LAS VEGAS and VANCOUVER, British Columbia, Oct. 13, 2020 (GLOBE NEWSWIRE) -- TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “Taat”) announced in a press release dated Friday, October 9, 2020 the closing of a private placement (in escrow, subject to the Company confirming the delivery of the closing proceeds) in the amount of CAD $6,750,000 / USD $5,000,000 (the “Placement”). The Placement was led by Hong Kong financier Debbie Chang, co-founder of Horizons Ventures, in her personal capacity. This press release can be accessed by clicking here. The October 9, 2020 press release is complemented by a video statement from Taat Chief Executive Officer Setti Coscarella, in which Mr. Coscarella comments on the significance of the Placement with respect to the Company’s immediate and near-term business objectives. In the video, which is embedded below, Mr. Coscarella describes how the strategic partnership formed by way of the Placement could potentially expedite future expansion initiatives.
The Company has developed Beyond Tobacco™, the nicotine-free and tobacco-free base material for Taat, an analogue to tobacco cigarettes. Offered in Original, Smooth, and Menthol varieties, Taat is a combustible product that has been engineered to mimic the many sensory and motor elements that comprise the experience of smoking a tobacco cigarette. Such elements include a tobacco-like scent and taste, an enhanced volume of smoke, and even an audible “crackling” as the product burns.
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a1f619c-018c-4b14-b6b3-6718fee6bae9
Readers using news aggregation services may be unable to access the media above. Please access the Investor Relations section of the Company’s website for a version of this press release containing all published media.
The Company’s management believes the Placement is a development that further encourages its principal business objective to commercialize Taat as a novel alternative to tobacco cigarettes. Between additional operating capital and resources that can facilitate expedited growth, the Placement builds upon momentum that the Company has gained from its several key accomplishments made over the past six months:
June 22, 2020: Taat became publicly traded on the Canadian Securities Exchange (CSE: TAAT).
July 31, 2020: Ex-“Big Tobacco” strategist Setti Coscarella appointed CEO.
August 21, 2020: Tim Corkum, a former commercialization executive for a “Big Tobacco” firm is named Chief Revenue Officer.
September 2, 2020: Taat procures commercial-scale production capacity at favourable pricing from a contract manufacturer for global and regional tobacco brands.
September 4, 2020: First patent application filed for a refinement technique of the Beyond Tobacco™ base material, creating tobacco-like scent and taste.
September 22, 2020: Taat receives 3.2 tons of material for Beyond Tobacco™, expected to be sufficient for producing 15,000 ten-pack cartons of Taat.
September 25, 2020: Uplisting approved for Taat to be traded on the OTCQB® Market in the United States.
September 29, 2020: Provisional Taat pack designs revealed to align with tobacco industry offerings (pictured below).
October 6, 2020: Initial purchase order of Taat received from a tobacco wholesaler in Ohio, which is Taat’s launch market.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11847708-fe9c-49a1-ae31-614dbbad86fe
Readers using news aggregation services may be unable to access the media above. Please access the Investor Relations section of the Company’s website for a version of this press release containing all published media.
Taat CEO Setti Coscarella commented, “From the tobacco industry perspective, I was confident from the very beginning in Taat’s ability to gain market share, despite how other nicotine-free alternatives to tobacco cigarettes often have difficulty gaining traction. With the funds from the Placement, as well as the capabilities and resources availed to us by way of the strategic partnership, I believe we are now able to scale much faster as we undertake our journey towards capturing market share. We also intend to continue distributing multimedia content similar to my recent video statement regarding the Placement, to provide investors and the general public greater depth about our vision and our plans to scale Taat throughout the United States, as well as globally.”
On behalf of the Board of Directors of the Company,
TAAT LIFESTYLE & WELLNESS LTD.
“Setti Coscarella”
Setti Coscarella, CEO
For further information, please contact:
Investor Relations
1-833-TAAT-USA (1-833-822-8872)
investor@taatusa.com
THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
About Taat Lifestyle & Wellness Ltd.
Having developed Beyond Tobacco™, which contains no tobacco or nicotine, Taat’s objective is to introduce an innovative, experience-driven alternative to tobacco cigarettes for tobacco smokers who aspire to leave nicotine behind. Beyond Tobacco™, which is to be offered in “Original” and “Menthol” varieties, is designed to closely emulate every aspect of smoking a traditional cigarette. From the cigarette-style packaging and stick format, to the proprietary flavouring blend which imparts the flavour and scent of tobacco, to the draw sensation, and the amount of smoke exhaled, Beyond Tobacco™ has been meticulously engineered to enable smokers to continue enjoying the ritual of smoking, while discontinuing nicotine intake. Taat plans to launch Beyond Tobacco™ in mid-Q4 2020 and is seeking to position itself in the USD $814 billion (2018)1 global tobacco industry to capitalize on the growing worldwide demand for alternatives to traditional cigarettes.
For more information, please visit http://taatusa.com.
References
1 British American Tobacco - The Global Market
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking information in this news release includes statements regarding the potential launch of Beyond Tobacco™, in addition to the following: Potential outcomes from the Placement, as detailed in the Company’s October 9, 2020 press release and the video referenced in this press release. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.
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