GRANT, Fla., March 1, 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 called Bidi® Cares.
Kaival Brands is pleased to announce two new distribution partners for Bidi Vapor's product line: 1) Imperial Trading with a network in the South, Southeast and Midwest and 2) Chambers & Owen with a network throughout the Midwest. These two new agreements boost the potential store count for Bidi Vapor products to over 54,000, up from 10,000 for all of 2020.
"These two new additional partners represent another revenue growth opportunity for Bidi and Kaival," said Niraj Patel, CEO of Kaival Brands. "Between last week's announcement regarding PMTA's Filing Letter acceptance, our exclusive partnership with goPuff, new distribution agreements with Hilmes, Avail and Smoker Friendly, we are feeling extremely confident about our fiscal year 2021 revenue guidance range of $400m - $450 million."
Leading by example, Kaival Brands, in coordination with Bidi Vapor, announced as of February 22, 2021, the company had discontinued their own online direct-to-consumer sales of the Bidi® Stick. While Kaival and Bidi employed the most stringent age-gating procedures industry wide, the company selected goPuff as the exclusive, online direct-to-consumer marketer for all of Bidi Vapor's products. With a history of distribution of alcoholic beverages, goPuff has pioneered a very stringent and dynamic compliance program and age-gating process, which Kaival Brands and Bidi Vapor endorse.
Including the above transition, other policies such as Bidi's retailer & wholesaler pledges, along with the recent FDA PMTA Filing Letter the company received along with Bidi's advancement to the PMTA substantive review stage has had a profound impact on the acceleration of "inbound calls" from potential new supply partners as corporations appreciate the company's concern and ongoing commitment to protecting the youth. The company believes being a "good actor" will resonate with other distributors and as such, the company anticipates it will continue to update investors on additional new distribution agreements.
The latest partners to expand the retail distribution of the Bidi® Stick and eventually, the Bidi® Pouch, represent the variety within the retail and wholesale fabric of vaping and nicotine-delivery products:
Imperial Trading: Headquartered in Elmwood, LA, Imperial boasts a significant store network of 6,500 units. Imperial's footprint stretches throughout 19 states in the South, Southeast and Midwest. Imperial was founded in 1916 by C.H. Pelias, a Greek immigrant as a wholesale grocer for independent stores in The Crescent City, New Orleans. This third-generation family business has provided over 100 years of service and commitment to the convenience-store industry.
Chambers & Owen, Inc: Based in Janesville, WI, Chambers & Owen have a network of 1,500 stores throughout the Midwest. Founded in 1891 by the great-great grandfather of the current owners, the company is now a fourth-generation family-owned business. The company has grown into the 12th largest C-store distributor in the United States over several generations and boasts a 98% fill rate and an on-time delivery rate of 99%, according to company officials.
"Family is extremely important to us," Patel said. "Family is the chief reason we dedicate significant resources, energy and time to preventing minors' usage of all vape products. It matters to us. Your children are our children. We are stewards of the environment and we are stewards of family. Our family has always been there for us; they inspire our dreams and nurture our work ethic. As such, we are incredibly proud to partner with two significant and long-standing family businesses in Imperial and Chambers & Owen. "
The new supply chain partners become the latest to join the larger Kaival Brands distribution network of the Bidi Vapor family. Other key partners include H.T. Hackney from Knoxville, Tenn.; CStoreMaster from Huntsville, Ala.; Stewart Distribution from Blackshear, Ga.; MMS Distribution LLC from East Garden City, N.Y.; SouthCo Distributing Co. from Goldsboro, N.C.; Charles C. Parks Co. from Gallatin, Tenn.; Vicksburg Specialty Co. from Vicksburg, Miss.; Core-Mark from Westlake, Texas; and Grocery Supply Co. (GSC) from Sulphur Springs, Texas, and more.
Based in Melbourne, Florida, 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.
At BIDI® Vapor, innovation is key to our mission, with the BIDI® Stick promoting environmental sustainability while providing a unique vaping experience to adult smokers. Contributing to a smoke-free world for our future generations is in BIDI® Vapor's DNA.
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.