LOUISVILLE, Ky.--(BUSINESS WIRE)--Turning Point Brands, Inc. (NYSE:TPB), a leading provider of Other Tobacco Products (OTP) through brands such as Stoker’s, Zig-Zag and Primal, is set to join the all-cap Russell 3000 Index on June 27, 2016 as part of Russell's annual rebalancing of its U.S. indexes.
TPB's selection to the Russell 3000 remains in place for one year and automatically includes the company in appropriate growth and value style indexes and the Russell 2000 small cap index. TPB is also listed in the upper range of the Russell microcap index. Russell determined the stocks for its indexes based on their market capitalization ranking on May 31, 2016.
“We are very pleased to join the family of Russell's U.S. indexes,” said Larry Wexler, Turning Point Brands' President and CEO. "This enhances our corporate visibility and continues the momentum generated from our initial public offering, which was an important component of our strategy for competing in the $10 billion OTP market. Our financial flexibility post-IPO allows us to target growth opportunities by focusing resources in key areas -- such as expanding our salesforce, developing innovative products and exploring new market segments organically and through acquisitions."
Each June, the entire family of Russell U.S. and Russell Global Indexes are realigned and recalibrated to reflect market changes in the past year. FTSE Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies, and approximately $6 trillion in assets are benchmarked to and invested in products based on the U.S. indexes.
Additional information on the Russell 3000® Index and the Russell US Indexes reconstitution is available from the “Russell Reconstitution” section on the FTSE Russell website. FTSE Russell is wholly owned by London Stock Exchange Group.
About Turning Point Brands, Inc.
Louisville, Ky. based Turning Point Brands, Inc. (NYSE:TPB) is a leading U.S. provider of Other Tobacco Products (“OTP”). Through widely recognized brands such as Zig-Zag®, Beech-Nut® and Stoker’s®, the company markets smokeless products (chewing tobacco and moist snuff tobacco), smoking products (premium cigarette papers and cigar products), new generation electronic products (e-cigarettes, vaporizers and E-Liquids), and new generation non-nicotine, non-tobacco products sold through the Primal™ brand. More information about the company is available at www.turningpointbrands.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, actual events may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties are more fully described in the Company's filings with the Securities and Exchange Commission, including its most recent Quarterly Report on Form 10-Q. Any forward-looking statement made by TPB in this press release speaks only as of the date hereof. New risks and uncertainties come up from time to time, and it is impossible for TPB to predict these events or how they may affect it. TPB has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws.