Bidi
Vapor IP, patents, and development methods used
to launch VEEBA outside of the U.S.
GRANT,
Fla., July 25,
2022 /PRNewswire/ -- Kaival Brands Innovations
Group, Inc. (NASDAQ: KAVL) ("Kaival Brands," the "Company," or
"we"), today reported on the launch
of PMI's custom-branded self-contained e-vapor
product, VEEBA, in Canada. This follows a
recently announced international licensing agreement with Philip
Morris Products S.A. Kaival Brands is the U.S.
distributor of all products manufactured by Bidi Vapor, LLC
("Bidi Vapor"), which are intended for legal-age nicotine
users.
Bidi Vapor IP, patents, and development
methods used to launch VEEBA outside of the U.S.
The product, a self-contained e-vapor
device, VEEBA, has been custom developed
and is
now being distributed in Canada, pursuant
to the licensing agreement. The
agreement covers the
development, licensing, and distribution
of ENDS products in certain markets outside of the
United States, pending further
regulatory assessments.
"The Agreement with Philip Morris Products was
a remarkable accomplishment for the company
and now we have advanced to the next phase of
international distribution with the actual launch of
their custom branded product, VEEBA. We are
excited to support PMI's efforts to provide a range
of alternatives compared to cigarettes. The
commercialization of VEEBA complements PMI's
already strong smoke-free portfolio, providing adult smokers with
an even broader range of usage, taste, price, and technology
options," said Eric
Mosser, President and Chief Operating
Officer of Kaival Brands.
The International Agreement grants to PMPSA a license
of certain intellectual property rights relating
to KBI's premium ENDS device, known as the
BIDI® Stick in the U.S., as well as
potentially newly developed devices, to permit PMPSA to
manufacture, promote, sell, and distribute such ENDS
device and newly developed devices,
in certain international markets, outside of the United States,
with potential royalties owed to KBI as per the terms of
the Agreement.
ABOUT BIDI VAPOR
Based in Melbourne, Florida,
Bidi Vapor maintains a commitment to responsible adult-focused
marketing, strict youth access prevention measures, and
age-verification standards, as well as sustainability through its
BIDI® Cares recycling program. Bidi Vapor's device, the
BIDI® Stick, is a premium product made with high-quality
components, a UL-certified battery, and technology designed to
deliver a consistent vaping experience for adult smokers 21 and
over. Bidi Vapor is also adamant about strict compliance with all
federal, state, and local guidelines and regulations. At Bidi
Vapor, innovation is key to its mission, with the BIDI®
Stick promoting environmental sustainability, while providing a
unique vaping experience to adult smokers.
Mr. Patel, the Company's Chief Science and Regulatory Officer,
owns and controls Bidi Vapor. As a result, Bidi Vapor and the
Company are considered under common control and Bidi Vapor is
considered a related party.
For more information, visit www.bidivapor.com
ABOUT KAIVAL BRANDS
Based in Grant, Florida, Kaival
Brands Innovations Group, Inc., is a company focused on growing and
incubating innovative and profitable products into mature and
dominant brands in their respective markets. Our vision is to
develop internally, acquire, own, or exclusively distribute these
innovative products and grow each into dominant market-share brands
with superior quality and recognizable innovation. Kaival Brands
and Philip Morris International Inc. are the exclusive global
distributors of products manufactured by Bidi Vapor.
Learn more about Kaival Brands at www.ir.kaivalbrands.com
Forward-Looking Statements
This press release includes statements that constitute
"forward-looking statements" within the meaning of federal
securities laws, which are statements other than historical facts
that frequently use words such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "forecast," "intend,"
"may," "plan," "position," "should," "strategy," "target," "will,"
and similar words. All forward-looking statements speak only as of
the date of this press release. Although we believe that the plans,
intentions, and expectations reflected in or suggested by the
forward-looking statements are reasonable, there is no assurance
that these plans, intentions, or expectations will be achieved.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied, or forecasted in such statements. Our
business may be influenced by many factors that are difficult to
predict, involve uncertainties that may materially affect results,
and are often beyond our control. Factors that could cause or
contribute to such differences include, but are not limited to, the
success of our agreement with PMI, how quickly international
markets adopt our product, the timing and results of Bidi Vapor's
appeal of the FDA's PMTA denials for its non-tobacco flavored ENDS
products; the scope of future FDA enforcement of regulations in the
ENDS industry; the FDA's approach to the regulation of synthetic
nicotine and its impact on our business; potential federal and
state flavor bans and other restrictions on ENDS products; the
duration and scope of the COVID-19 pandemic and impact on the
demand for the products we distribute; the actions governments,
businesses, and individuals take in response to the pandemic,
including mandatory business closures and restrictions on onsite
commercial interactions; the impact of the pandemic and actions
taken in response to the pandemic on global and regional economies
and economic activity; the pace of recovery when the COVID-19
pandemic subsides; general economic uncertainty in key global
markets and a worsening of global economic conditions or low levels
of economic growth; the effects of steps that we could take to
reduce operating costs; our inability to generate and sustain
profitable sales growth, including sales growth in the
international markets; circumstances or developments that may make
us unable to implement or realize anticipated benefits, or that may
increase the costs, of our current and planned business
initiatives; changes in government regulation or laws that affect
our business; significant changes in our relationships with our
distributors or sub-distributors; and those factors detailed by us
in our public filings with the Securities and Exchange Commission.
All forward-looking statements included in this press release are
expressly qualified in their entirety by such cautionary
statements. Except as required under the federal securities laws
and the Securities and Exchange Commission's rules and regulations,
we do not have any intention or obligation to update any
forward-looking statements publicly, whether as a result of new
information, future events, or otherwise.
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SOURCE Kaival Brands