Kaival Brands Subsidiary Amends Agreement With Philip Morris Affiliate
17 Agosto 2023 - 6:03PM
Dow Jones News
By Denny Jacob
Kaival Brands Innovations Group's subsidiary amended its
agreement with an affiliate of tobacco giant Philip Morris
International.
The company, which sells electronic cigarettes, said subsidiary
Kaival Brands International amended its agreement with Philip
Morris Products for the development and distribution of
e-cigarettes in markets outside of the U.S.
Both sides agreed to revise certain terms, which provide for a
fixed pricing structure with volume-driven increases and a
recapture of non-recurring engineering costs by Kaival Brands
International, among other terms part of the amended agreement.
Kaival Brands Innovations said it expects a reconciliation
payment of about $135,000 and projected about $300,000 in
additional royalties to be earned through the end of 2023.
Kaival Brands Innovations Chief Executive Eric Mosser said the
revised agreement simplifies the payment structure, resulting in
cost savings of about $2.7 million for the company over the
lifetime of the license agreement.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
August 17, 2023 16:48 ET (20:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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