22nd Century Group Inc (NYSE:XXII) Q2 2019 Earnings Conference Call Transcript

Aug 08, 2019 • 04:00 pm ET

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22nd Century Group Inc (NYSE:XXII) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the 22nd Century's Second Quarter 2019 Business Update Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Thomas James. Please go ahead, sir.

Executive
Thomas James

Thank you very much. My name is Thomas James, the Vice President, General Counsel and Secretary of the Company. We thank everybody for joining the call and I appreciate you bearing with us as we read the required Safe Harbor Text.

The statements made on today's call that are not based on historical information are forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to statements regarding our Company's business strategy, future plans and objectives and future results of operations or that may predict, forecasts, indicate or imply future results, performance or achievements.

The words project, intend, forecasts, anticipate, plan, expect, believe, will, will likely, should, may or the negative of such words or words or expressions of similar meanings are all intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, and all such forward-looking statements involve risk and uncertainties, many of which are beyond our Company's ability to control. Actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various factors including, but not limited to the risk factors disclosed in our Company's most recent annual report on form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission on March 6, 2019.

22nd Century does not undertake, and it disclaims any obligation to update any forward-looking statements or announced revisions to any of the forward-looking statements. During this conference call, we will also disclose certain non-GAAP financial measures, including adjusted EBITDA, which we define as earnings before interest taxes, depreciation and amortization, as adjusted by 22nd Century for certain non-cash and non-operating expenses all as described in our Company's earnings press release for the quarter ended June 30, 2019, as publicly issued yesterday on August 7th, 2019, and which is available on our Company's website.

And with that, I would like to now turn it over the call to Cliff Fleet, the Company's Chief Executive Officer.

Executive
Clifford B. Fleet

Thank you, Tom, and thanks to everyone for joining today's call. I am pleased to be here to discuss 22nd Century, its performance and what we believe are the Company's bright prospects. I am excited to serve the Company as its newly appointed CEO, and I look forward to working with our shareholders, employees and others to continue building a great business, by driving historic change in the tobacco industry to reduce the harm caused by smoking and by creating a meaningful and profitable business in the emerging legal hemp/cannabis space.

We believe the pursuit of these growth strategies for which we are very well positioned will create substantial value for shareholders. Before we proceed, let me tell you a