VANCOUVER, BC, June 2, 2021 /PRNewswire/ -- PODA LIFESTYLE AND WELLNESS LTD. ("PODA" or the "Company") (CSE: PODA) (FSE: 99L) is pleased to announce it has entered into a binding letter of intent with Shenzhen ESON Technology Co. Ltd. ("ESON") to facilitate a Joint Development Agreement, (the "JDA") whereby PODA will join ESON's existing distribution network in Europe and Asia where ESON is currently selling over 50 million units per month. PODA has developed and patented a unique heat-not-burn ("HNB") platform ("PODA IP") while ESON has developed a patented proprietary blend of tobacco-free products ("ESON IP") that it currently sells through the brand NEAFS.
"We are incredibly excited to partner with ESON, who is recognized as one of the leading manufacturers of electronic cigarette devices, and more recently as one of the global leaders in tobacco-free heat-not-burn products" stated Ryan Selby, Chief Executive Officer of the company. "Daniel Chen and his team at ESON are currently filling and distributing millions of NEAFS products per month into the Chinese market, providing us with tremendous opportunities to scale. There are over 400 million adult smokers in China, and we believe that this partnership with ESON will provide us with a fast-track opportunity to rapidly develop our market share in the Chinese market," said Selby.
ESON has designed numerous electronic nicotine delivery systems ("ENDS") and has successfully licensed its IP to some of the biggest tobacco companies in the world. In addition, ESON has served as an original equipment manufacturer for some of the biggest tobacco companies globally, including Japan Tobacco International, Imperial, British American Tobacco, Godfrey Philips India, Philip Morris International, and China National Tobacco.
"Poda has developed an incredible HNB platform, and their zero cleaning pods offer consumers a hassle-free HNB product that delivers consistently great results, day after day" stated Daniel Chen, Chief Executive Officer of ESON. "Additionally, the vapor is flavorful and robust, offering cigarette-like satisfaction to discerning adult smokers," said Chen, who continued, "we are already selling over 50 million NEAFS stick per month and are currently expanding our production facilities to produce over 250 million NEAFS sticks per month, which should be completed within the next 60 days. Since we launched the NEAFS products in October 2020, the demand for NEAFS products has been overwhelming. We are extremely excited to offer the NEAFS by PODA products to our existing distribution channels, and we anticipate tremendous success with the NEAFS by PODA products."
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On Behalf of the Board,Ryan SelbyCEO, Director, and Chairman of the Board
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 65 additional countries, covering over 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 entirely eliminates all cleaning requirements and provides a truly ashless HNB cigarette. Poda Lifestyle's fully-patented system is truly 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™ 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 the satisfaction they are accustomed to. Beyond Burn™ Poda Pods have been expertly crafted to mimic the sensorial experience of traditional cigarettes without the smoke, without the smell, and without the tobacco.
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.