MORRISVILLE, N.C., March 25, 2020 /PRNewswire/ -- Pyxus
International, Inc. ("Pyxus" or "the Company") (NYSE: PYX), a
global value-added agricultural company, announced today that
its Board of Directors has initiated a process to evaluate a range
of strategic alternatives available to the Company to maximize
value. As part of the process, the Board established a special
committee of independent directors, which will be chaired by
Martin R. Wade III. The Special
Committee will consider and assess a range of strategic,
operational and financial alternatives, which may include a sale,
recapitalization or other transaction, and will make related
recommendations thereon to the full Board.
Pyxus has retained Lazard and RPA Advisors as its financial
advisors to assist with the strategic review process, and Simpson
Thacher & Bartlett LLP, as legal counsel.
As previously disclosed, Pyxus initiated an evaluation of plans
for a potential partial monetization of interests in its
non-tobacco subsidiaries, and launched a Global Operations
Efficiency Program with the aim to position the Company for
long-term success. The Company believes now is an appropriate time
to explore a broad range of strategic alternatives that may have
the potential to unlock value for the future.
There can be no assurance that the strategic alternatives review
process will result in any transaction or strategic alternative, or
any assurance as to its outcome or timing. The Company has not set
a timetable for completion of the review process and does not
intend to disclose developments related to the process unless and
until the Company executes a definitive agreement with respect
thereto, or the Board otherwise determines that further disclosure
is appropriate or required.
About Pyxus International, Inc.
Pyxus
International Inc. (NYSE: PYX) is a global agricultural company
with 145 years experience delivering value-added products and
services to businesses, customers and consumers. Driven by a united
purpose—to transform people's lives, so that together we can grow a
better world—Pyxus International, its subsidiaries and affiliates,
are trusted providers of responsibly sourced, independently
verified, sustainable and traceable agricultural and
consumer-driven products and ingredients. For more information,
visit www.pyxus.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on current expectations of
future events. Such statements include, but are not limited to,
statements about future financial and operating results, plans,
objectives, expectations and intentions and other statements that
are not historical facts. Such statements are based on the current
beliefs and expectations of management and are subject to
significant risks and uncertainties. If underlying assumptions
prove inaccurate or known or unknown risks or uncertainties
materialize, actual results may differ materially from those
currently anticipated expected or projected. The following factors,
among others, could cause actual results to differ from those
expressed or implied by the forward-looking statements: the impact
of the COVID-19 pandemic, changes in the timing of anticipated
shipments, changes in anticipated geographic product sourcing,
developments in relevant capital markets affecting the terms and
availability of financing, political instability, currency and
interest rate fluctuations, shifts in the global supply and demand
position for tobacco products, changes in tax laws and regulations
or the interpretation of tax laws and regulations, resolution of
tax matters, adverse weather conditions, the impact of disasters,
pandemics or other unusual events affecting international commerce,
changes in costs incurred in supplying products and related
services, uncertainties with respect to the impact of regulation
associated with consumer products business lines, including the
risk of obtaining anticipated regulatory approvals in Canada and for e-liquids products in
the United States, uncertainties
regarding the regulation of the production and distribution of
legal cannabis and industrial hemp products and continued
compliance with applicable regulatory requirements, uncertainties
with respect to the development of the industries and markets of
the consumer products business lines, consumer acceptance of
products offered by the consumer products business lines,
uncertainties with respect to the timing and extent of retail and
product-line expansion, the impact of increasing competition in the
consumer products business lines, uncertainties regarding obtaining
financing to fund planned facilities expansions, the possibility of
delays in the completion of facilities expansions and uncertainties
regarding the potential production yields of new or expanded
facilities, as well as the progress of legalization of cannabis for
medicinal and adult recreational uses in other jurisdictions.
Additional factors with respect to risks and uncertainties with
respect to an investment in the common stock of Pyxus
International, Inc. can be found in its Annual Report on Form 10-K
for the period ended March 31, 2019
and its other filings with the Securities and Exchange Commission
(the "SEC") which are available at the SEC's Internet site
(http://www.sec.gov). Pyxus does not undertake to update any
forward-looking statements made in this press release to reflect
any change in management's expectations or any change in the
assumptions or circumstances on which such statements are based,
except as required by law.
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SOURCE Pyxus International, Inc.