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, today announced the initial
shipment of BIDI® Sticks to over 900 Kwik Trip and Mapco locations,
with a ramp up to over 1,200 locations planned for the remainder of
this year, with Kwik Trip representing over 900 of those locations.
This follows the Company’s announcement
yesterday of an initial shipment of BIDI® Sticks to over 1,000
Circle K locations, with a ramp up to 5,000 locations planned for
the remainder of this year within the South Atlantic and Midwest
regions of the United States.
“We are excited to announce the rollout of the
BIDI® Stick in more than 900 Kwik Trip and Mapco locations, where
the products will be made available for ID and age-verified adult
tobacco users (21 and over). Ultimately, our goal is to ramp up to
over 1,200 locations this year within those two retailers, both of
whom adhere to our strict requirements for adult-only sales and
youth-access prevention,” stated Eric Mosser, President & Chief
Operating Officer of Kaival Brands. “We are encouraged by the
renewed momentum we are experiencing (subject as always to FDA
enforcement discretion) with retailers like Circle K, Kwik Trip,
and Mapco who champion compliance and youth-access prevention and
recognize our ongoing efforts since last year to educate retailers
and distributors of the business value of marketing BIDI® Stick
versus non-compliant competition. Of course, the goal is to
capitalize on this momentum in orders as we seek to increase our
revenues during the remainder of 2023 and beyond.”
ABOUT KAIVAL BRANDS
Based in Grant-Valkaria, Florida, Kaival Brands
is a company focused on incubating innovative and profitable
adult-focused 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 results of
the Company’s sales and marketing efforts as described herein and
the impact of such efforts on the Company’s results of operations)
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 FDA Premarket Tobacco
Product Applications, (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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