Pursuant to the LOI, the Parties intend to enter into a cooperation agreement (the "Cooperation Project") based on both Parties intellectual property, branding, manufacturing facilities, and distribution channels to develop one or more products ("Cooperation Products") for commercialisation.
Before further developing the Cooperation Project, the Parties intend to assess the relevance of their cooperation by implementing a trial period for blend development which could be used for the potential Cooperation Products (the "Blend Development Trial").
By bringing together Landewyck's tobacco manufacturing and distribution expertise and Poda's patented Heat-not-Burn technology, the aim is to develop a consumer centric product offering both convenience and optimal flavour in the reduced risk sphere.
Georges Krombach, General Manager of Export and New Generation Products for Landewyck, stated, "We're very excited to further strengthen our collaboration with Ryan and the Poda team. The technology and intellectual property behind Poda are disruptive and deliver a strong customer experience. By adding our tobacco and our European regulatory and distribution expertise, we expect to have great success in the European marketplace. We manufacture tobacco and cigarettes at our own facilities exclusively in Western Europe, and attach great importance to maintaining the highest manufacturing, working, and product standards that are socially acceptable to our consumers, partners, and importers worldwide. Our master tobacco blenders travel to the farthest reaches of the globe to hand-select the best leaves, hence ensuring the unique flavour of our tobacco products – and all so our customers can enjoy the ultimate in tobacco pleasure. From product and manufacturing standards to employees and retailers, we always ensure that our business decisions and the products we supply are in keeping with our family spirit and upholding our tradition of delivering 100% quality, flavour, and customer satisfaction.”
Ryan Selby, CEO of Poda, commented, "This marks another milestone in Poda's commercialization efforts in Europe and abroad. Landewyck has been working in the tobacco space for over 170 years and brings a tremendous amount of manufacturing and distribution experience and expertise. We intend to get moving immediately on the Blend Development Trial and hope to move quickly into large-scale commercialization of the Cooperation Products."