CLARENCE, N.Y - Tuesday, April 16th 2013 [ME NewsWire]
(BUSINESS WIRE)-- 22nd Century Group, Inc. (OTCBB: XXII) today announced that its subsidiary Goodrich Tobacco Company has entered into an exclusive distribution agreement with Wilshire Marketing BV for the DUTCH MAGIC™ brand in The Netherlands, Belgium and Luxemburg, known as Benelux.
DUTCH MAGIC consists of two cigarette brand styles and two roll-your-own brand styles. Unlike "light” and "ultra light” cigarette brands, which essentially have the same nicotine content as full flavor brands, DUTCH MAGIC cigarettes have a nicotine content that is significantly reduced. The very low nicotine Dutch Magic brand style contains approximately 95% less nicotine than typical "ultra light” and "light” cigarettes.
The Netherlands, Belgium and Luxemburg are the first European countries in which very low nicotine tobacco products will be available to consumers. Goodrich Tobacco Company will ship Wilshire’s initial order of 450,000 packs of DUTCH MAGIC in July 2013. The exclusive distribution agreement requires minimum annual purchases by Wilshire Marketing BV that peak at $3,000,000 in calendar year 2015. Wilshire Marketing BV is investing substantial marketing funds to launch DUTCH MAGIC in Benelux.
Henry Sicignano III, president of Goodrich Tobacco, stated, "We are very pleased to be working with Wilshire and are excited about the distribution of our proprietary DUTCH MAGIC cigarettes in Europe.” 22nd Century expects ongoing discussions with various parties in the tobacco and pharmaceutical industries to result in additional licensing agreements for its proprietary technology and products over the next few months.
About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company whose proprietary technology allows for the level of nicotine and other nicotinic alkaloids (e.g., nornicotine, anatabine and anabasine) in the tobacco plant to be decreased or increased through genetic engineering and plant breeding. 22nd Century owns or is the exclusive licensee of 109 issued patents in 78 countries plus an additional 39 pending patent applications. Goodrich Tobacco and Hercules Pharmaceuticals, LLC are wholly-owned subsidiaries of 22nd Century. Goodrich Tobacco is focused on commercial tobacco products and potential modified risk cigarettes. Hercules is focused on X-22, a prescription smoking cessation aid in development.
For additional information, please visit: www.xxiicentury.com
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 fiscal year ended December 31, 2012, filed on March 18, 2013, 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.
Tom Redington, 203-222-7399