Poda Lifestyle and Wellness Ltd.
PODA Signs Letter of Intent to Partner with 170-year-old European Tobacco Company - Landewyck Tobacco
Vancouver, Bc (ots/PRNewswire)
PODA HOLDINGS, INC. ("Poda" or the "Company") (CSE: PODA) (FSE: 99L) (OTCQB: PODAF) is pleased to announce that it has signed a letter of intent ("LOI") with Landewyck Tobacco S.A. ("Landewyck") (collectively the "Parties").
In the year 1847, Josephine van Landewyck and Jean-Pierre Heintz established a tobacconist shop in Luxembourg. Over the years, the business grew to become Landewyck Tobacco – one of the most respected 100% family-owned, independent tobacco manufacturers in the world today. Landewyck currently has around 40 brands that are sold on regional, national, and international markets.
Pursuant to the LOI, the Parties intend to enter into a cooperation agreement (the "Cooperation Project") based on both Parties intellectual property, branding, manufacturing facilities, and distribution channels to develop one or more products ("Cooperation Products") for commercialization.
Before further developing the Cooperation Project, the Parties intend to assess the relevance of their cooperation by implementing a trial period for blend development which could be used for the potential Cooperation Products (the "Blend Development Trial").
By bringing together Landewyck's tobacco manufacturing and distribution expertise and Poda's patented Heat-not-Burn technology, the aim is to develop a consumer centric product offering both convenience and optimal flavour in the reduced risk sphere.
Georges Krombach, General Manager of Export and New Generation Products for Landewyck, stated, "We're very excited to further strengthen our collaboration with Ryan and the Poda team. The technology and intellectual property behind Poda are disruptive and deliver a strong customer experience. By adding our tobacco and our European regulatory and distribution expertise, we expect to have great success in the European marketplace. We manufacture tobacco and cigarettes at our own facilities exclusively in Western Europe, and attach great importance to maintaining the highest manufacturing, working, and product standards that are socially acceptable to our consumers, partners, and importers worldwide. Our master tobacco blenders travel to the farthest reaches of the globe to hand-select the best leaves, hence ensuring the unique flavour of our tobacco products – and all so our customers can enjoy the ultimate in tobacco pleasure. From product and manufacturing standards to employees and retailers, we always ensure that our business decisions and the products we supply are in keeping with our family spirit and upholding our tradition of delivering 100% quality, flavour, and customer satisfaction.
Mr. Ryan Selby, CEO of the Company, commented, "This marks another milestone in Poda's commercialization efforts in Europe and abroad. Landewyck has been working in the tobacco space for over 170 years and brings a tremendous amount of manufacturing and distribution experience and expertise. We intend to get moving immediately on the Blend Development Trial and hope to move quickly into large-scale commercialization of the Cooperation Products."
On Behalf of the Board,
CEO, Director, and Chairman of the Board
Poda Holdings, Inc.
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ABOUT PODA HOLDINGS
Poda Holdings, Inc. ("Poda" or the "Company") is actively engaged in the global commercialization of Heat-not-Burn ("HnB") smoking products, which have the potential to reduce the risks associated with combustible smoking products. The Company has developed a patented HnB system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. The innovative design of the Company's HnB platform prevents cross-contamination between the heating devices and the pods, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially-reduced-risk smoking experience. Poda's HnB system is fully patented in Canada and is patent pending in over 60 additional countries, covering almost 70% of the global population. The Company's Poda Pods are the first and only cigarettes to have a completely closed end. This exclusive design eliminates all cleaning requirements and provides a truly ashless HnB cigarette. Poda's fully patented system is one of a kind and solves the major pain-point that other HnB products suffer from: daily cleaning requirements. The Company's flagship Beyond Burn™ Poda Pods contain a unique tobacco-free blend of pelletized tea leaves infused with synthetic nicotine, which provides adult smokers with a smoke-free alternative to their regular habit without sacrificing satisfaction. Beyond Burn™ Poda Pods have been expertly crafted to mimic the sensorial experience of traditional cigarettes without the smoke, without the smell, and without the tobacco.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although Poda believes, in light of the experience of its officers and directors, current conditions, and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Poda can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. Poda undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Poda, its securities, or financial or operating results (as applicable). Poda disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.