CLARENCE, N.Y.--(BUSINESS WIRE)--22nd Century Group, Inc. (NYSE MKT:XXII) announced today that Joseph Pandolfino, Founder and CEO of 22nd Century Group, together with other members of senior management, will ring The Closing Bell® at the New York Stock Exchange (NYSE) on Thursday October 16, 2014 at 4:00 p.m. EDT. The event will celebrate 22nd Century Group’s initial listing on the NYSE MKT and the recent achievements of other important Company milestones.
22nd Century Group recently announced that it became a signatory of the historic U.S. Master Settlement Agreement (MSA), entered the cannabis space, and completed a $10 million private placement. Additionally, the Company has made great strides in its Asian distribution initiatives.
Now that 22nd Century’s super-premium priced brand, RED SUN®, is an MSA brand, the Company is ramping up production at its factory in North Carolina to commence national sales and distribution across the United States. 22nd Century Group’s recent entry into the cannabis space is highlighted by a global in-license that gives the Company exclusive freedom to operate in the entire cannabinoid biosynthetic pathway in the cannabis plant in a manner that is similar to what 22nd Century has achieved in the nicotine biosynthetic pathway in the tobacco plant.
22nd Century also recently sold approximately 3.87 million shares of restricted stock for the purchase price of $10,000,000. Proceeds from this “at market price” financing will be used to conduct exposure studies, product launches, potential acquisitions and joint ventures, and for general working capital purposes. Also, as reported on September 30th in a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), 22nd Century Group has commenced important Asian strategic initiatives. The Company believes these Asian initiatives will lead to attractive opportunities in the coming weeks.
22nd Century ringing the Closing Bell, as well as replays, can be viewed live at: www.nyse.com/bell.
Joseph Pandolfino stated, "We are honored to ring the NYSE's Closing Bell to celebrate our initial listing on the NYSE MKT and recent Company milestones. This ceremony is a tribute to our employees, directors, customers, researchers and shareholders who continue to support and drive our success."
About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company whose proprietary technology through genetic engineering and plant breeding allows (i) the level of nicotine (and other nicotinic alkaloids) in the tobacco plant to be decreased or increased and (ii) the levels of cannabinoids to be decreased or increased, in addition to the cannabinoid profile being tailored. 22nd Century owns or is the exclusive licensee of 129 issued patents in 78 countries plus an additional 51 pending patent applications, and 22nd Century has co-exclusive rights to another 16 patent applications. Goodrich Tobacco is focused on commercial tobacco products and potential less harmful cigarettes. Botanical Genetics is focused on novel, cannabis plant varieties and cannabis-based products for human health, well-being and nutrition, in addition to industrial products refined from cannabis. Hercules Pharmaceuticals is focused on X-22, a prescription smoking cessation aid in development.
For additional information, please visit: www.xxiicentury.com
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking information, including all statements that are not statements of historical fact regarding the intent, belief or current expectations of 22nd Century Group, Inc., its directors or its officers with respect to the contents of this press release. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances, or to reflect the occurrence of unanticipated events. You should carefully review and consider the various disclosures made by us in our annual report on Form 10-K for the fiscal year ended December 31, 2013, filed on January 30, 2014, including the section entitled “Risk Factors,” and our other reports filed with the U.S. Securities and Exchange Commission which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected.