Key Topics Include: Modified Risk
Applications, U.S. Distribution of RED SUN, MAGIC 0.0 mg Nicotine
Cigarettes and China Opportunities
22nd Century Group, Inc. (NYSE MKT: XXII), a leader in very low
nicotine tobacco technology and tobacco harm reduction, held its
annual meeting of shareholders on Saturday, April 25, 2015, at the
historic Buffalo Club in downtown Buffalo. Henry Sicignano III,
President and CEO, addressed the following topics:
0.0 mg Nicotine MAGIC 0 and 0.2 mg
Nicotine MAGIC 2 Cigarettes (Photo: Business Wire)
Modified Risk/FDA:
The Company intends to submit an application for its very low
nicotine cigarette (Brand A) to the FDA this summer. Gaining
Modified Risk approval for the Company’s low tar-to-nicotine ratio
cigarette (Brand B) is also a priority. However, since applying for
Brand B Modified Risk approval will require a substantially greater
investment in time and money, the Company plans to submit a Brand B
application in 2016.
X-22:
The Company recently completed visits to Japan and Europe where
management met with potential joint venture partners for X-22, the
Company’s smoking cessation aid in development.
RED SUN:
In the first three months on the U.S. market, the Company
secured distribution for RED SUN premium cigarettes in
approximately 200-300 retail stores in more than 40 states.
Management expects to announce the signing of additional
distributors and regional retail store groups in the coming
months.
MAGIC:
The Company recently launched its 0.0 mg MAGIC 0 cigarettes in
Europe. The Company is marketing two styles of MAGIC cigarettes:
MAGIC 0 with 95% less nicotine than conventional brands and MAGIC 2
which features an 80% reduction in nicotine. MAGIC cigarettes are
currently available in approximately 900 state-licensed tobacco
stores in Spain. The store count is expected to top 2,500 in Spain
by the end of 2015. Further, the Company expects distribution of
MAGIC cigarettes to reach several additional European countries in
the next several months.
China:
It remains an important priority for the Company to introduce
22nd Century’s proprietary tobacco to China. Despite significant
regulatory hurdles, the Company continues to make progress in this
effort.
Contract Manufacturing:
NASCO Products LLC, the Company’s cigarette manufacturing
subsidiary located in Mocksville, North Carolina, continues to
produce Smoker Friendly, Cigar Cartel, and other private label
brands in addition to 22nd Century’s proprietary brands.
Increased Investor Relations Outreach:
Given the exciting opportunities and events underway at the
Company, management expects to increase its investor relations
activities in the coming months. Mr. Sicignano is scheduled to
attend several investor conferences, including the upcoming Marcum
Conference in New York City in late May and the LD Micro conference
in Los Angeles in June, and will conduct non-deal investor road
shows in select regions during the balance of 2015. Mr. Sicignano
is also looking forward to media opportunities, such as his
upcoming interview today on Fox Business’ Stuart Varney show.
Mr. Sicignano noted, “We are very pleased to report to our
shareholders the substantial progress underway at 22nd Century
Group. It is an exciting time for all of us; the market response to
RED SUN and MAGIC has been tremendous. We look forward to
developing these exciting new brands.”
FORMAL MATTERS DETERMINED BY
SHAREHOLDER VOTE:
Proposal 1 Passed: Both Henry Sicignano III, who is also
currently the CEO and President, and Richard M. Sanders were
re-elected as Class I Directors with terms expiring in 2018.
Proposal 2 Passed: The Advisory Resolution on Executive
Compensation was approved.
Proposal 3 Passed: Freed Maxick CPAs, PC was ratified as
the Company’s independent registered certified public accounting
firm for 2015.
About 22nd Century Group, Inc.
22nd Century Group is a plant biotechnology company focused on
technology which allows it to increase or decrease the level of
nicotine in tobacco plants through genetic engineering and plant
breeding. The Company’s mission is to reduce the harm caused by
smoking. 22nd Century owns or exclusively controls 128 issued
patents plus an additional 52 pending patent applications in 96
countries. The Company’s strong IP position led to a licensing
agreement with British American Tobacco (“BAT”), the world’s second
largest tobacco company. Visit www.xxiicentury.com for more
information.
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, 2014, filed on February 5, 2015,
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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150428005949/en/
Media and Investor Relations:IRTH CommunicationsRobert
Haag, 1-866-976-4784xxii@irthcommunications.comorRedington, Inc.Tom
Redington, 203-222-7399
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