Latest news with #iBlend™
Business Wire
a day ago
- Business
- Business Wire
Cabbacis Engages MZ Group to Lead Strategic Investor Relations and Shareholder Communications Program
BUSINESS WIRE)--Cabbacis (OTCQB: CABI), a U.S. federally-licensed tobacco-product manufacturer focused on harm-reduction products being developed under the iBlend™ brand name (the 'Company'), today announced the engagement of international investor relations specialists MZ Group ('MZ') to lead a strategic investor relations and financial communications program across all key markets. Joseph Pandolfino, Chief Executive Officer of Cabbacis (OTCQB: CABI), stated, "Our breakthrough iBlend product design positions us for success as we move toward commercialization. We look forward to working with the MZ Group team during this pivotal time." The Company's management will work closely with MZ Group to develop and implement a comprehensive capital markets strategy designed to increase the Company's visibility throughout the investment community. The initiative will highlight how Cabbacis is developing harm-reduction products with its iBlend™ cigarettes and vaporizer pods for the world's accelerating one-trillion-dollar tobacco and nicotine market consisting of one billion smokers. A recent example are the results of the Company's successful, pilot clinical trial, which were reported last week; the trial measured the perceptions and effects on smokers of using four types of reduced-nicotine tobacco cigarettes made by Cabbacis. With a robust worldwide patent portfolio comprising 35 issued product patents including 7 in the United States, an experienced management team, and an established production facility, Cabbacis is poised to leverage and scale a first-to-market advantage for iBlend™ products combining reduced-nicotine tobacco and hemp ahead of the potential implementation of the proposed rule of the U.S. Food and Drug Administration ('FDA') for a nicotine cap on all cigarettes sold in the United States. MZ has developed a distinguished reputation as a premier resource for institutional investors, brokers, analysts and private investors. Lucas A. Zimmerman, Managing Director at MZ North America, and Ian Scargill, Senior Vice President at MZ, will provide guidance to Cabbacis on corporate and financial communications, including roadshow and investment conference coordination in key financial hubs, to enhance visibility of the Company and the iBlend™ brand through financial and social media channels. Zimmerman commented, 'The global tobacco market is expected to grow to $1.1 trillion by 2030 with increasing demand for reduced-risk products, according to Research and Markets. In the United States, if the FDA's proposed nicotine cap for cigarettes is finalized and implemented, other countries are expected to follow the FDA's policy, which could drive an overnight shift in the dynamics of the global tobacco market. This would generate a compelling first-to-market advantage for Cabbacis and would force the tobacco industry to seek new alternatives, which will create an exciting market opportunity for the Company's flagship iBlend products.' Scargill added, 'The iBlend botanical blends predominately contain reduced-nicotine tobacco and include low-THC and no-THC hemp (<0.3% THC), which renders the iBlend brand relevant to consumers and differentiated compared to other tobacco products. Hemp is not intoxicating and is legal nationwide under the 2018 Farm Bill. The nicotine level in iBlend™, an approximate 95% reduction from the average nicotine content found in popular cigarette brands, positions the brand to meet the FDA's proposed nicotine cap. The Company's patent portfolio covering cigarettes and vaporizer pods provides a broad intellectual property moat for the Cabbacis products. The Company already has an established production facility in place, including the required licenses, to currently provide significant revenue and can easily be expanded to meet future demand growth.' Joseph Pandolfino, Chief Executive Officer of Cabbacis, added, "Our breakthrough iBlend product design positions us for success as we move toward commercialization. The FDA's proposed nicotine cap, if implemented, will create an urgent and significant need for compliant alternatives, as switching to less harmful products will become a necessity for many. We expect to file our first FDA Premarket Tobacco Product Application (PMTA) in late 2025, and in parallel to the FDA process for the U.S. market, we plan to start marketing our products internationally. We look forward to working with Lucas, Ian and the entire MZ Group team as we strive to deliver sustainable, long-term value to our shareholders." For more information on Cabbacis, please visit the Company's website: To schedule a conference call with management, please email your request to CABI@ or call Lucas Zimmerman at 949-259-4987. About MZ Group MZ North America is the U.S. division of MZ Group, a global leader in investor relations with over 250 employees and 800 clients across 12 different exchanges. For over 25 years, MZ has implemented award winning programs and developed a reputation for delivering tangible results for public and private companies via strategic communications, industry-leading investor outreach, public relations, a market intelligence desk, and a suite of technology solutions, spanning websites, conference call/webcasting, video production and XBRL/Edgar filing services. MZ maintains a global footprint with professionals located throughout every time zone in North America, as well as Taipei and São Paulo. For more information, please visit About Cabbacis Cabbacis (OTCQB: CABI) is focused on commercializing groundbreaking, patented harm-reduction tobacco products for the world's one billion smokers. Led by its flagship iBlend™ reduced-nicotine cigarettes and vaporizer pods in development, the Company is well positioned ahead of the proposed FDA rule to cap the nicotine content in all U.S. cigarettes. iBlend™ predominately contains tobacco combined with non-intoxicating hemp to assist in smoking or vaping less, transitioning to less harmful tobacco products, and/or increasing quit attempts. The Company also plans to commercialize reduced-nicotine tobacco cigarettes and little cigars without hemp and vaporizer pods with conventional-nicotine tobacco and hemp. In a recent clinical trial reported by the Company, Cabbacis cigarettes were highly rated for satisfaction and significantly reduced cravings for usual brand cigarettes. Cabbacis holds a global patent portfolio of 35 issued patents and various pending patent applications – primarily covering tobacco-hemp combinations in cigarettes and vaporizer pods – across key markets including the United States, Europe, China, India, Japan, Indonesia, Russia, South Korea, Canada, Australia, New Zealand, Mexico and Brazil – where approximately two-thirds of the world's smokers collectively reside. To learn more, please visit or follow us on LinkedIn or X. Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as "anticipate," "believe," 'consider,' "continue," "could," "estimate," "expect," 'foresee,' "intend," 'likely,' "may," "objective," "potential," "plan," "predict," "project," "seek," 'should,' "will" and similar words or phrases and their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual outcomes or results could differ materially for a variety of reasons. Factors that could cause actual results to differ materially are described in 'Risk Factors' in our Regulation A Offering Circular qualified by the SEC on June 3, 2025 and in our Annual Report on Form 1-K for the period ended December 31, 2024 filed with the SEC. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of that state or jurisdiction.
Business Wire
6 days ago
- Business
- Business Wire
Cabbacis Granted U.S. Patent for Vaporizer Pods
NIAGARA FALLS, N.Y.--(BUSINESS WIRE)--Cabbacis (OTCQB: CABI), a U.S. federally-licensed tobacco-product manufacturer focused on harm-reduction products being developed under the iBlend™ brand name, today announced that the United States Patent and Trademark Office has issued a patent to Cabbacis for vaporizer pods for oral electronic vaporizers. The worldwide patent portfolio of Cabbacis includes 35 issued patents and various pending patent applications across the United States, Europe, China, India, Japan, Indonesia, Russia, South Korea, Canada, Australia, New Zealand, Mexico and Brazil. U.S. Patent No. 12,349,724, which expires on July 27, 2038, includes ten claims on pods for electronic vaporizers. The claims cover vaporizer pods comprising blends of at least 5 mg of conventional-nicotine reconstituted tobacco and at least 5 mg of hemp, and separately, at least 5 mg of reduced-nicotine reconstituted tobacco and at least 5 mg of hemp. Reconstituted tobacco is typically used in closed-end electronic vaporizer pods. Commercial examples of popular, closed-end electronic vaporizers – also known as heat-not-burn products – include IQOS®, Ploom® and glo®. Vaporizer pods covered under the 724 patent that contain conventional-nicotine tobacco and hemp will provide consumers with pleasant and differentiated taste and sensory characteristics, as compared to the above vaporizer brands that contain conventional-nicotine tobacco without any hemp. Cabbacis owns two other previously-issued U.S. patents on vaporizer pods containing tobacco and hemp: 10,777,091 and 10,973,255 along with various international vaporizer pod patents. The Company's patented, reduced-nicotine, iBlend™ vaporizer pods and patented, reduced-nicotine, iBlend™ cigarettes in development are to assist vapers or smokers of conventional tobacco products to vape or smoke less or transition to less harmful tobacco or nicotine products. iBlend™ reduced-nicotine cigarettes contain approximately 95 percent less nicotine than conventional cigarette brands. The Company's products in development are patented in many of the largest tobacco markets across the globe including the United States, China, Europe, Brazil and Japan. Joseph Pandolfino, Chief Executive Officer of Cabbacis, commented, 'We are thrilled to announce this new patent for vaporizer pods, further fortifying our already robust intellectual property position. This patent, when taken in tandem with our existing patents, comprehensively cover, across more than 30 countries, any ratio of reduced-nicotine tobacco and hemp blended together in cigarettes and/or any ratio of conventional-nicotine tobacco and hemp or reduced-nicotine tobacco and hemp blended together in vaporizer products.' About Cabbacis Cabbacis (OTCQB: CABI) is committed to commercializing groundbreaking tobacco harm-reduction products in the global tobacco market for the world's one billion smokers with its flagship iBlend™ reduced-nicotine cigarettes and vaporizer pods in development. These patent protected products combine reduced-nicotine tobacco with non-intoxicating hemp to assist in vaping or smoking less, transitioning to less harmful tobacco products, and/or increasing quit attempts. Both types of products in development are predominately tobacco and include hemp. In a recent clinical trial, the Company's patented, reduced-nicotine iBlend™ cigarettes were highly rated for satisfaction on the standardized mCEQ questionnaire and significantly reduced cravings for usual brand cigarettes. The Company also plans to commercialize reduced-nicotine tobacco cigarettes and little cigars without hemp and vaporizer pods with conventional-nicotine tobacco and hemp. The worldwide patent portfolio of Cabbacis LLC includes 35 issued patents and various pending patent applications across the United States, Europe, China, India, Japan, Indonesia, Russia, South Korea, Canada, Australia, New Zealand, Mexico, Brazil and other countries – where approximately two-thirds of the world's smokers reside. Cabbacis holds 7 U.S. patents. Cabbacis LLC is a wholly-owned subsidiary of Cabbacis Inc. To learn more about Cabbacis, please visit About Reduced-Nicotine Cigarettes Reduced-nicotine cigarettes without hemp that contain about 95 percent less nicotine than conventional cigarettes have been evaluated in dozens of independent studies. Results demonstrate, as reviewed in Donny and White 2022 (Int J Drug Policy 99:103436), that subjects smoked fewer cigarettes per day, reduced their nicotine dependence and exposure, doubled their quit attempts, and/or increased their number of smoke-free days. Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as 'anticipate,' 'believe,' 'consider,' 'continue,' 'could,' 'estimate,' 'expect,' 'foresee,' 'intend,' 'likely,' 'may,' 'objective,' 'potential,' 'plan,' 'predict,' 'project,' 'seek,' 'should,' 'will' and similar words or phrases and their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual outcomes or results could differ materially for a variety of reasons. Factors that could cause actual results to differ materially are described in 'Risk Factors' in our Regulation A Offering Circular filed with the SEC and in our Annual Report on Form 1-K for the period ended December 31, 2024 filed with the SEC. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of that state or jurisdiction.
Business Wire
15-07-2025
- Business
- Business Wire
iBlend™ is Highly Rated in Clinical Trial and Significantly Reduced Cravings for Usual Brand Cigarettes
BUSINESS WIRE)--Cabbacis (OTCQB: CABI), a U.S. federally-licensed tobacco-product manufacturer focused on harm-reduction products being developed under the iBlend™ brand name, released its clinical trial results demonstrating that the Company's patented iBlend™ cigarettes were highly rated for satisfaction on the standardized mCEQ questionnaire and significantly reduced cravings for usual brand cigarettes. All four Cabbacis cigarette types were rated higher for satisfaction on the standardized mCEQ questionnaire than has been previously reported in the literature with other 95 percent reduced-nicotine cigarettes. Share Cabbacis contracted the Rose Research Center to carry out a pilot clinical trial on 16 smokers exclusively using four types of reduced-nicotine tobacco cigarettes made by Cabbacis during 3-hour ad libitum use sessions, which followed overnight abstinence from their usual brand cigarette. The nicotine content of all types was reduced by approximately 95 percent, as compared to the average of mainstream American brands. Three iBlend™ cigarette types contained reduced-nicotine tobacco and each type had a different level of hemp (5%, 10% and 20%), and the fourth cigarette type contained reduced-nicotine tobacco without any hemp. All cigarettes exclusively contained patent-pending tobacco licensed by Cabbacis and grown by its contracted farmers. The study measured the effects of the four cigarette types on smokers' perceptions and smoking behavior. Although other measures in the study were evaluated, the most relevant measures were craving relief and those related to product acceptability. For, Did it immediately reduce your craving for cigarettes, participants across all four cigarette types reported a significant reduction in craving for their usual brand of cigarettes which was sustained over the 3-hours of ad libitum use of the study cigarettes. All four Cabbacis cigarette types were rated higher for satisfaction on the standardized mCEQ questionnaire than has been previously reported in the literature with other 95 percent reduced-nicotine cigarettes. An unexpected positive result of the study was that the use of the three iBlend™ hemp-containing cigarettes (5%, 10% and 20%) resulted in lower exhaled carbon monoxide (CO) levels, as compared to CO levels measured after use of the 0-percent hemp cigarettes, with the reduction in the 20-percent hemp iBlend™ cigarette being statistically significant at the 95 percent confidence level. Dr. Michael Moynihan, Cabbacis's VP of R&D, stated, 'The Company is quite pleased with the results of our initial study which confirmed that reduced-nicotine cigarettes containing hemp are acceptable to tobacco smokers and they significantly reduced cravings for their usual cigarette brand. In order for reduced-nicotine cigarettes to work in terms of reducing smoking and nicotine exposure, smokers must be willing to use them. The data from this study will be useful in designing and carrying out larger iBlend studies of longer duration in the coming months to support our submissions to the U.S. Food and Drug Administration (FDA).' In January 2025, the FDA issued a proposed rule that, if finalized, would make all cigarettes sold in the United States minimally or nonaddictive by limiting the level of nicotine in cigarettes (reduction of ~95%). Upon Cabbacis filing, and FDA issuing a PMTA, commercialization of the reduced-nicotine iBlend™ products would give smokers beneficial product choices with differentiated taste and sensory characteristics to expand the market for reduced-nicotine cigarettes. The FDA has already issued a PMTA and authorized modified-risk product claims on a reduced-nicotine cigarette brand, VLN® (unrelated to Cabbacis), including 'Helps you smoke less®.' In parallel to the FDA process for the U.S. market, the Company is planning to market its products internationally. About Cabbacis Cabbacis is committed to commercializing reduced-nicotine cigarettes and vaporizer pods. Both types of products in development are predominately tobacco and include hemp. The Company also plans to move forward with reduced-nicotine tobacco cigarettes and little cigars without hemp. Reduced-nicotine cigarettes without hemp that contain about 95 percent less nicotine than conventional cigarettes have been evaluated in dozens of independent studies. Results demonstrate, as reviewed in Donny and White 2022 (Int J Drug Policy 99:103436), that subjects smoked fewer cigarettes per day, reduced their nicotine dependence and exposure, doubled their quit attempts, and/or increased their number of smoke-free days. The Company believes including hemp flower in reduced-nicotine cigarettes improves product acceptability for most smokers and may improve effectiveness due to the presence of non-THC cannabinoids. The worldwide patent portfolio of Cabbacis LLC includes 35 issued patents and various pending patent applications across the United States, Europe, China, India, Japan, Indonesia, Russia, South Korea, Canada, Australia, New Zealand, Mexico, Brazil and other countries – where approximately two-thirds of the world's smokers reside. Cabbacis holds 7 U.S. patents. Cabbacis LLC is a wholly-owned subsidiary of Cabbacis Inc. To learn more about Cabbacis, please visit Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as "anticipate," "believe," 'consider,' "continue," "could," "estimate," "expect," 'foresee,' "intend," 'likely,' "may," "objective," "potential," "plan," "predict," "project," "seek," 'should,' "will" and similar words or phrases and their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual outcomes or results could differ materially for a variety of reasons. Factors that could cause actual results to differ materially are described in 'Risk Factors' in our Regulation A Offering Circular filed with the U.S. Securities and Exchange Commission (SEC) and in our Annual Report on Form 1-K for the period ended December 31, 2024 filed with the SEC. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of that state or jurisdiction.
Yahoo
05-06-2025
- Business
- Yahoo
Cabbacis Receives SEC Notice of Qualification for Regulation A Offering
Investors Can Now Subscribe to Purchase Common Shares in Cabbacis at $2.00 per Share NIAGARA FALLS, N.Y., June 05, 2025--(BUSINESS WIRE)--Cabbacis (OTCQB: CABI), a U.S. federally-licensed tobacco-product manufacturer focused on harm-reduction products being developed under the iBlend™ brand name, confirmed that on June 3rd the U.S. Securities and Exchange Commission (SEC) qualified the Company's Offering Statement on Form 1-A for a Regulation A (Tier 2) offering. Cabbacis seeks to raise up to $7 million, minus professional expenses and any underwriter fees, through the public sale of its common stock at $2.00 per share. The Regulation A offering is open to broad participation by both accredited and non-accredited investors; the latter subject to applicable Regulation A investment limits. Access to the offering is available via where the Offering Circular and Subscription Agreement are publicly accessible. The Company will use the proceeds from the offering for product development and commercialization expenses, including FDA costs related to filing premarket tobacco product applications (PMTAs) for the U.S. market, tobacco and hemp plantings, general corporate purposes and potential acquisitions. About Cabbacis Cabbacis is committed to commercializing reduced-nicotine cigarettes and vaporizer pods. Both types of products in development are predominately tobacco and include hemp. The Company also plans to move forward with reduced-nicotine tobacco cigarettes (and little cigars) without hemp. Reduced-nicotine cigarettes without hemp have been evaluated in dozens of independent studies and contain about 95 percent less nicotine than conventional cigarettes. Results demonstrate, as reviewed in Donny and White 2022, that subjects smoked fewer cigarettes per day, reduced their nicotine dependence and exposure, doubled their quit attempts, and/or increased their number of smoke-free days. The Company believes including hemp flower into reduced-nicotine cigarettes improves product acceptability and may potentially improve effectiveness due to the presence of non-THC cannabinoids. The worldwide patent portfolio of Cabbacis LLC includes 35 issued patents and various pending patent applications across the United States, Europe, China, India, Japan, Indonesia, Russia, South Korea, Canada, Australia, New Zealand, Mexico, Brazil and other countries – where approximately two-thirds of the world's smokers reside. Cabbacis holds 7 U.S. patents. Cabbacis LLC is a wholly-owned subsidiary of Cabbacis Inc. To learn more about Cabbacis, please visit Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as "anticipate," "believe," "consider," "continue," "could," "estimate," "expect," "foresee," "intend," "likely," "may," "objective," "potential," "plan," "predict," "project," "seek," "should," "will" and similar words or phrases and their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual outcomes or results could differ materially for a variety of reasons. Factors that could cause actual results to differ materially are described in "Risk Factors" in our Regulation A Offering Circular filed with the SEC and in our Annual Report on Form 1-K for the period ended December 31, 2024 filed with the SEC. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of that state or jurisdiction. View source version on Contacts Media Contact Deborah Agugliasupport@
Business Wire
05-06-2025
- Business
- Business Wire
Cabbacis Receives SEC Notice of Qualification for Regulation A Offering
NIAGARA FALLS, N.Y.--(BUSINESS WIRE)--Cabbacis (OTCQB: CABI), a U.S. federally-licensed tobacco-product manufacturer focused on harm-reduction products being developed under the iBlend™ brand name, confirmed that on June 3rd the U.S. Securities and Exchange Commission (SEC) qualified the Company's Offering Statement on Form 1-A for a Regulation A (Tier 2) offering. Cabbacis (OTCQB: CABI), a tobacco-product manufacturer, confirmed on June 3rd the SEC qualified the Company's Offering Statement: See Share Cabbacis seeks to raise up to $7 million, minus professional expenses and any underwriter fees, through the public sale of its common stock at $2.00 per share. The Regulation A offering is open to broad participation by both accredited and non-accredited investors; the latter subject to applicable Regulation A investment limits. Access to the offering is available via where the Offering Circular and Subscription Agreement are publicly accessible. The Company will use the proceeds from the offering for product development and commercialization expenses, including FDA costs related to filing premarket tobacco product applications (PMTAs) for the U.S. market, tobacco and hemp plantings, general corporate purposes and potential acquisitions. About Cabbacis Cabbacis is committed to commercializing reduced-nicotine cigarettes and vaporizer pods. Both types of products in development are predominately tobacco and include hemp. The Company also plans to move forward with reduced-nicotine tobacco cigarettes (and little cigars) without hemp. Reduced-nicotine cigarettes without hemp have been evaluated in dozens of independent studies and contain about 95 percent less nicotine than conventional cigarettes. Results demonstrate, as reviewed in Donny and White 2022, that subjects smoked fewer cigarettes per day, reduced their nicotine dependence and exposure, doubled their quit attempts, and/or increased their number of smoke-free days. The Company believes including hemp flower into reduced-nicotine cigarettes improves product acceptability and may potentially improve effectiveness due to the presence of non-THC cannabinoids. The worldwide patent portfolio of Cabbacis LLC includes 35 issued patents and various pending patent applications across the United States, Europe, China, India, Japan, Indonesia, Russia, South Korea, Canada, Australia, New Zealand, Mexico, Brazil and other countries – where approximately two-thirds of the world's smokers reside. Cabbacis holds 7 U.S. patents. Cabbacis LLC is a wholly-owned subsidiary of Cabbacis Inc. To learn more about Cabbacis, please visit Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as "anticipate," "believe," 'consider,' "continue," "could," "estimate," "expect," 'foresee,' "intend," 'likely,' "may," "objective," "potential," "plan," "predict," "project," "seek," 'should,' "will" and similar words or phrases and their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual outcomes or results could differ materially for a variety of reasons. Factors that could cause actual results to differ materially are described in 'Risk Factors' in our Regulation A Offering Circular filed with the SEC and in our Annual Report on Form 1-K for the period ended December 31, 2024 filed with the SEC. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of that state or jurisdiction.
