GRANT, FL, Feb. 3, 2021 /PRNewswire/ --Kaival Brands Innovations Group, Inc. (OTCQB: KAVL) ("Kaival Brands," the "Company," or "we"), is the exclusive global distributor of all products manufactured by Bidi Vapor, LLC ("Bidi Vapor"). Bidi Vapor's primary offering, the Bidi® Stick, is the fastest-growing closed system vaping product in the U.S. The tamper-resistant Bidi® Stick is also the only vape product on the market with an ecologically friendly, mass-recycling program. Kaival Brands also recently launched Bidi Vapor 's Bidi® Pouch, a tobacco-free nicotine pouch.
Kaival Brands is excited to announce that it recently entered into an agreement with H.T. Hackney Co. ("Hackney"), a longstanding convenience store distribution leader, pursuant to which Hackney can now purchase the Bidi® Sticks for distribution. The Knoxville, Tennessee-based, 100-year-old Hackney has over 20 distribution centers throughout the Southeast and Midwest supporting approximately 25,000 convenience stores. Hackney's first order of Bidi® Sticks shipped on January 28. Following that order, Hackney can now begin to distribute the Bidi® Stick throughout its distribution network in 22 states in the eastern U.S.
This new partnership with Hackney represents Kaival Brands' largest single distribution agreement to date. In 2020, the Bidi® Stick was available in approximately 10,000 stores. Niraj Patel, Chief Executive Officer of Kaival Brands, said, "We are enthusiastic and humbled by Hackney's embrace of the Bidi® Stick. This new agreement has the potential to triple our distribution points, which, if that occurs, could increase our previously forecasted revenue projections. It is an honor to be affiliated with a company of Hackney's stature and history, and further validates the innovative Bidi® Stick as a category leader. We look forward to a very fruitful relationship."
Mr. Patel, the Company's President, Chief Executive Officer and Chief Financial Officer, owns and controls Bidi Vapor. As a result, Bidi Vapor and the Company are considered under common control and Bidi Vapor is considered a related party.
Based in Melbourne, Fla., Bidi Vapor maintains a commitment to responsible marketing, supporting age-verification standards and sustainability through its Bidi® Cares recycling program. The company's premiere device, the Bidi® Stick, is a premium product made with medical-grade components, a UL-certified battery and technology designed to deliver a consistent vaping experience. Bidi Vapor is also adamant about strict compliance with all federal, state, and local guidelines and regulations. For more information, visit www.bidivapor.com.
Kaival Brands Innovations Group, Inc., Grant, Fla., is a company focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets. Our vision is to develop internally, acquire, own, or exclusively distribute these innovative products and grow each into dominant market-share brands with superior quality and recognizable innovation.
This press release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will," and similar words. All forward-looking statements speak only as of the date of this press release. Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. Our