GRANT, Fla., Dec. 14, 2020 /PRNewswire/ -- Kaival Brands Innovations Group, Inc. (OTCQB: KAVL) ("Kaival Brands," the "Company," or "we"), a company focused on generating stockholder value by incubating innovative products into mature and dominant brands within their respective markets, announced today that Niraj Patel, the Company's Chief Executive Officer, and Eric Moss, the Company's Chief Operating Officer, have purchased additional shares of KAVL common stock. The purchase of stock in the open market reflects heightened confidence by both executive officers in the continued development and potential of the Company.
Kaival Brands saw impressive revenue growth during the first nine months of this fiscal year. The Company's expansion of the placement of the Bidi Stick in stores during the second quarter of 2020 resulted in revenues of more than $22 million. For the third quarter of 2020, the Company generated approximately $32 million in revenues during the three months ended July 31, 2020, which represented an increase of approximately 45% as compared to the second quarter of 2020.
CEO Niraj Patel commented, "I want to bolster my ownership to reflect the confidence I have in the continuous growth of our Company. The Bidi Stick is an electronic nicotine delivery system designed for current adult smokers and is manufactured and marketed with sustainability and socially responsible practices in mind. We even incentivize our customers to recycle with a one-of-a-kind rewards program. We are also hyper-vigilant in making sure the Bidi Stick does not get into the hands of young people but only those adults over 21 looking for alternatives to cigarettes."
COO Eric Mosser shared his motivation for purchasing additional shares, commenting, "I see very few opportunities that rival our growth opportunity especially when considering the valuation."
Kaival Brands will be presenting at the Inflection Partners' Emerging Growth Conference on January 13th.
Kaival Brands Innovations Group, Inc., 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.
For more information, please contact 833-4-KAIVAL or email us at [email protected].
SOURCE Kaival Brands