LIVINGSTON, N.J., Oct. 31, 2013 /PRNewswire/ -- LOGIC Technology, developers of premium electronic cigarettes, held the first annual electronic cigarette summit this past weekend (October 24-27), bringing together industry experts and sales executives from around the country.
The nation's largest retailers were in attendance to learn more about the growing category and its tremendous profit potential. Participants had the opportunity to hear from analysts and executives about key industry dynamics, regulatory updates, and the successes of their peers in regards to electronic cigarette sales.
"We are excited to have debuted and hosted what will become an annual event, allowing industry insiders and retailers to meet, discuss and maximize the opportunities offered within this rapidly growing category," said Miguel Martin, President of LOGIC Technology. "This Summit serves as a great forum to inform our trade partners about new ways to reach their adult consumers."
Participants noted that this summit, the first of its kind, was invaluable in illustrating the exponential growth already underway within the category. Attendees had the opportunity to hear an industry overview from leading Goldman Sachs analyst Judy Hong as well as a regulatory and tax update from Thomas Briant, an executive from the National Association of Tobacco Outlets.
Following the LOGIC E-Cig Summit, the Global Investment Research Division of Goldman Sachs issued an Equity Research report this week stating, "A number of retailers have embraced the e-cig category, are allocating more space to e-cigs by compressing the cigarette space and are seeing double-digit to triple-digit sales growth on e-cigs. The market also appears to be consolidating relatively quickly into three e-cig brands (blu, NJOY and LOGIC currently account for nearly 80% of market share in the c-store channel)." The report goes on to say, "LOGIC is gaining ground as the #3 player, with nearly 19% unit share, up from 9% at the beginning of the year."
"It is impressive and important that leading e-cig company LOGIC brought together all of these resources, allowing retailers to make better decisions about a category that is critical to our profitability," said one retailer. "It tells me a lot about who my partners are as I move forward in successfully managing this high margin product."
In addition, participants attended a presentation from Miguel Martin, President of Logic Technology, as well as reviewed reports on industry best practices from leading national retailers.
For more information about LOGIC Technology, visit www.LogicEcig.com. LOGIC e-cigarettes are available in disposable and rechargeable versions and available at convenience stores nationwide as well as on the company's web site.
About LOGIC Technology
LOGIC is the leader in premium electronic cigarettes, offering a smarter alternative to smoking tobacco products. With multiple industry leading patents, LOGIC sets itself apart by featuring revolutionary technology that delivers the most realistic smoking experience. Simulating the feeling and taste of a real cigarette, LOGIC provides a sensory experience that satisfies a smoker's addictive cravings for the nicotine, tobacco flavor, hand to mouth motion and vapor release, while avoiding 4,000 toxins that are in cigarettes. For more information, please visit www.logicecig.com; twitter.com/logicecig; and facebook.com/LogicECigarette.
SOURCE LOGIC Technology