Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) (“Kaival
Brands,” the “Company,” or “we”), the exclusive U.S. distributor of
all vaping products manufactured by Bidi Vapor, LLC (“Bidi Vapor”),
which are intended for adults 21 and over, today announced the
promotion of Stephen Sheriff to the role of Chief Operating Officer
(COO), effective as of August 22, 2023.
Mr. Sheriff succeeds Eric Mosser, who was
recently promoted to Chief Executive Officer of the Company and
joins Mr. Mosser and recently appointed Chief Financial Officer
Thomas Metzler as a part of Kaival Brands’ expanded senior
management team.
Eric Mosser, Chief Executive Officer and
President of Kaival Brands, stated, “Promoting Stephen to the role
of Chief Operating Officer was a natural and logical next step
given his contributions to the success of Kaival Brands to date and
his experience helping businesses navigate through rapid periods of
growth and change. He has a strong entrepreneurial spirit and will
be instrumental in helping us take our business to the next level.
With a deep understanding of our operations, the capital markets
and what it takes to develop and execute a strategy with proven
results, he is a great addition to our C-suite leadership
team.”
Mr. Sheriff brings over a decade of finance and
entrepreneurial leadership to the role of Chief Operating Officer.
Most recently, he served as the Director of Administration &
Communications at Kaival Brands. In this role, he managed the
Company’s investor and public relations and human resource programs
in addition to overall responsibility for the development and
implementation of key programs and initiatives, including customer
and vendor relations. Mr. Sheriff’s expanded mandate will be to
design and implement corporate policies and procedures that seek to
optimize the day-to-day functioning of Kaival’s operational units
as well as the Company’s compliance with applicable laws, rules and
regulations. He will continue to lead the Company’s investor
relations and communications efforts as part of his expanded
role.
Prior to Kaival Brands, Mr. Sheriff co-founded
Riverhill Group, LLC, a capital markets advisory and consulting
firm that leverages the power of relationships and collective
thinking to bring qualitative capital and operations solutions to
founders and companies in the most effective and efficient manner.
Riverhill assists clients in developing key strategies, business
development plans, branding strategies and operations management
systems.
Prior to Riverhill Group, in 2012, Mr. Sheriff
founded Riverhill Ventures, LLC, where he developed a broad
portfolio, including quick and full-service restaurants, natural
foods and consumer brands, health and wellness, and health tech
investments. In addition to Riverhill Group and Riverhill Ventures,
Mr. Sheriff previously an Associate at Solebury Trout (now Solebury
Strategic Communications) where he gained valuable experience in
capital markets, investor relations and public company finance and
compliance matters.
He received his Bachelor of Arts in Counseling
Psychology from Delaware Valley University.
ABOUT KAIVAL BRANDS
Based in Grant-Valkaria, Florida, Kaival Brands
is a company focused on incubating innovative and profitable
adult-focused products into mature and dominant brands, with a
current focus on the distribution of electronic nicotine delivery
systems (ENDS) also known as “e-cigarettes”. Our business plan is
to seek to diversify into distributing other nicotine and
non-nicotine delivery system products (including those related to
hemp-derived cannabidiol (known as CBD) products). Kaival Brands
and Philip Morris Products S.A. (via sublicense from Kaival Brands)
are the exclusive global distributors of all products manufactured
by Bidi Vapor.
Learn more about Kaival Brands at
https://ir.kaivalbrands.com/overview/default.aspx.
ABOUT KAIVAL LABS
Based in Grant-Valkaria, Florida, Kaival Labs is
a 100% wholly-owned subsidiary of Kaival Brands focused on
developing new branded and white-label products and services in the
vaporizer and inhalation technology sectors. Kaival Labs’ current
patent portfolio consists of 12 existing and 46 pending with novel
technologies across extrusion dose control, product preservation,
tracking and tracing usage, multiple modalities and child safety.
The patents and patent applications cover territories including the
United States, Australia, Canada, China, the European Patent
Organisation, Israel, Japan, Mexico, New Zealand and South Korea.
The portfolio also includes a fully-functional proprietary mobile
device software application that is used in conjunction with
certain patents in the portfolio.
Learn more about Kaival Labs at
https://kaivallabs.com.
ABOUT BIDI VAPOR
Based in Melbourne, Florida, Bidi Vapor
maintains a commitment to responsible, adult-focused marketing,
supporting age-verification standards and sustainability through
its BIDI® Cares recycling program. Bidi Vapor’s premier device, the
BIDI® Stick, is a premium product made with high-quality
components, a UL-certified battery and technology designed to
deliver a consistent vaping experience for adult smokers 21 and
over. Bidi Vapor is also adamant about strict compliance with all
federal, state and local guidelines and regulations. At Bidi Vapor,
innovation is key to its mission, with the BIDI® Stick promoting
environmental sustainability, while providing a unique vaping
experience to adult smokers.
Nirajkumar Patel, the Company’s Chief Science
and Regulatory Officer and director, owns and controls Bidi Vapor.
As a result, Bidi Vapor is considered a related party of the
Company.
For more information, visit
www.bidivapor.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release and the statements of the
Company’s management and partners included herein and related to
the subject matter herein includes statements that constitute
“forward-looking statements” (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended), which are statements
other than historical facts. You can identify forward-looking
statements by words such as “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,”
“position,” “should,” “strategy,” “target,” “will,” and similar
words. All forward-looking statements speak only as of the date of
this press release. Although we believe that the plans, intentions,
and expectations reflected in or suggested by the forward-looking
statements are reasonable, there is no assurance that these plans,
intentions, or expectations will be achieved. Therefore, actual
outcomes and results (including, without limitation, the
anticipated benefits of the Company’s new Chief Operating Officer
as described herein) could materially and adversely differ from
what is expressed, implied, or forecasted in such statements. Our
business (and our new Chief Operating Officer’s ability to achieve
the Company’s goals) may be influenced by many factors that are
difficult to predict, involve uncertainties that may materially
affect results, and are often beyond our control. Factors that
could cause or contribute to such differences include, but are not
limited to: (i) future actions by the FDA in response to the 11th
Circuit Court’s August 2022 decision that could impact our business
and prospects, (ii) the outcome of FDA’s scientific review of Bidi
Vapor’s pending FDA Premarket Tobacco Product Applications, (iii)
the results of international marketing and sales efforts by Philip
Morris International, the Company’s international distribution
partner, (iv) how quickly domestic and international markets adopt
our products, (v) the scope of future FDA enforcement of
regulations in the ENDS industry, (vi) the FDA’s approach to the
regulation of synthetic nicotine and its impact on our business,
(vii) potential federal and state flavor bans and other
restrictions on ENDS products, (viii) the duration and scope of the
COVID-19 pandemic and impact on the demand for the products we
distribute, (ix) general economic uncertainty in key global markets
and a worsening of global economic conditions or low levels of
economic growth, (x) the effects of steps that we may take to raise
new capital and reduce operating costs, (xi) our inability to
generate and sustain profitable sales growth, including sales
growth in U.S. and international markets, (xii) circumstances or
developments that may make us unable to implement or realize
anticipated benefits, or that may increase the costs, of our
current and planned business initiatives (including, without
limitation, the development of vaporization intellectual property
we acquired in late April 2023), (xiii) significant changes in our
relationships with our distributors or sub-distributors and (xiv)
other factors detailed by us in our public filings with the
Securities and Exchange Commission, including the disclosures under
the heading “Risk Factors” in our Annual Report on Form 10-K for
the fiscal year ended October 31, 2022, filed with the Securities
and Exchange Commission on January 27, 2023, as well as all of our
subsequent SEC filings, all of which are accessible
at www.sec.gov. All forward-looking statements included in
this press release are expressly qualified in their entirety by
such cautionary statements. Except as required under the federal
securities laws and the Securities and Exchange Commission’s rules
and regulations, we do not have any intention or obligation to
update any forward-looking statements publicly, whether as a result
of new information, future events, or otherwise.
Kaival Brands Investor Relations:Brett Maas,
Managing PartnerHayden IR(646) 536-7331brett@haydenir.com
Kaival Brands Media & Press
Relations:Stephen Sheriff, COO and Investor Relations
OfficerKaival Brands (646)
572-7086investors@kaivalbrands.com
Kaival Brands Innovations (NASDAQ:KAVL)
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