NetworkNewsBreaks – Kaival Brands Innovations Group Inc. (KAVL) Amends Distribution Agreement to Further Bolster Commitment with Bidi Vapor
Kaival Brands (OTCQB: KAVL) is the exclusive global distributor of all products manufactured by Bidi Vapor LLC (“Bidi Vapor”). Bidi Vapor’s primary offering is the BIDI(R) Stick, which is the only electronic nicotine delivery system (“ENDS”) on the market with an ecologically friendly, mass-recycling program called BIDI(R) Cares. Kaival Brands today announced that its board of directors has approved an amended and restated distribution agreement, which sets forth the terms of the formal relationship between Kaival Brands and Bidi Vapor. The new agreement extends the previous one-year, annually renewable term to an initial term of ten years, which automatically renews for another five-year term provided that Kaival Brands satisfies certain minimum purchase thresholds. “We believe the amendments to the distribution agreement further bolster the commitment between the two companies,” said Niraj Patel, KAVL’s president, chief executive officer and chief financial officer. “The relationship between Kaival Brands and Bidi Vapor during the past 12 months has been fruitful, with Kaival Brands generating approximately $100 million in revenues during the previous 12 months from the sale of the BIDI(R) Stick and expanding its distribution of the BIDI(R) Stock to more than 50,000 stores. With the recent regulatory authorizations to launch distribution in 11 international markets, our application to the NASDAQ and the continued domestic growth, we felt like it was the appropriate time to further solidify the relationship between Bidi Vapor and Kaival Brands with this amended and restated distribution agreement to expand the term of the agreement and provide Kaival Brands with certain rights of first refusal. It has been an incredibly busy and successful first 12 months for us, and we have even more ambitious plans for the next six months.”
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Kaival Brands (OTCQB: KAVL) is the exclusive global distributor of all products manufactured by Bidi Vapor LLC (“Bidi Vapor”). Bidi Vapor’s primary offering is the BIDI(R) Stick, which is the only electronic nicotine delivery system (“ENDS”) on the market with an ecologically friendly, mass-recycling program called BIDI(R) Cares. Kaival Brands today announced that its board of directors has approved an amended and restated distribution agreement, which sets forth the terms of the formal relationship between Kaival Brands and Bidi Vapor. The new agreement extends the previous one-year, annually renewable term to an initial term of ten years, which automatically renews for another five-year term provided that Kaival Brands satisfies certain minimum purchase thresholds. “We believe the amendments to the distribution agreement further bolster the commitment between the two companies,” said Niraj Patel, KAVL’s president, chief executive officer and chief financial officer. “The relationship between Kaival Brands and Bidi Vapor during the past 12 months has been fruitful, with Kaival Brands generating approximately $100 million in revenues during the previous 12 months from the sale of the BIDI(R) Stick and expanding its distribution of the BIDI(R) Stock to more than 50,000 stores. With the recent regulatory authorizations to launch distribution in 11 international markets, our application to the NASDAQ and the continued domestic growth, we felt like it was the appropriate time to further solidify the relationship between Bidi Vapor and Kaival Brands with this amended and restated distribution agreement to expand the term of the agreement and provide Kaival Brands with certain rights of first refusal. It has been an incredibly busy and successful first 12 months for us, and we have even more ambitious plans for the next six months.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
