Kaival Brands Innovations Group, Inc. (NASDAQ:
KAVL) ("Kaival Brands," the "Company" or "we,” “our” or
similar terms), a company focused on incubating and commercializing
innovative products into mature and dominant brands, with a current
focus on the distribution of electronic nicotine delivery systems
(ENDS), which are intended for adults 21 and over, today announced
the appointment of Thomas J. Metzler as the Company's new Chief
Financial Officer ("CFO"), Treasurer and Secretary, effective as of
August 1, 2023, replacing Mark Thoenes, who has served as Interim
CFO since 2021.
The Company has also promoted its current
President & Chief Operating Officer, Eric Mosser, to the
position of Chief Executive Officer.
Mr. Metzler brings over 20 years of finance and
operational experience in the vaping and consumer products sector,
previously serving as Managing Director of a Division of Turning
Point Brands (NYSE: TPB), a manufacturer, marketer and distributor
of branded alternative smoking accessories and consumables with
active ingredients. At Turning Point Brands, Mr. Metzler led a team
to transform the process of financial management efficiencies,
which improved cost controls, managed inventory turn, developed
strategic product promotions to accelerate product distribution,
and built strategic alliances with suppliers. Mr. Metzler also
developed & monitored key performance indicators (“KPIs”) which
generated record growth with retail and wholesale distributors.
Mr. Metzler has an extensive knowledge of vaping
technologies, building strong partnerships with industry
stakeholders and has been actively engaged in national trade and
industry standards organizations. In addition to
assuming responsibility for all public company accounting,
reporting and compliance, Mr. Metzler’s initial key areas of focus
at Kaival Brands will be on maximizing inventory turn and driving
revenue, developing and monitoring KPIs and controlling costs. Mr.
Metzler also has experience in mergers and acquisitions and
post-acquisition integration, which he will bring to bear on the
vaporizer and inhalation patent portfolio acquired by the Company
in May 2023.
Prior to Turning Point Brands, Mr. Metzler
served as Managing Partner and Chief Financial Officer of
Vaporbeast, where he presided over rapid revenue growth while
maintaining above average industry margins and profitability.
Vaporbeast was acquired by Turning Point Brands in 2016. Mr.
Metzler was a licensed CPA for over 20 years, during which time he
provided accounting and related consulting services to many
companies. He began his career working with public and private
companies in the assurance practice at Pricewaterhouse Coopers LLP
in Boston. Mr. Metzler earned a B.S. in Accounting from Canisius
College.
Eric Mosser, Chief Executive Officer and
President of Kaival Brands, commented, “We are very excited to have
Tom join our senior management team and believe his hiring
represents a key building block for the future of Kaival Brands.
Tom brings to us a wealth of experience and knowledge across all of
the key elements of the CFO’s office including treasury, finance,
and accounting. He also has tremendous knowledge of business
operations in our industry and will therefore greatly contribute to
the crafting and implementation of our growth plans. On behalf of
our board of directors, we welcome Tom and give thanks to Mark
Thoenes for his excellent work as our interim CFO the past few
years.”
Mr. Metzler commented “Kaival Brands is a
company with a very promising future, and I am looking forward to
bringing my experience and track record in helping business grow
and succeed to the company. The pieces for success are all
assembled – a world class product in Bidi Stick, an international
collaboration with Philip Morris, strong intellectual property, a
knowledgeable and supportive board of directors, and future value
drivers to strive towards as we look to scale revenue. I’m ready to
get to work in helping Eric and the team make this promising future
a reality.”
Newly-appointed Chief Executive Officer, Eric
Mosser, brings over a decade of senior leadership experience,
including since 2020 at Kaival Brands. Mr. Mosser will retain the
position of President.
With extensive previous executive experience in
information technology, Mr. Mosser worked from 2012 to 2014 as
Director of Information Technology at Timbercon Inc., a fiber-optic
design company and ITAR manufacturing facility in Oregon. In 2014,
Mr. Mosser created Lasermycig LLC, a specialized custom
laser-engraving service for electronic cigarettes and vaporizers
and served as its Chief Executive Officer until 2020. Beginning in
2015, along with Nirajkumar Patel (the Company’s Chief Science and
Regulatory Officer and the owner of Bidi Vapor, LLC), Mr. Mosser
founded and acted as CEO of Chillcorp Ltd., a full-service
corporation managing all operations of four companies: Just Chill
Products LLC, Relax Lab Inc., RLX Lab LLC, and KC Innovations Lab
Inc. Mr. Mosser studied business management at Arizona State
University before graduating from Rio Salado College.
ABOUT KAIVAL BRANDS
Based in Grant-Valkaria, Florida, Kaival Brands
is a company focused on incubating and commercializing innovative
products into mature and dominant brands, with a current focus on
the distribution of electronic nicotine delivery systems (ENDS)
also known as “e-cigarettes” for use by customers 21 years and
older. 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 LLC. 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, which is
distributed exclusively by Kaival Brands, 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. 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.
Learn more about Kaival Brands at
https://ir.kaivalbrands.com/overview/default.aspx.
ABOUT KAIVAL LABS
Based in Grant-Valkaria, Florida, Kaival Labs is
a wholly-owned subsidiary of Kaival Brands focused on developing
new branded and white-label products and services in the vaporizer
and inhalation technology sectors. Kaival Labs’ current patent
portfolio consists of 12 existing and 46 pending with novel
technologies across extrusion dose control, product preservation,
tracking and tracing usage, multiple modalities and child safety.
The patents and patent applications cover territories including the
United States, Australia, Canada, China, the European Patent
Organisation, Israel, Japan, Mexico, New Zealand and South Korea.
The portfolio also includes a fully-functional proprietary mobile
device software application that is used in conjunction with
certain patents in the portfolio.
Learn more about Kaival Labs at
https://kaivallabs.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
anticipated benefits to the Company of the new executive officers
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 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
Kaival Brands Innovations (NASDAQ:KAVL)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Kaival Brands Innovations (NASDAQ:KAVL)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024