22nd Century Settles All Litigation with Former CEO Pandolfino
November 09 2015 - 8:55AM
Business Wire
22nd Century Group, Inc. (NYSE MKT: XXII), a leader in tobacco
harm reduction, announced today that the Company and Joseph
Pandolfino, the former CEO and founder of the Company, have settled
all litigation and disputes between the parties. The details of
this settlement have been disclosed by the Company in its filing
today with the U.S. Securities and Exchange Commission (“SEC”) of a
Current Report on Form 8-K, which is publicly available on the
SEC’s EDGAR database on the SEC website of www.sec.gov.
Henry Sicignano, III, 22nd Century’s Chief Executive Officer and
President stated, “As the founder of 22nd Century and as a major
stockholder, Joe’s interests are closely aligned with those of
other shareholders. We look forward to Joe’s helpful input going
forward as a strategic consultant who will be tasked with assisting
22nd Century on special projects such as commercialization of RED
SUN, MAGIC and our extraordinary modified risk tobacco products in
development – BRAND A and BRAND B.”
Joseph Pandolfino said, “I am thrilled that all disagreements
between me and the Company have been resolved. As a strategic
consultant, I look forward to working with Henry and the team to
create shareholder value. 22nd Century is a unique company with an
important public health mission and I remain dedicated to its
success.”
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 and the level of cannabinoids in
cannabis plants through genetic engineering and plant breeding. The
Company’s primary mission is to reduce the harm caused by smoking.
22nd Century currently owns or exclusively controls more than 200
issued patents and more than 50 pending patent applications around
the world. 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
year ended December 31, 2014, filed on February 6, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151109005593/en/
Investor Relations:IRTH CommunicationsAndrew Haag,
866-976-4784xxii@irthcommunications.comorRedington, Inc.Tom
Redington, 203-222-7399
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