TAAT™ Announces Voluntary Exercise of Warrants from October 2020 Private Placement for Gross Proceeds of CAD $10,000,000
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VANCOUVER, British Columbia, Dec. 11, 2020 (GLOBE NEWSWIRE) — TAAT™ LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “TAAT™”) is pleased to announce that 4,992,308 common share purchase warrants issued in connection with a CAD $6.75 million private placement (the “Placement”) announced in the Company’s October 9, 2020 press release have been voluntarily exercised at a strike price of CAD $2.00 each for total gross proceeds to the Company of approximately CAD $10,000,000. The subscribers to the Placement were a group of investors (the “Group”) including Ms. Debbie Chang, co-founder of Horizons Ventures, in her personal capacity. The Company intends to use the proceeds from the Group’s voluntary exercise of these warrants to enhance and accelerate commercialization efforts for TAAT™, its flagship product, which is currently being launched in the United States starting in Ohio.TAAT™ is a nicotine-free and tobacco-free alternative to tobacco cigarettes that has been developed to closely mimic the experiential components of smoking legacy tobacco products. The Company has developed Beyond Tobacco™, the base material of TAAT™, which undergoes a 14-step production process to include a patent-pending refinement technique causing the material to have a taste and smell similar to actual tobacco. Under the leadership of top management members who are alumni of Philip Morris International, the world’s largest tobacco manufacturer, the Company benefits from tobacco industry wisdom that can guide the commercialization of TAAT™ as a competitive product in the USD $814 billion global tobacco industry. The Company has secured distributorship for TAAT™ through ADCO Distributors, Inc. (“ADCO”), a large tobacco wholesaler in the state of Ohio who carries the products of top global cigarette brands (e.g., Marlboro, Newport, Camel).TAAT™ is intended only for use by legal-aged smokers who would prefer the option of a nicotine-free combustible product. Marketing efforts will be intended to speak to this segment, as it is not the Company’s objective to recruit new smokers.TAAT™ Chief Executive Officer Setti Coscarella commented, “We thank the Group for their continued support of TAAT™ as a vision to provide our consumers around the world a better choice without nicotine or tobacco. We are currently launching TAAT™ in Ohio where we have received considerable interest in the product, which will be available for purchase at retail in Q4 2020. With the funds from the voluntary exercise of the warrants issued as part of the Placement, we anticipate we can strengthen current launch initiatives in Ohio and explore more ambitious plans for launching in other markets in the United States or internationally. The Company is very excited to begin offering TAAT™ to consumers in Ohio, and we look forward to building on our initial success as we look to commercialize our product offerings across the United States.”This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.On behalf of the Board of Directors of the Company,TAAT™ LIFESTYLE & WELLNESS LTD.“Setti Coscarella”Setti Coscarella, CEO and DirectorFor further information, please contact:TAAT™ Investor Relations
email@example.comTHE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.About TAAT™ Lifestyle & Wellness Ltd.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™ is launching in the United States in Q4 2020 as the Company seeks to position itself in the $814 billion1 global tobacco industry.For more information, please visit http://taatusa.com.References1British American Tobacco – The Global MarketForward Looking StatementsThis 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 current and future launch initiatives of Beyond Tobacco™ products. 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 FirmsDisclosures relating to investor relations firms retained by TAAT™ Lifestyle & Wellness Ltd. can be found under the Company’s profile on http://sedar.com.