LAS VEGAS and VANCOUVER, British Columbia, April 21, 2022 (GLOBE NEWSWIRE) -- TAAT® GLOBAL ALTERNATIVES INC. (CSE: TAAT) (OTCQX: TOBAF) (FRANKFURT: 2TP) (the “Company” or “TAAT®”) is pleased to announce that its agreement to acquire HLND Holdings, Inc. (“HLND”), which is to become the Company’s in-house distribution arm for the north-central region of the United States starting this year, is moving forward after the agreement has become definitive. In a press release dated February 25, 2022, the Company announced its initial agreement to acquire HLND for a purchase price of CAD $6,604,000 in cash and equity (full details of purchase terms are provided in the February 25, 2022 press release). The Company has made a payment of CAD $400,000 towards the CAD $1,254,760 cash portion of the purchase price. Closing of this transaction is expected to occur within ten business days, during which time the Company and HLND are implementing an agreed-upon tax structure. Through this acquisition of HLND, TAAT® will obtain access to a network of more than 5,000 convenience stores in and around Ohio through a combination of direct and indirect relationships.
As TAAT® becomes a national-scale brand in the tobacco alternatives industry, the Company is seeking to align its practices with certain industry leaders who have converted the distribution components of their respective supply chains into in-house business units to realize benefits that can include cost efficiency and improved visibility into the movement of product to the end consumer. In addition to TAAT® and major brands of tobacco cigarettes, HLND also carries a full range of convenience store products such as candy, snacks, beverages, and paper products.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35512b77-509d-4696-a1a2-ad8b78adfe8b
Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the Investor Relations section of the Company’s website for a version of this press release containing all published media.
TAAT® Chief Executive Officer Setti Coscarella commented, “Our journey towards becoming a bigger player in the tobacco alternatives industry is rapidly accelerating, and we are thrilled to be moving forward with this acquisition deal of HLND which can provide us many advantages with respect to our operations in the United States. With experienced industry leadership on our side, we benefit from unparalleled insights when it comes to building a competitive edge in this dynamic and rapidly evolving space. We are excited to be taking the next steps as we seek to scale our business even further in 2022.”
On behalf of the Board of Directors of the Company,
TAAT® GLOBAL ALTERNATIVES INC.
“Setti Coscarella”
Setti Coscarella, CEO and Director
For further information, please contact:
TAAT® Investor Relations
1-833-TAAT-USA (1-833-822-8872)
investor@taatglobal.com
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.
About TAAT® Global Alternatives Inc.
The Company has developed TAAT®, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in "Original", "Smooth", and "Menthol" varieties. TAAT®'s base material is Beyond Tobacco™, a proprietary blend which undergoes a patent-pending refinement technique causing its scent and taste to resemble tobacco. Under executive leadership with "Big Tobacco" pedigree, TAAT® was launched first in the United States in Q4 2020 as the Company seeks to position itself in the $812 billion1 global tobacco industry.
For more information, please visit http://taatglobal.com.
References
1 Statista: Consumer Markets - Tobacco Products
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 anticipated performance of TAAT® in the tobacco industry, in addition to the following: Closing of the transaction for TAAT® to acquire HLND as described in the press release, cooperation of HLND with respect to agreed-upon deal terms, potential benefits TAAT® could realize by acquiring HLND. 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.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by TAAT® Global Alternatives Inc. can be found under the Company's profile on http://sedar.com.
