TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTC: TOBAF) (FRANK: 2TP2)
69TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTC: TOBAF) (FRANK: 2TP2) - AUGUST 2, 2020 - RICH TV LIVE - TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTC: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “Taat”) is delighted to announce that it has appointed Setti Coscarella, who recently resigned as a lead strategist at Philip Morris International (“Philip Morris”), to lead Taat as its Chief Executive Officer as the Company prepares for the planned Q4 2020 launch of Beyond Tobacco™ cigarettes. Holding an MBA from the Schulich School of Business, Mr. Coscarella’s professional experience includes analyst and investment banking roles at three of Canada’s “Big Five” financial institutions, as well as positions in private equity and management consulting. Coscarella also co-founded The Gentlemen’s Expo (“TGE”), an annual consumer show in Toronto that attracts more than 25,000 attendees each year. During his tenure at Philip Morris, Coscarella led a commercialization team and was a lead strategist for Reduced Risk Products (“RRP”), an emerging category in the tobacco industry to provide alternatives for smokers to reduce their exposure to contents of traditional nicotine-based products that are known to be harmful. The Company believes that Mr. Coscarella is uniquely suited to the CEO role given his proven track record in finance, management, and entrepreneurship, as well as his familiarity with the tobacco industry from the perspective of its biggest player.
In its June 22, 2020 press release, the Company announced it was planning on launching Beyond Tobacco™ cigarettes as a better-for-you alternative to tobacco cigarettes that contains no nicotine or tobacco. The intended value proposition of Beyond Tobacco™ cigarettes is to offer a user experience that closely resembles the experience of smoking a traditional cigarette, which the Company has sought to achieve with a traditional “stick” format and cigarette-style packaging that it expects to be familiar to smokers. A proprietary blend of tobacco flavouring and an enhanced volume of smoke exhaled are designed to make the experience of smoking a Beyond Tobacco™ cigarette substantially similar to that of smoking a tobacco cigarette. Each stick of Beyond Tobacco™ contains at least 50mg of cannabidiol (“CBD”, a non-psychoactive derivative of hemp), which has been shown to mitigate tobacco withdrawals and reduce dependency upon tobacco. Beyond Tobacco™ is to be offered in an “Original” variety as well as a “Menthol” variety.
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