LOUISVILLE, Ky.--(BUSINESS WIRE)--
Turning Point Brands, Inc. (NYSE:TPB), a leading provider of Other
Tobacco Products (“OTP”), has issued a statement to provide background
regarding a transaction by Standard General, L.P. related to Standard
General’s continuing beneficial ownership of Turning Point Brands common
stock. Some media reports have not been complete in their reporting
regarding that transaction. Standard General remains the largest
beneficial owner of TPB common stock.
On November 25, 2016, Standard General entered into a contribution and
exchange agreement to transfer its direct ownership of shares of Turning
Point Brands common stock to a related company, Standard Diversified
Opportunities Inc. (SDOI). That exchange transaction closed on June 1,
2017, with the result that Standard General now owns approximately 87.4%
of SDOI common stock.
Through its control of SDOI, Standard General retains its beneficial
ownership of TPB common stock. As of June 30, 2017, SDOI holds
approximately 51.7% of TPB common stock outstanding. SDOI is a holding
company that owns and operates subsidiaries in a variety of industries,
including OTP, outdoor advertising, and insurance.
About Turning Point Brands, Inc.
Louisville, Kentucky-based Turning Point Brands, Inc. (NYSE:TPB) is a
leading U.S. provider of Other Tobacco Products (“OTP”). TPB, through
its three focus brands, Zig-Zag® in Smoking Products, Stoker’s® in
Smokeless Products and the Vapor Beast® distribution engine in NewGen
Products, generates solid cash flow which it uses to finance
acquisitions, increase brand support and strengthen its capital
structure. TPB does not sell cigarettes.
More information is available at www.turningpointbrands.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170816006054/en/
Turning Point Brands, Inc.
Investment Community:
Mark A.
Stegeman, 502-774-9238
SVP, Chief Financial Officer
ir@tpbi.com
or
Media:
Terry
McWilliams, 502-774-9238
President, Mozaic Investor Relations, Inc.
ir@tpbi.com
Source: Turning Point Brands, Inc.