced today that
NASCO Products, LLC, a federally licensed tobacco product
manufacturer and participating member of the tobacco Master
Settlement Agreement (MSA), entered into a multi-year manufacturing
agreement with Smoker Friendly International to produce the Smoker
Friendly private label cigarette brand.
Smoker Friendly International, LLC licenses retailers to use its
“Smoker Friendly” name and sell its “SF” products. Currently,
Smoker Friendly has approximately 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. Starting in
January 2015, the SF brand of cigarettes will be made by NASCO
Products in the Mocksville, North Carolina factory, which 22nd
Century Group purchased earlier in 2014.
Barry Saintsing, Plant Manager and former Master Product
Developer at RJ Reynolds Tobacco Company, stated “The factory is in
tip-top shape and ready to begin work on the important Smoker
Friendly contract.” In fact, after a few months of refurbishing and
optimizing the machinery – mainly by ex-RJR mechanics and operators
– the factory commenced producing and selling various brands of
commercial filtered cigars in June 2014. Mr. Saintsing added, “In
addition to the products the factory is already manufacturing, we
are in discussions with a half dozen other parties to contract
manufacture additional brands, including some brands for
export.”
As previously reported by the Company, upon all the settling
states of the MSA executing NASCO Product’s amended Adherence
Agreement to the MSA, 22nd Century’s acquisition of NASCO will
immediately become effective, and 22nd Century’s super-premium
brands will be produced by NASCO Products. At which time, NASCO
Products will become a wholly-owned subsidiary of 22nd Century
Group. 22nd Century’s management expects this to occur
imminently.
In anticipation of MSA authorization, last week 22nd Century
made a presentation at the Smoker Friendly Tobacco Festival and
Conference in Boulder Colorado to announce the new Smoker Friendly
manufacturing agreement and to introduce RED SUN® to Smoker
Friendly retailers. Henry Sicignano III, 22nd Century Group’s
President reported, “Smoker Friendly retailers were delighted with
our RED SUN brand.” Embracing the extraordinary tasting cigarette
that smokers describe as “The Best Cigarette Ever Made,” retailers
believe RED SUN will strike a chord with well-heeled smokers who
seek a super-premium brand that, in fact, is a relevant and
differentiated brand to consumers, as compared to the best-selling
commercial brands. Mr. Sicignano added, “Based on the feedback we
received at the conference, we expect hundreds of Smoker Friendly
stores to carry RED SUN upon the brand becoming an MSA brand.”
For additional information, 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. 22nd Century owns or is the
exclusive licensee of 129 issued patents in 78 countries plus an
additional 44 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 potential less harmful cigarettes.
Hercules Pharmaceuticals is focused on X-22, a prescription smoking
cessation aid in development.
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)
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