Ex-RBC (Toronto/NYC) Senior Investment Banker Laura McCormally Named VP of Finance and Corporate Development for TAAT™ - GlobeNewswire | Canada News Media
LAS VEGAS and VANCOUVER, British Columbia, Dec. 08, 2020 (GLOBE NEWSWIRE) — TAAT™ LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “TAAT™”) is pleased to announce that Laura McCormally, a seasoned cross-border senior investment banker with more than a decade of experience at RBC Capital Markets (currently a Top 10 investment bank in the U.S.1), has been named Vice President of Finance and Corporate Development for the Company as it takes on a greater magnitude of organizational responsibilities associated with the current launch of TAAT™ in the United States. In her new role at the Company, Ms. McCormally will work alongside Chief Executive Officer Setti Coscarella and Chief Revenue Officer Tim Corkum, both formerly of Philip Morris International, to create financial strategies for the Company as it begins to realize revenue and contemplate potential expansions of commercialization activities for TAAT™ to be introduced to new markets.
Ms. McCormally’s tenure at RBC Capital Markets spanned a variety of roles including M&A, equity research, fixed income, and currencies. As a Director of Mergers and Acquisitions in New York, she advised C-suite clients on key strategic initiatives and led the design of both buy-side and sell-side processes. Holding a Masters of Business Administration from the Ivey Business School of Western University, Ms. McCormally has held numerous positions with direct responsibility for multi-million dollar P&Ls, including as Vice President of Fixed Income and Currencies at RBC Capital Markets and as Chief Financial Officer at Homestead Modern. In addition, Ms. McCormally has extensive experience with helping small entrepreneurial and family businesses grow and scale with a “hands-on” approach to optimizing financial models for sustainable growth, which will be leveraged in her new position as Vice President of Finance and Corporate Development for TAAT™ to propel early-stage performance and position the Company to be scalable and profitable in the long term.
Laura McCormally has been named Vice President of Finance and Corporate Development for TAAT™ Lifestyle & Wellness Ltd.
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Regarding her appointment as Vice President of Finance and Corporate Development for the Company, Laura McCormally commented, “I am thrilled to be joining TAAT™ during its early stages of launching in the United States. With the tobacco industry being somewhat of an oligopoly, there have been very few new companies that have managed to gain market share on account of how difficult it is to secure distribution to tobacco points of sale. Being led by veterans of the tobacco industry, TAAT™ has managed to overcome many of the hurdles that ordinarily prevent competitors from getting off the ground in this space. Much of the groundwork has been laid between R&D, manufacturing, distribution deals, and pricing matrix development. As a result, I have been able to focus on working with the Company’s executive team to create financial models that can drive long-term growth and profitability. I look forward to exciting developments as TAAT™ hits store shelves this month in Ohio.”
“Hiring Ms. McCormally to lead our finance and corporate development initiatives is a big step for us as we begin to do business”, said TAAT™ Chief Executive Officer Setti Coscarella. “While our current focus is on building market share in Ohio, we need to be paying attention to how we can create best practices for expanding into new markets while managing our revenue and expenses in order to be profitable. Tremendous value has been generated by Ms. McCormally’s capabilities as a finance leader in both investment banking and startups, and we are honoured to have her expertise on our side as we build out our playbook to capture market share in the USD $814 billion global tobacco industry.”
The Company has developed Beyond Tobacco™, the nicotine-free and tobacco-free base material of TAAT™, an alternative to traditional tobacco cigarettes offered in “Original”, “Smooth”, and “Menthol” varieties. TAAT™ is meticulously engineered to closely replicate the experience of smoking a tobacco cigarette, but without tobacco or nicotine. The tobacco-like taste and smell of Beyond Tobacco™ is achieved by a patent-pending refinement technique developed by the Company as part of the 14-step process for manufacturing Beyond Tobacco™. TAAT™ is being commercialized under executive leadership from the world’s largest tobacco company, leveraging their industry expertise to competitively position TAAT™ as an attractive choice for legal-aged smokers in place of incumbent brands of tobacco cigarettes. TAAT™ is currently launching in the United States starting in Ohio.
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About TAAT™ Lifestyle & Wellness Ltd.
The Company has developed TAAT™, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in “Original”, “Smooth”, and “Menthol” varieties. TAAT™’s base material is Beyond Tobacco™, a proprietary blend which undergoes a patent-pending refinement technique causing its scent and taste to resemble tobacco. Under executive leadership with “Big Tobacco” pedigree, TAAT™ is launching in the United States in Q4 2020 as the Company seeks to position itself in the $814 billion1 global tobacco industry.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking information in this news release includes statements regarding the potential launch of Beyond Tobacco™, in addition to the following: Potential outcomes from Laura McCormally becoming Vice President of Finance and Corporate Development for the Company. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.
Disclosures relating to investor relations firms retained by TAAT™ Lifestyle & Wellness Ltd. can be found under the Company’s profile on http://sedar.com.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
