NEW YORK--(BUSINESS WIRE)--Standard Diversified Inc. f/k/a Standard Diversified Opportunities Inc. (“Standard Diversified,” “SDI” or the “Company”) (NYSE: SDI) today announced that its Class A common stock will begin trading on the NYSE American Exchange under the ticker “SDI” beginning Wednesday, April 25, 2018.
The Company also announced that it is changing its name to Standard Diversified Inc., effective immediately.
Ian Estus, Chief Executive Officer, stated, “Standard Diversified is very excited about its listing on the NYSE American. This is truly the culmination of our hard work and diligence over the past year, which included the purchase of our property and casualty insurance subsidiary, various acquisitions in our out-of-home advertising business, significant growth in our other tobacco products subsidiary and the closing of a $25 million debt facility. Our listing on the NYSE American will allow us to build on this momentum, providing shareholders with an active market in which to trade our shares, while also increasing the exposure of the Company’s long-term value creation platform, which is focused on asset growth and the minimization of costs at our subsidiaries.”
NYSE American Commentary
"NYSE American welcomes Standard Diversified Inc. as the company continues its journey as a public company,” said John Tuttle, Global Head of Listings. “We look forward to a long-term partnership with SDI, helping the company create greater value for shareholders as it grows and manages a diversified portfolio of companies.”
Corporate Highlights and Accomplishments:
Standard Diversified is a holding company with various operating subsidiaries located in the United States. It serves as an investment platform for long-term growth of quality operating businesses run by seasoned managers.
Through its subsidiaries listed below, the Company currently owns and/or operates businesses in the following market segments: insurance, other tobacco products and out-of-home advertising:
- Turning Point Brands, Inc. (“TPB”), a NYSE publicly-listed independent provider of Other Tobacco Products (“OTP”) in the U.S. TPB sells a wide range of products across the OTP spectrum, including moist snuff tobacco (“MST”), loose leaf chewing tobacco, premium cigarette papers, make-your-own (“MYO”) cigar wraps, cigars, liquid vapor products and tobacco vaporizer products. As of December 31, 2017, the Company held a 51.2% ownership interest in TPB, which comprises the predominant portion of the Company’s consolidated financial results.
- Pillar General, a wholly-owned insurance subsidiary that acquired Interboro Holdings, Inc. in January 2018, through its New York-based subsidiary, Maidstone Insurance Company, the Company offers property and casualty and personal automobile insurance.
- Standard Outdoor, a wholly-owned out-of-home advertising business that owns and operates 384 billboard faces located across the Alabama, Florida, Georgia and Texas markets.
As demonstrated by its current holdings, the Company is industry agnostic and in the process of exploring a variety of potential opportunities. These acquisition targets primarily involve special situations with companies that have sustainable cash flows with quality management teams, but require the unique structure and/or the services which SDI offers in order to scale and grow their business. Simultaneous with active expansion, the Company is equally focused on the continued growth of its existing subsidiaries and vigilant in allocating its capital in the best interest of its shareholders.
Company Appoints Arnold Zimmerman to Board of Directors
Standard Diversified also announced that Arnold Zimmerman has been appointed as a new independent director to the Company’s Board. With the addition of Mr. Zimmerman, the Company’s Board increases to six members. Mr. Zimmerman, is an accomplished executive leader with significant experience as a board member at Turning Point Brands, Inc.
Greg Baxter, Executive Chairman, stated, “We are pleased to announce the addition of Mr. Zimmerman to Standard Diversified’s Board of Directors. Arne’s extensive experience in executive leadership roles and marketing acumen is a welcomed addition to our board.”
About Standard Diversified Inc.
Standard Diversified Inc. is a holding company that owns and operates subsidiaries in a variety of industries, including insurance, other tobacco products and outdoor advertising. For more information about the Company, please visit the Company’s website at www.standarddiversified.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, are forward-looking statements. These forward-looking statements address, among other things activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the Company’s expected acquisition activity. These forward-looking statements are subject to a number of risks that could cause actual results to differ materially from those contained in the forward-looking statements, including those risks described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission.
Currently unknown or unanticipated risks, or risks that emerge in the future, could cause actual results to differ materially from those described in forward-looking statements, and it is not possible for the Company to predict all such risks, or the extent to which this may cause actual results to differ from those contained in any forward-looking statement. Except as required by law, the Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise.