22nd Century Group Announces Leadership Change
October 27 2014 - 2:39PM
Business Wire
22nd Century Group, Inc. (NYSE MKT: XXII) announced today the
departure of Joseph Pandolfino as CEO and Chairman of the Board.
Mr. Pandolfino will remain a member of the Board of Directors of
the Company. Mr. Pandolfino’s entrepreneurial spirit and vision
have enabled the Company to create and assemble an important and
impressive portfolio of technology, and there are continuing
discussions to have him remain with the Company in the role of
Chief Technology Officer.
James Cornell, the newly elected Chairman of the Board, stated
“Under Joe Pandolfino’s leadership, 22nd Century has amassed an
incredible stable of propriety plant technologies which offer
exceptional opportunities for commercialization to build long term
shareholder value. On behalf of the Board and the Company’s
shareholders, I want to thank Joe for his significant contributions
to the Company’s success.”
With the Company’s inclusion in the Master Settlement Agreement,
the soon to start sales of product in the U.S. and Europe, and a
joint venture in Asia, the largest tobacco market in the world, the
Board of Directors has decided to seek executive leadership with
broad experience to manage this next phase of growth of the
Company.
Accordingly, the Board of Directors named Henry Sicignano, III,
the current President of the Company, to be the new Chief Operating
Officer of the Company. Mr Sicignano has been instrumental in many
of the Company’s successes and now that 22nd Century is on the cusp
of product sales in the U.S., Europe and Asia, it is important for
the Company to have an executive of Mr. Sicignano’s experience in
this additional role as Chief Operating Officer.
Mr. Cornell stated, “Henry Sicignano is ideally suited to lead
the Company’s tobacco related business. His strong tobacco
background growing the National America Spirit cigarette brand,
coupled with his sound strategic and implementation skills, are
excellent.”
The Company’s Board of Directors has also established an
Executive Committee of the Board that will provide leadership
guidance and direction for senior management while a search for a
new CEO is underway. The Executive Committee consists of Mr.
Cornell, Richard Sanders and Joseph Dunn, PhD. Notably, Mr. Sanders
is a career tobacco executive who served from 2002-2008 as
President of Santa Fe Natural Tobacco Company, a division of
Reynolds American Inc. During his tenure, Santa Fe tripled the
market share of its leading brand, American Spirit, and expanded
into Western Europe and Asia. The Company believes this experience
will be important given the Company’s recent inclusion in the
Master Settlement Agreement, and near term anticipated sales in the
US, Europe and Asia.
About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company whose proprietary
technology through genetic engineering and plant breeding allows
(i) the level of nicotine (and other nicotinic alkaloids) in the
tobacco plant to be decreased or increased and (ii) the levels of
cannabinoids to be decreased or increased, in addition to the
cannabinoid profile being tailored. 22nd Century owns or is the
exclusive licensee of 129 issued patents in 78 countries plus an
additional 51 pending patent applications, and 22nd Century has
co-exclusive rights to another 16 patent applications. Goodrich
Tobacco is focused on commercial tobacco products and potential
less harmful cigarettes. Botanical Genetics is focused on novel,
cannabis plant varieties and cannabis-based products for human
health, well-being and nutrition, in addition to industrial
products refined from cannabis. 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 Mar 2024 to Apr 2024
22nd Century (AMEX:XXII)
Historical Stock Chart
From Apr 2023 to Apr 2024