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22nd Century Group Files 2014 Annual Report
And Announces Conference Call to Provide Business Update
February 6, 2015
CLARENCE, N.Y. - 22nd Century Group, Inc. (NYSE MKT: XXII) today announced that the Company filed its 2014 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission. Due to travel schedules over the next several days, the Company will be unable to conduct a quarterly conference call this week; instead, 22nd Century will provide a business update for investors on a conference call to be held Wednesday, February 11th at 11:00 AM (EST).
Henry Sicignano, III, President and Chief Operating Officer of 22nd Century Group, together with John T. Brodfuehrer, Chief Financial Officer, and Richard M. Sanders, an independent Director of 22nd Century Group, will conduct the call. Interested parties are invited to participate in the call by dialing: 888-820-9418 and using Conference ID 8237107.
The conference call will consist of an overview of recent business highlights and a summary of the financials presented in the Company's 2014 Annual Report. Immediately thereafter, there will be a question and answer segment open to all callers.
As expected, the Company’s 2014 financial performance reflects a period of transition. As 22nd Century concluded its phase as a company focused primarily on research and development, the Company experienced a net loss of $15.6 million (which includes $9.5 million of non-cash expenses) on revenues of $529,000; during this period in 2014, the Company also invested and/or committed to invest $3.7 million in cash and $2.7 million in stock on intangible assets and intellectual property related assets.
Moving forward, with a management team focused on monetizing the Company’s vast intellectual property portfolio, 22nd Century has recast its priorities to emphasize: (i) commercialization of RED SUN® super-premium cigarettes in the US, (ii) launch of MAGIC® very low nicotine cigarettes (“VLN”) internationally, (iii) establishment of a base of third-party cigarette and filtered cigar contract manufacturing business at the Company’s NASCO manufacturing facility in Mocksville, North Carolina, (iv) pursuit of FDA authorization for one or more of the Company’s modified risk cigarettes in development, (v) contracting with a suitable joint venture partner to fund and conduct a Phase III clinical trial for X-22, the Company’s tobacco-based smoking cessation aid in development, and (vi) establishment of substantial multi-year sales contracts for the Company’s proprietary tobacco leaf and/or finished tobacco products internationally (with immediate focus on Asia).
Recent Business Highlights
|·||As previously reported, on October 25, 2014, the 22nd Century Board of Directors terminated the employment of Joseph Pandolfino, our former Chief Executive Officer. Although Mr. Pandolfino will not be re-joining us as an employee or officer, he remains a member of the Board of Directors.|
|·||As the first company in more than six years approved to become a new signatory to the MSA (as a result of our acquisition of NASCO Products, LLC), the Company moved forward with the regulatory process of listing its cigarette brands on the state tobacco directories of approved products in each of the 50 states. To date, the Company has succeeded in listing RED SUN on 35 state directories, in addition to the directory of the District of Columbia; RED SUN directory listings are pending in the remaining 15 states. The Company has begun production of RED SUN and began shipping RED SUN to distributors in January 2015.|
The following information was filed by 22Nd Century Group, Inc. (XXII) on Friday, February 6, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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