Kaival Brands Innovations Group, Inc. (NASDAQ:
KAVL) ("Kaival Brands," the "Company" or "we," "our"
or similar terms), the exclusive distributor of all products
manufactured by Bidi Vapor, LLC ("Bidi Vapor"), including the BIDI®
Stick electronic nicotine delivery system (ENDS), which are
intended for adults 21 and over, is pleased to announce the
appointment of James P. Cassidy as a new member of its Board of
Directors.
Mr. Cassidy joins the Board of Directors as part
of Kaival Brands’ recently announced acquisition of an extensive
vaporizer and inhalation technology patent portfolio from GoFire,
Inc. Mr. Cassidy is an investor in, and serves as board advisor to,
GoFire.
The appointment of Mr. Cassidy brings additional
senior leadership experience to Kaival Brands. He has over
twenty-five years of investing and operational experience with
emerging growth companies.
“We are excited to announce Jim Cassidy as our
newest independent director,” said Eric Mosser, Chief Operating
Officer, President, and a director of Kaival Brands. “Jim’s
background as a private equity investor and advisor to growing
companies not only in the tobacco space, but within the consumer
and healthcare spaces, will be of tremendous value as we look to
expand into new verticals and opportunities following our GoFire
patent portfolio acquisition.”
Mr. Cassidy currently serves as the founder and
CEO of Preposterous Holdings, a family run private equity firm with
offices in Asheville, North Carolina, which he established in 2013.
Mr. Cassidy’s has over 25 years of extensive experience and
expertise as a private equity investor and advisor across several
industries including the key areas of tobacco, healthcare, consumer
packaged goods, and technology. Prior to his current roles, from
2000 to 2007, Mr. Cassidy was partner in The StrataGroup, a wealth
management advisory group at Smith Barney. He started his career
from 1983 to 1993 at UST Inc., a tobacco business holding company,
working in various roles in the government relations department and
as Director of Corporate Services.
ABOUT KAIVAL BRANDS
Based in Grant-Valkaria, Florida, Kaival Brands
is a company focused on incubating innovative and profitable
products into mature and dominant brands, with a current focus on
the distribution of electronic nicotine delivery systems (ENDS)
also known as “e-cigarettes”. Our business plan is to seek to
diversify into distributing other nicotine and non-nicotine
delivery system products (including those related to hemp-derived
cannabidiol (known as CBD) products. Kaival Brands and Philip
Morris Products S.A. (via sublicense from Kaival Brands) are the
exclusive global distributors of all products manufactured by Bidi
Vapor.
Learn more about Kaival Brands at
https://ir.kaivalbrands.com/overview/default.aspx.
ABOUT BIDI VAPOR
Based in Melbourne, Florida, Bidi Vapor
maintains a commitment to responsible, adult-focused marketing,
supporting age-verification standards and sustainability through
its BIDI® Cares recycling program. Bidi Vapor's premier 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.
Nirajkumar Patel, the Company’s Chief Science
and Regulatory Officer and director, owns and controls Bidi Vapor.
As a result, Bidi Vapor is considered a related party of the
Company.
For more information, visit
www.bidivapor.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release and the statements of the
Company’s management and partners included herein and related to
the subject matter herein includes statements that constitute
“forward-looking statements” (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended), which are statements
other than historical facts. You can identify forward-looking
statements by 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 (including, without limitation, the impact of
the Company’s new director on the business and results of
operations of the Company as described herein) could materially and
adversely 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: (i) future actions by the FDA in response
to the 11th Circuit Court’s decision that could impact our business
and prospects, (ii) the outcome of FDA’s scientific review of Bidi
Vapor’s pending PMTAs, (iii) the results of international marketing
and sales efforts by Philip Morris International, the Company’s
international distribution partner, (iv) how quickly domestic and
international markets adopt our products, (v) the scope of future
FDA enforcement of regulations in the ENDS industry, (vi) the FDA’s
approach to the regulation of synthetic nicotine and its impact on
our business, (vii) potential federal and state flavor bans and
other restrictions on ENDS products, (viii) the duration and scope
of the COVID-19 pandemic and impact on the demand for the products
we distribute, (ix) general economic uncertainty in key global
markets and a worsening of global economic conditions or low levels
of economic growth, (x) the effects of steps that we could take to
reduce operating costs, (xi) our inability to generate and sustain
profitable sales growth, including sales growth in U.S. and
international markets, (xii) 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, (xiii) significant changes in our relationships with
our distributors or sub-distributors and (xiv) other factors
detailed by us in our public filings with the Securities and
Exchange Commission, including the disclosures under the heading
“Risk Factors” in our Annual Report on Form 10-K for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on January 27, 2023 and accessible at www.sec.gov.
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.
All Press Inquiries and Kaival Brands Investor
Relations:Stephen Sheriff, Director of Communications and
AdministrationIr.kaivalbrands.cominvestors@kaivalbrands.com
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