Taat has released an updated corporate video in which CEO Setti Coscarella shares his path from the tobacco industry to Taat, and how he has applied his experience in positioning alternatives to tobacco cigarettes to optimize product development and commercialization strategies for Beyond Tobacco™.
LAS VEGAS and VANCOUVER, British Columbia, Oct. 02, 2020 (GLOBE NEWSWIRE) — TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTC: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “Taat”) is pleased to announce that it has released an updated corporate video, narrated by CEO Setti Coscarella with supplemental footage of in-house refinement of Beyond Tobacco™ base material, as well as production and packaging of the Beyond Tobacco™ product. In the video, Mr. Coscarella provides an overview of his path from the tobacco industry to Taat, a recap of the Company’s achievements to date under his administration, and a summary of the Company’s next steps in introducing Beyond Tobacco™ to the retail market in the United States.
The Company has developed Beyond Tobacco™, a tobacco-flavoured combustible product that is nicotine-free and tobacco-free, designed to offer a user experience closely resembling that of smoking a tobacco cigarette. According to the World Health Organization, 1.3 billion people worldwide use tobacco1. Despite this incidence rate, many tobacco users aspire to leave nicotine behind. Based on 2018 data from the CDC, 55.1% of adult smokers had attempted to quit in the past year, though only 7.5% successfully quit smoking in that timeframe2. A factor that is commonly attributed to tobacco smokers’ abandonment of alternative products such as vaping is the unfamiliar format which lacks the sensorimotor components of smoking a tobacco cigarette. These components play a significant role in the “ritual” of smoking cigarettes. Beyond Tobacco™ has been meticulously engineered to mimic these components, allowing current tobacco smokers of legal age to enjoy a substantially similar ritual by using Beyond Tobacco™ in place of a traditional cigarette, while refraining from nicotine intake.
In Taat’s new corporate video, Mr. Coscarella explains how during his time as a strategist in the tobacco industry it was a fundamental objective to understand the likes and dislikes of tobacco smokers. This understanding was then used to shape a consumer journey from combustible tobacco cigarettes to smokeless products. While the tobacco industry has relied on the delivery of nicotine without combustion as the central value proposition of smokeless products, Mr. Coscarella explains in the video why the combustible format and corresponding ritual are crucial to gaining product adoption and preventing abandonment. Taat’s new corporate video can be watched by clicking the image below, and can also be accessed by clicking here. Readers using news aggregation services may be unable to access the corporate video link. As an alternative method of accessing Taat’s updated corporate video, the Company has posted the video to its profiles on Facebook and Twitter.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b5d96934-0aaf-4390-a1e5-8d2c49ea28da.
For clarity, product and manufacturing footage in Taat’s new corporate video was captured prior to the completion of provisional new pack designs for Beyond Tobacco™, which were released to the public in a press release dated September 29, 2020. The Company anticipates that finalized new pack designs will appear in Taat’s next corporate video update.
Taat CEO Setti Coscarella commented, “In just two months as CEO of Taat, I believe we have made considerable progress in preparing Beyond Tobacco™ to be the best it can be, and establishing our go-to-market approach to align the product with the shopping patterns of current legal-aged smokers of tobacco cigarettes. Releasing this video is an important part of our messaging, as it reflects exactly where the Company is today compared to where it was when our original corporate video was published in early July 2020. We now have an improved product, a patent application filed for our base material refinement method, commercial-scale production with a North American contract manufacturer who produces for national and regional tobacco cigarette brands, and a former ‘Big Tobacco’ commercialization executive as our Chief Revenue Officer. Now that we are in Q4 2020, we are very excited to share new developments as they materialize leading up to the mid-Q4 2020 Beyond Tobacco™ launch in the United States.”
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.
For more information, please visit http://taatusa.com.
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™. 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.
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