Poda Lifestyle and Wellness Ltd.
Poda Announces Supply Agreement with Biodegradable Filter Manufacturer
Vancouver, Bc (ots/PRNewswire)
PODA LIFESTYLE AND WELLNESS LTD. ("Poda" or the "Company") (CSE: PODA) (FSE: 99L) (OTC: PODAF) is pleased to announce that it has entered into a supply agreement (the "Supply Agreement") with biodegradable filter manufacturer Greenbutts, LLC ("Greenbutts").
Greenbutts has developed a natural filter technology that was created to provide an alternative to the common non-biodegradable cellulose acetate cigarette filter. Over the last ten years, the team at Greenbutts has worked to perfect a natural, rapidly degrading cigarette filter using a proprietary blend of food grade fiber materials including flax, cotton, and manila hemp with no artificial compounds or chemical residues. The unique blend of materials is designed to allow for the same sensory experience and filter manufacturing run rates as acetate filters. Greenbutts filters will disperse in water within a few minutes and will degrade in compost within seven days, as opposed to 10-15 years as is the case with traditional cellulose acetate filters.
Ryan Selby, CEO, commented, "Poda is committed to ensuring that the Company contributes to a brighter future for all of our stakeholders. As CEO, I take this responsibility very seriously and I am devoted to ensuring that Poda delivers industry-leading performance on our core principles of strong environmental management, responsible societal impacts, and robust corporate governance. Pursuant to this commitment, I am very pleased to announce today that Poda has entered into a Supply Agreement with Greenbutts, LLC, one of the world's leading manufacturers of biodegradable cigarette filters."
"This Supply Agreement will provide the Company with access to 100% biodegradable filters for use in our Beyond Burn(TM) Poda Pods. The inclusion of Greenbutts' biodegradable filters into our already biodegradable and compostable Poda Pods allows Poda the ability to offer a completely biodegradable and truly compostable heat-not-burn product, something that has never been done in the heat-not-burn tobacco market. This is an important aspect of our ongoing ESG commitment and will provide the Company with several potential competitive advantages over IQOS and other heat-not-burn products which use non-biodegradable cellulose acetate filters. Beyond Burn(TM) Poda Pods with Greenbutts filters deliver an exceptional user experience and further strengthen the Company's commitment to our ESG principles. We are thrilled to have secured this Supply Agreement."
Tadas Lisauskus, co-founder and CEO of Greenbutts, commented, "We have spent the last ten years relentlessly pursuing the perfect biodegradable cigarette filter. Now that our patented product is ready for commercialization, we are very pleased to have entered this Supply Agreement with Poda. Traditional cellulose acetate cigarette filters are among the single most commonly littered items globally, and we are committed to the goal of eliminating environmental pollution caused by improperly discarded cigarette butts. Greenbutts' biodegradable filters are made from natural sources and quickly biodegrade in natural settings. Combining our proprietary biodegradable filters with Poda's unique and proprietary biodegradable heat-not-burn cigarettes is surely a winning combination."
On Behalf of the Board, Ryan Selby CEO, Director, and Chairman of the Board
Poda Lifestyle and Wellness Ltd. Toll-free North America: +1-833-TRY-PODA (879-7632) Outside North America: +1-406-TRY-PODA (879-7632) investors@podalifestyle.com www.podalifestyle.com
ABOUT PODA LIFESTYLE
Poda Lifestyle is actively engaged in the global commercialization of HNB smoking products, which have the potential to reduce the risks associated with combustible smoking products. The Company has developed a patented HNB system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. The innovative design of the Company's HNB platform prevents cross-contamination between the heating devices and the pods, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially-reduced-risk smoking experience. Poda Lifestyle's HNB system is fully patented in Canada and is patent pending in over 60 additional countries, covering almost 70% of the global population. The Company's Poda Pods are the first and only cigarettes to have a completely closed end. This exclusive design eliminates all cleaning requirements and provides a truly ashless HNB cigarette. Poda Lifestyle's fully patented system is one of a kind and solves the major pain-point that ALL other HNB products suffer from: daily cleaning requirements. The Company's flagship Beyond Burn(TM) Poda Pods contain a unique tobacco-free blend of pelletized tea leaves infused with synthetic nicotine, which provides adult smokers with a smoke-free alternative to their regular habit without sacrificing satisfaction. Beyond Burn(TM) Poda Pods have been expertly crafted to mimic the sensorial experience of traditional cigarettes without the smoke, without the smell, and without the tobacco.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although Poda Lifestyle believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Poda Lifestyle can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. Poda Lifestyle undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Poda Lifestyle, its securities, or financial or operating results (as applicable). Poda Lifestyle disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.