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Tobacco One, Inc. Announces Cancelation of Acquisition of Tobacco Products Manufacturer for $9.5 Million
SCOTTSDALE, Ariz.-(Business Wire)-July 26, 2008 - Tobacco One, Inc. (Pink Sheets: TBCO) announced today that it has canceled an agreement to purchase a leading U.S. tobacco product manufacturer. The company has been unable to complete the due diligence required to the satisfaction of the shareholders and financial partners.
On July 1, 2008, the company announced that it has purchased a regionally popular cigarette brand from a Mexico City businessman for cash plus common stock. Tobacco One's international marketing team finished a 3-month feasibility study focusing on national expansion and consumer acceptance. During this study, Tobacco One in partnership with the Mexico City marketing firm Integra Marketing, S.A. de C.V. obtained numerous commitments that will result in expanded distribution nationwide.
Mr. Shawn Ulizio, Tobacco One's president and CEO, stated, "While we are disappointed in the cancellation of the intended acquisition, recently we acquired a Mexican company in Mexico which sales are thriving and is projected to be a more beneficial acquisition to our shareholders." He went on to state, "The new brand is clearly positioned to be a market leader in Mexico's newly emerging discount cigarette price tier, and Tobacco One is nicely positioned to dominate in this specialized tobacco category."
About Tobacco One, Inc., a pink sheet company, symbol TBCO. The company designs, creates, and brings to market innovative smoking products that consistently exceed our customers' expectations. Through vertical integration and an aggressive acquisition plan, Tobacco One is positioned to become a premier supplier in the industry. The national distribution network will serve to properly brand our new cutting-edge product line currently under development. Tobacco One's industry focus is in the area of specialty cigars, cigarettes and other tobacco products (OTP) with an emphasis on the international marketplace.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors available from the Company.
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