LAS VEGAS and VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) — TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTC: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “Taat”) is pleased to announce that it has appointed Michael Saxon to the Company’s advisory board. Michael Saxon is an accomplished consumer products and tobacco executive with over 25 years of experience growing businesses in the United States, Europe, and Asia. He has led business units with full profit and loss (P&L) responsibility ranging from USD $100 million to USD $3 billion while operating in different regulatory systems and successfully influencing government policy. Mr. Saxon’s career reflects a demonstrated history of setting record income and market share results in a wide range of market conditions and succeeding in various go-to-market models including wholesale, distributor, and DSD. Mr. Saxon brings a strong and innovative mindset from his experience in creating new products and brands. In leadership positions, Mr. Saxon has been the catalyst for successful large-scale transformation initiatives to drive organic growth and execute M&A transactions to enter new markets.
Mr. Saxon served in various positions for over 20 years with Altria Group (“Altria”) and Philip Morris International (“PMI”) including heading Altria’s Corporate Venture Fund and leading PMI’s business activities as General Manager for Norway and Denmark. Most recently, Mr. Saxon founded and is presently CEO of SXN Strategy Partners in Richmond, VA, which advises boards and executive teams of “blue chip” institutional investors as well as venture capital and private equity firms on long-term strategies. Mr. Saxon also helped establish Trolley Ventures, a seed stage venture fund investing in startups based in the state of Virginia.
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Mr. Saxon will collaborate on a regular basis with Taat CEO Setti Coscarella and CRO Tim Corkum (both formerly of PMI) to provide guidance and expert insight relating to the Company’s pursuit of its business goals, including the mid-Q4 2020 launch of Beyond Tobacco™ in the United States.
“I’m excited to join the Taat advisory board,” said Michael Saxon. “Offering current tobacco smokers of legal age an alternative to leave nicotine behind is an intriguing concept, and Taat’s team has developed a solution to do just that. I look forward to working with Mr. Coscarella and Mr. Corkum to diligently plan and execute the Beyond Tobacco™ product launch to swiftly capture market share and build momentum that can be replicated in new markets.”
Taat CEO Setti Coscarella commented, “Bringing Mr. Saxon on board as an advisor allows Taat to benefit from his relevant experience in the tobacco industry as we prepare to launch Beyond Tobacco™. Foremost, because we are launching Beyond Tobacco™ in the United States first, the depth of Mr. Saxon’s familiarity with the American market can help to maximize the effectiveness of our go-to-market strategies. Additionally, the dynamics of international expansion of distribution for a product in the tobacco category requires familiarity with the habits of consumers in each individual market, the competition landscape, and local regulations. While our provisional plans to expand into new markets have taken all of these factors into account, Mr. Saxon’s expertise in European and Asian markets can be invaluable in realizing the greatest potential of any future expansion initiatives. With Beyond Tobacco™ set to be made available in the United States in mid-Q4 2020, we are thrilled to have Mr. Saxon’s capabilities on our side to execute our product launch and strategically gather market insights right from the beginning to shape our next steps in building our global market share in the USD $814 billion tobacco industry.”
On behalf of the Board of Directors of the Company,
TAAT LIFESTYLE & WELLNESS LTD.
Setti Coscarella, CEO
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About Taat Lifestyle & Wellness Ltd.
Having developed Beyond Tobacco™, which contains no tobacco or nicotine, Taat’s objective is to introduce an innovative, experience-driven alternative to tobacco cigarettes for tobacco smokers who aspire to leave nicotine behind. Beyond Tobacco™, which is to be offered in “Original” and “Menthol” varieties, is designed to closely emulate every aspect of smoking a traditional cigarette. From the cigarette-style packaging and stick format, to the proprietary flavouring blend which imparts the flavour and scent of tobacco, to the draw sensation, and the amount of smoke exhaled, Beyond Tobacco™ has been meticulously engineered to enable smokers to continue enjoying the ritual of smoking, while discontinuing nicotine intake. Taat plans to launch Beyond Tobacco™ in mid-Q4 2020 and is seeking to position itself in the USD $814 billion (2018)1 global tobacco industry to capitalize on the growing worldwide demand for alternatives to traditional cigarettes.
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Forward Looking Statements
This 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 resulting from Taat’s appointment of Michael Saxon as an advisor to the Company. 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.
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