International Licensing Agreement between Kaival Brands & Philip Morris International Moves into Next Phase
July 25 2022 - 08:02AM
Bidi Vapor IP, patents, and development methods used to launch VEEBA outside of the U.S.
GRANT, Fla., July 25, 2022 /PRNewswire/ -- Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) ("Kaival Brands," the "Company," or "we"), today reported on the launch of PMI's custom-branded self-contained e-vapor product, VEEBA, in Canada. This follows a recently announced international licensing agreement with Philip Morris Products S.A. Kaival Brands is the U.S. distributor of all products manufactured by Bidi Vapor, LLC ("Bidi Vapor"), which are intended for legal-age nicotine users.
(PRNewsfoto/Kaival Brands)
Bidi Vapor IP, patents, and development methods used to launch VEEBA outside of the U.S.
The product, a self-contained e-vapor device, VEEBA, has been custom developed and is now being distributed in Canada, pursuant to the licensing agreement. The agreement covers the development, licensing, and distribution of ENDS products in certain markets outside of the United States, pending further regulatory assessments.
"The Agreement with Philip Morris Products was a remarkable accomplishment for the company and now we have advanced to the next phase of international distribution with the actual launch of their custom branded product, VEEBA. We are excited to support PMI's efforts to provide a range of alternatives compared to cigarettes. The commercialization of VEEBA complements PMI's already strong smoke-free portfolio, providing adult smokers with an even broader range of usage, taste, price, and technology options," said Eric Mosser, President and Chief Operating Officer of Kaival Brands.
The International Agreement grants to PMPSA a license of certain intellectual property rights relating to KBI's premium ENDS device, known as the BIDI® Stick in the U.S., as well as potentially newly developed devices, to permit PMPSA to manufacture, promote, sell, and distribute such ENDS device and newly developed devices, in certain international markets, outside of the United States, with potential royalties owed to KBI as per the terms of the Agreement.
ABOUT BIDI VAPOR
Based in Melbourne, Florida, Bidi Vapor maintains a commitment to responsible adult-focused marketing, strict youth access prevention measures, and age-verification standards, as well as sustainability through its BIDI® Cares recycling program. Bidi Vapor's 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.
Mr. Patel, the Company's Chief Science and Regulatory Officer, owns and controls Bidi Vapor. As a result, Bidi Vapor and the Company are considered under common control and Bidi Vapor is considered a related party.
For more information, visit www.bidivapor.com
ABOUT KAIVAL BRANDS
Based in Grant, Florida, Kaival Brands Innovations Group, Inc., is a company focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets. Our vision is to develop internally, acquire, own, or exclusively distribute these innovative products and grow each into dominant market-share brands with superior quality and recognizable innovation. Kaival Brands and Philip Morris International Inc. are the exclusive global distributors of products manufactured by Bidi Vapor.
Learn more about Kaival Brands at www.ir.kaivalbrands.com
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