TAAT(TM) Increases Manufacturing Output by 233% to Over 57,000 Cartons Per Month in Response to Sustained Demand in Ohio
LAS VEGAS and VANCOUVER, British Columbia, Feb. 10, 2021 (GLOBE NEWSWIRE) — TAAT™ LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “TAAT™”) is pleased to announce that its flagship product TAAT™ is now being manufactured at a rate of more than 57,000 ten-pack cartons per month (over 690,000 cartons per year), which reflects a 233% increase from a production rate of 12 pallets per month to 40 pallets per month as of this week. This increase was prompted by sustained demand for TAAT™ in Ohio as well as anticipated demand from smokers aged 21+ in other U.S. states who will be able to purchase TAAT™ online directly from the Company when its e-commerce portal launches this quarter.
Recent improvements to the Company’s processing facility in Las Vegas, Nevada have enabled TAAT™ to produce a greater volume of Beyond Tobacco™, the product’s base material which is refined in-house using a 14-step process including a patent-pending refinement technique. Additionally, the Company has coordinated with its contract manufacturer, who also produces cigarettes for regional and global tobacco brands, to allocate additional production bandwidth to making TAAT™ in order to maintain the current output with the ability to scale further upward as needed. After dispatching this week’s second shipment of Beyond Tobacco™ on Friday February 12, 2021, the Company will have shipped a total of nine pallets of base material for the week of February 8, 2021.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8bfa1713-0674-4535-8e27-0fd229218abePallets of the Beyond Tobacco™ base material, pictured in the Company’s Las Vegas, NV facility, are ready for shipment to the Company’s contract manufacturer. In the week of February 8, 2021, a total of nine pallets will have been shipped to the contract manufacturer.Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the Investor Relations section of the Company’s website for a version of this press release containing all published media.TAAT™ Chief Executive Officer Setti Coscarella commented, “Now that we are in the ‘execution’ phase on our roadmap to gaining penetration in the USD $814 billion global tobacco industry, manufacturing our product has become even more crucial to our success, so that we can satisfy our proven demand with a consistent supply. As we continue to place TAAT™ with tobacco retailers in Ohio, and as we prepare to launch the TAAT™ e-commerce portal this quarter, we have taken proactive steps to ensure a strong supply of TAAT™ is always on hand to fill orders, with more in the pipeline. More importantly, this has provided us the opportunity to begin forming standard operating procedures for scaling our manufacturing resources even further, which I believe could prove valuable in the near future.”TAAT™ Lifestyle & Wellness Ltd. has engaged Think Ink Marketing Data and Email Services (“Think Ink”) to provide and manage a public relations campaign for the Company, to increase public awareness of the Company and its products, services, and securities. In connection with the engagement, the Company has entered into a public relations services agreement with Think Ink, pursuant to which it will primarily be tasked with providing the following services:Carrying out a public relations campaign to increase public awareness of the Company and its products, services, and securities.The services agreement has a six-month term effective February 8, 2021 with a total payment value of USD $200,000.TAAT™ Lifestyle & Wellness Ltd. has also engaged MCM Consulting to provide and manage a public relations campaign for the Company, to lead digital marketing campaigns with an objective of attracting interest in the Company and the TAAT™ product. In connection with the engagement, the Company has entered into a corporate advisor agreement with MCM Consulting, pursuant to which it will primarily be tasked with providing the following services:In-house production of written content, cultivation of engagement through direct communication channels such as SMS and email, as well as social media.The services agreement has a six-month term effective February 1, 2021 with a total payment value of USD $60,000.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 protected]THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.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™ was launched first 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://taatglobal.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 potential launch of Beyond Tobacco™, in addition to the following: Potential outcomes from the Company’s increased manufacturing rate of TAAT™. 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.