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Tobacco One, Inc. has announced the cancellation of a US$9.5 million agreement to purchase a leading US cheap cigarettes product manufacturer. The company has been unable to complete the due diligence required to the satisfaction of the shareholders and financial partners.
On July 1, 2008, the company announced that it has purchased a regionally popular cigarette brand from a Mexico City businessman for cash plus common stock. Tobacco One's international marketing team finished a 3-month feasibility study focusing on national expansion and consumer acceptance. During this study, Tobacco One in partnership with the Mexico City marketing firm Integra Marketing, S.A. de C.V. obtained numerous commitments that will result in expanded distribution nationwide.
"While we are disappointed in the cancellation of the intended acquisition, recently we acquired a Mexican company in Mexico which sales are thriving and is projected to be a more beneficial acquisition to our shareholders." Shawn Ulizio, Tobacco One's president and c.e.o. said. "The new brand is clearly positioned to be a market leader in Mexico's newly emerging discount cigarette price tier, and Tobacco One is nicely positioned to dominate in this specialized tobacco category."
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Officials at the University of Memphis have decided to push for a tobacco-free campus by next summer.The move was spurred by a student government petition last year and similar actions by faculty and staff leaders. Maria Alam, who is chief human resources officer for the university, told The Commercial Appeal that she is "reviewing and putting together a policy" for the campus."The idea is not to go around policing," she said. "But we'd address it as complaints come in."In her position with the university, Alam oversees workplace regulations, including smoking...
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