22nd Century Comments on Frivolous Lawsuit Filed by Crede
May 04 2016 - 8:38AM
Business Wire
22nd Century Group, Inc. (NYSE MKT: XXII), a plant biotechnology
company that is a leader in tobacco harm reduction, has learned
that Crede CG III, Ltd. filed a lawsuit in the wake of the
Company’s decision to terminate its China joint venture arrangement
with Crede and its principal, Terren Peizer. As previously
disclosed, on June 22, 2015, the Company terminated its joint
venture with Crede and a third-party due to non-performance and
other breaches by Crede and its principals.
The Company considers the Crede lawsuit to be frivolous and
completely without merit. The Company welcomes the opportunity to
present to the court and to make appropriate public disclosures of
the true facts in this matter.
The Company is confident that the evidence will clearly show
that it properly terminated the joint venture with Crede and
Peizer. After the Company engaged Crede to assist with the
Company’s expansion into China, it was Crede and Peizer – not the
Company – who failed to perform under the joint venture agreements
and who impeded the Company’s efforts to expand into China. The
Company plans to continue its efforts to conduct business in China
without Crede and Peizer.
The Company also believes that Crede’s lawsuit represents an
attempt by Crede to drive the Company’s stock price down in order
for Crede to try to take advantage of the terminated feature in its
warrant agreement that previously gave Crede the ability to obtain
more shares in the Company as the stock price decreased.
The Company looks forward to presenting the true facts to the
court, and plans to file substantial counterclaims against both
Crede and Peizer, should the case progress. The Company has not yet
been served with the complaint in this lawsuit. Management will
continue to keep stockholders apprised of material developments in
the lawsuit.
About 22nd Century Group, Inc.
22nd Century 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. 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, including but not limited to our future revenue
expectations. 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, 2015, filed on February 18, 2016,
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160504006072/en/
Investor Relations:IRTH CommunicationsAndrew Haag,
866-976-4784xxii@irthcommunications.comorRedington, 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