22nd Century Raises 2017 Revenue Projection to $16Million – Another Record Year
May 09 2017 - 7:51AM
Business Wire
Factory will be profitable in 2018
22nd Century Group, Inc. (NYSE MKT:XXII), a
plant biotechnology company, announced today that the Company’s
wholly-owned subsidiary, NASCO Products, recently entered into
substantial new manufacturing agreements for the production of
filtered cigars and other tobacco products. The products to be
manufactured by 22nd Century as a result of these executed new
contracts are currently supplied to more than 250 distributors and
wholesalers and more than 40,000 retail stores across the United
States.
In order to accommodate this sizeable increase in business, 22nd
Century has already hired 37 new employees, more than doubling its
workforce at the Company’s NASCO factory in Mocksville, North
Carolina. When combined with existing business, 22nd Century is
raising its 2017 total revenue projection from a previously
announced $12,000,000 to more than $16,000,000. In 2018, 22nd
Century anticipates total revenues will significantly exceed
$20,000,000 and the Company’s factory will be cash flow
positive.
“Our manufacturing facility is a vital strategic asset for 22nd
Century Group,” explained Henry Sicignano, III, President and Chief
Executive Officer at 22nd Century. “The factory enables 22nd
Century to develop and manufacture the Company’s SPECTRUM®
government research cigarettes, our X-22 smoking cessation
cigarettes in development, and 22nd Century’s proprietary MRTP
candidates: BRAND A Very Low Nicotine cigarettes, and BRAND B low
tar-to-nicotine ratio cigarettes. Now, considering the newly signed
contract manufacturing agreements, our NASCO production facility
will also contribute positively to 22nd Century’s bottom line.”
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 in tobacco is to reduce the harm caused
by smoking. The Company’s primary mission in cannabis is to develop
proprietary cannabis strains for important new medicines and
agricultural crops. Visit www.xxiicentury.com and
www.botanicalgenetics.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, 2016, filed on March 8, 2017,
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/20170509005876/en/
22nd Century GroupInvestor Relations:IRTH CommunicationsAndrew
Haag, 866-976-4784xxii@irthcommunications.com
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