CHARLOTTE, N.C., Nov. 12, 2012 /PRNewswire/ -- Bolstering its presence in the growing electronic cigarette market, Ballantyne Brands, LLC, an electronic cigarette provider, today announced the introduction of a new premium brand, NEO™.
The company also said it has acquired the Mistic™ brand of electronic cigarettes for an undisclosed amount, and has secured an investment partner to support its business for the long term.
"With both the launch of NEO™ and purchase of Mistic™, we are now poised to capture a significant share of the electronic cigarette market over the next six months and beyond," said John Wiesehan, Jr., Ballantyne Brands chief executive officer. "Additionally, with the strong support from our capital partners, there is no limit as to how much growth we can achieve."
"Having two great brands also provides our customers with the option of either a value brand or a premium brand," said Todd Millard, Ballantyne Brands chief operating officer. "This is a trend in the category that we believe will continue to evolve."
The acquisition of Mistic™ was critical to Ballantyne Brands' strategic goal of becoming a top electronic cigarette provider in the marketplace, and provides the company with a brand that currently has both equity in the marketplace and a strong consumer base. The company also has the full support of its suppliers and, as demand increases, will be able to leverage its production capacity.
Electronic cigarettes are alternatives for traditional tobacco. Ballantyne Brands distributes its electronic cigarettes across the country. NEO™ and Mistic™ electronic cigarettes, commonly called e-cigs, are available in both traditional tobacco and menthol flavors. They also offer both rechargeable and non-rechargeable options.
"We will continue to invest time in both of our brands, and create innovative designs for our products, marketing and merchandising materials," said Wiesehan. "We pride ourselves in providing excellent customer service, and will continue to live by our mission of giving retailers and consumers around the country two great brands from a company they can trust."
SOURCE Ballantyne Brands, LLC