CHARLOTTE, N.C. – Ballantyne Brands, an electronic cigarette provider, on Monday announced the introduction of a new premium brand, NEO. The company also announced that it has acquired the Mistic brand of electronic cigarettes for an undisclosed amount, and has secured an investment partner to support its business for the long term.
"With both the launch of NEO and purchase of Mistic, we are now poised to capture a significant share of the electronic cigarette market over the next six months and beyond," said John Wiesehan, Jr., Ballantyne Brands CEO. "Additionally, with the strong support from our capital partners, there is no limit to how much growth we can achieve."
The acquisition of Mistic was critical to Ballantyne Brands' goal of becoming a top electronic provider in the marketplace, providing the company with a brand that currently has both equity in the marketplace and a strong consumer base. The company has the full support of its suppliers, and will be able to leverage it production capacity in the future.
Electronic cigarettes are alternatives for traditional tabacco; NEO and Mistic electronic cigarettes — often called "e-cigs" — are available in both traditional tobacco and menthol flavors.