LAS VEGAS and VANCOUVER, British Columbia, Dec. 08, 2020 (GLOBE NEWSWIRE) — TAAT™ LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “TAAT™”) is pleased to announce that Laura McCormally, a seasoned cross-border senior investment banker with more than a decade of experience at RBC Capital Markets (currently a Top 10 investment bank in the U.S.1), has been named Vice President of Finance and Corporate Development for the Company as it takes on a greater magnitude of organizational responsibilities associated with the current launch of TAAT™ in the United States. In her new role at the Company, Ms. McCormally will work alongside Chief Executive Officer Setti Coscarella and Chief Revenue Officer Tim Corkum, both formerly of Philip Morris International, to create financial strategies for the Company as it begins to realize revenue and contemplate potential expansions of commercialization activities for TAAT™ to be introduced to new markets.
Ms. McCormally’s tenure at RBC Capital Markets spanned a variety of roles including M&A, equity research, fixed income, and currencies. As a Director of Mergers and Acquisitions in New York, she advised C-suite clients on key strategic initiatives and led the design of both buy-side and sell-side processes. Holding a Masters of Business Administration from the Ivey Business School of Western University, Ms. McCormally has held numerous positions with direct responsibility for multi-million dollar P&Ls, including as Vice President of Fixed Income and Currencies at RBC Capital Markets and as Chief Financial Officer at Homestead Modern. In addition, Ms. McCormally has extensive experience with helping small entrepreneurial and family businesses grow and scale with a “hands-on” approach to optimizing financial models for sustainable growth, which will be leveraged in her new position as Vice President of Finance and Corporate Development for TAAT™ to propel early-stage performance and position the Company to be scalable and profitable in the long term.
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Laura McCormally has been named Vice President of Finance and Corporate Development for TAAT™ Lifestyle & Wellness Ltd.
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Regarding her appointment as Vice President of Finance and Corporate Development for the Company, Laura McCormally commented, “I am thrilled to be joining TAAT™ during its early stages of launching in the United States. With the tobacco industry being somewhat of an oligopoly, there have been very few new companies that have managed to gain market share on account of how difficult it is to secure distribution to tobacco points of sale. Being led by veterans of the tobacco industry, TAAT™ has managed to overcome many of the hurdles that ordinarily prevent competitors from getting off the ground in this space. Much of the groundwork has been laid between R&D, manufacturing, distribution deals, and pricing matrix development. As a result, I have been able to focus on working with the Company’s executive team to create financial models that can drive long-term growth and profitability. I look forward to exciting developments as TAAT™ hits store shelves this month in Ohio.”
“Hiring Ms. McCormally to lead our finance and corporate development initiatives is a big step for us as we begin to do business”, said TAAT™ Chief Executive Officer Setti Coscarella. “While our current focus is on building market share in Ohio, we need to be paying attention to how we can create best practices for expanding into new markets while managing our revenue and expenses in order to be profitable. Tremendous value has been generated by Ms. McCormally’s capabilities as a finance leader in both investment banking and startups, and we are honoured to have her expertise on our side as we build out our playbook to capture market share in the USD $814 billion global tobacco industry.”
The Company has developed Beyond Tobacco™, the nicotine-free and tobacco-free base material of TAAT™, an alternative to traditional tobacco cigarettes offered in “Original”, “Smooth”, and “Menthol” varieties. TAAT™ is meticulously engineered to closely replicate the experience of smoking a tobacco cigarette, but without tobacco or nicotine. The tobacco-like taste and smell of Beyond Tobacco™ is achieved by a patent-pending refinement technique developed by the Company as part of the 14-step process for manufacturing Beyond Tobacco™. TAAT™ is being commercialized under executive leadership from the world’s largest tobacco company, leveraging their industry expertise to competitively position TAAT™ as an attractive choice for legal-aged smokers in place of incumbent brands of tobacco cigarettes. TAAT™ is currently launching in the United States starting in Ohio.
On behalf of the Board of Directors of the Company,
TAAT™ LIFESTYLE & WELLNESS LTD.
Setti Coscarella, CEO and Director
For further information, please contact:
TAAT™ Investor Relations
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About TAAT™ Lifestyle & Wellness Ltd.
The Company has developed TAAT™, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in “Original”, “Smooth”, and “Menthol” varieties. TAAT™’s base material is Beyond Tobacco™, a proprietary blend which undergoes a patent-pending refinement technique causing its scent and taste to resemble tobacco. Under executive leadership with “Big Tobacco” pedigree, TAAT™ is launching in the United States in Q4 2020 as the Company seeks to position itself in the $814 billion1 global tobacco industry.
For more information, please visit https://taatusa.com.
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 from Laura McCormally becoming Vice President of Finance and Corporate Development for 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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