GENEVA, April 30, 2015 /PRNewswire/ --
- Agreement Gives JT a Global Footprint in the e-Cigarette
Market
Japan Tobacco
Inc. (JT) (TSE: 2914) announced today that it entered into an
agreement to acquire Logic Technology Development LLC ("Logic"),
one of the leading US e-cigarette brands. Founded in 2010, Logic
sells a full range of high quality rechargeable, ready-to-use and
disposable e-cigarettes, including the Logic Pro tank
system[1], newly launched in April 2015.
(Logo:
http://photos.prnewswire.com/prnh/20130528/617491 )
"With the Logic brand and its strong portfolio of products, the
JT Group has a sizeable participation in the largest and
fast-growing US e-cigarette market," commented Masamichi
Terabatake, JTI's (Japan Tobacco International) Executive Vice
President and Deputy CEO. "Logic's well established presence in the
US, in addition to our acquisition of E-Lites in the UK, further
underpins our global ambitions to become the leader in emerging
products."
The executive management team of Logic will remain with the JT
Group post-acquisition in order to benefit from their extensive
knowledge and experience of the US e-cigarette market.
"With the backing of JT Group's global resources, we believe
Logic is uniquely positioned to accelerate its growth in the US
market and further enhance its product offering." said Eli Alelov,
Logic's co-founder and CEO.
"We are excited about the transaction and look forward to the
next phase of Logic's development with the JT Group," added
Howard Panes, Logic's
co-founder.
The transaction will be funded by the Group's existing cash and
loan facilities, with an expected minor effect on the Group's
consolidated performance for the fiscal year 2015. JT expects to
complete the acquisition in the third quarter of the fiscal year
2015 following regulatory clearance.
BACKGROUND INFORMATION
Logic Technology Development LLC
Established: 2010
Headquarters: Pompano Beach, Florida, USA
Representatives: Eli Alelov, Howard Panes
Shareholding: Private, founders
Business description: Sales of electronic cigarettes through retails and online
channels mainly in the USA. #3 brand in terms of share of value
(Wells Fargo, March 2015)
Brand Portfolio: Logic brand of rechargeable ready-to-use, disposal, and tank
systems, with starter kit and refills in 2 flavor variants,
and accessories
Company's websites: http://www.logicecig.com
About JT
Japan Tobacco Inc. is a leading international tobacco company.
Its products are sold in over 120 countries and its internationally
recognized brands include Winston, Camel, Mevius and LD. With
diversified operations, JT is also actively present in
pharmaceuticals and processed foods.
About LOGIC Technology
LOGIC is the leader in premium electronic cigarettes, offering
an alternative option to smoking tobacco products. With multiple
industry leading patents, LOGIC sets itself apart by featuring
revolutionary technology that delivers a realistic smoking
experience. For more information, please
visit http://www.logicecig.com
, twitter.com/logicecig and facebook.com/LogicECigarette.
1. Commonly referred to as tanks, these are larger devices which do
not attempt to look like tobacco cigarettes. They have larger
batteries with higher capacity and typically a larger e-liquid
reservoir.
Contacts:
Ryohei Sugata, General
Manager
Media and Investor Relations Division
Japan Tobacco Inc. Tokyo
+81-3-5572-4292
E-mail: jt.media.relations@jt.com
Eva Hoeffelman, Director
Media Relations
JTI press office: +41-22-703-0291
pressoffice@jti.com
Ronn Torossian
5WPR for Logic
+1-212-999-5585
Ronn@5wpr.com
