22nd Century Group Inc (NYSE:XXII) Q3 2019 Earnings Conference Call Transcript

Nov 08, 2019 • 09:00 am ET

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22nd Century Group Inc (NYSE:XXII) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day and welcome to the 22nd Century Third Quarter 2019 Business Update Conference Call. [Operator Instructions].

At this time I would like to turn the conference over to Mr. Tom James. Please begin.

Executive
Thomas L. 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 forecast indicate or imply future results performance or achievements. The words estimate project intend forecast anticipate plan believe will will likely should may or the negative of such words or words or expressions of similar meanings are intended to identify forward-looking statements.

These forward looking statements are not guarantees of future performance, and also forward looking statements involve risks 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 into December 31 2018. has filed with the Securities and Exchange Commission on March 620 19 22nd century does not undertake and it disclaims any obligation to update any forward looking statements or announce revisions to any of the forward looking statements. During this call. We will also disclose certain non gap financial measures, including adjusted EBITDA. Which we defined as earnings before interest, taxes, depreciation and amortization, as adjusted by 22nd century for certain non cash and non operating expenses. All is described in our company's earnings press release for the quarter ended September 30 2019, has publicly issued yesterday on November 7 2019, and which is available on our company's website.

And I'd now like to turn the call over to Cliff Fleet our company's Chief Executive Officer.

Executive
Clifford B. Fleet

Thank you Tom. And thanks to everyone for joining today's call. We also thank those who submitted questions for the call in advance of today's discussion and we have incorporated answers to many of those questions in our remarks today. Past three months have been quite busy as we have made meaningful progress against the 2 strategic focus areas outlined three months ago in our previous conference call. We are leveraging the company's leading position and core strengths in plant biotechnology to create shareholder value in the 2 spaces of tobacco and legal hemp/cannabis. Our first objective is to create meaningful change in the tobacco industry by reducing the harm caused by smoking through the commercialization of our proprietary very low nicotine