22nd Century initiates strategic alternatives process for tobacco assets

22nd Century Group Board of Directors, after consultation with its financial and legal advisors, has initiated a process to evaluate strategic alternatives with respect to the Company’s tobacco assets. The process will include consideration of a range of strategic, operational and financial transactions and alternatives, such as business combinations, asset sales, licensing agreements, alternate financing strategies and other options. The Company has engaged TD Cowen as advisors in its review of strategic alternatives. There is no assurance that the strategic alternatives process will result in the approval or completion of any specific transaction or outcome. The Company has not established a timeline for completion of the review process and does not intend to disclose developments unless and until its Board of Directors approves a specific transaction, concludes the review, or determines that further disclosure is appropriate or is required.