Alliance One and IOTO Finalize E-Liquid Joint Venture
MORRISVILLE, N.C., April 7, 2014
MORRISVILLE, N.C., April 7, 2014 /PRNewswire/ -- Alliance One International,
Inc. (NYSE: AOI) today announced one of its subsidiaries and an affiliate of
IOTO International ("IOTO") completed the formation of a US based joint
venture ("JV") on April 2, 2014, IOTO E-Liquids America, LLC ("IOTO-ELA")
located in Greenville, NC. The JV is owned equally by the partners and
produces a variety of flavored liquids ("E-liquids") that are sold to a
growing customer base, who market and distribute electronic vapor ("E-vapor")
Bianca Iodice and Gilson Torrens, the founders of IOTO, commented, "IOTO-ELA
solidifies a strong well balanced approach for US based E-liquid production
and distribution, serving the E-vapor market. Our JV with Alliance One builds
on core strengths of both partners and is creating new opportunities. AOI is a
well-respected global leaf merchant and combined with IOTO's world-wide market
position in flavors and other specialty products, establishes a solid base to
grow our new company. The JV's research and development driven culture,
production capability and distribution network is dedicated to delivering
unique world class products and service."
Anthony Dillon, Alliance One's Director of Global Strategic Projects,
remarked, "Our JV with IOTO delivers enhanced value to our customers by
leveraging both partners' unique strengths and establishing a strong position
in E-liquid flavor formulations, manufacturing processes and distribution. Our
products are well received by the market and we see significant growth
potential for this business segment based on increasing industry opportunities
and our strengthening competitive position."
Pieter Sikkel, Alliance One's President and Chief Executive Officer, stated,
"IOTO is among world leaders in developing and producing unique proprietary
flavorings and other specialty products. As such, we are very pleased to be
partnering with them to produce E-liquids for our customers serving the
E-vapor market. Aligned with our goals of measured growth in this industry
segment, IOTO-ELA immediately strengthens the value we bring to customers by
delivering dynamically innovative, high quality, sustainably produced,
compliant products that are manufactured to strict standards and should
provide enhanced value to our stakeholders."
IOTO develops and manufactures unique proprietary flavorings and other
specialty products utilized by consumer product companies around the world.
For more information on IOTO, visit the Company's website at
Alliance One International is a leading global independent leaf merchant. For
more information on Alliance One, visit the Company's website at
This press release contains forward-looking statements. Actual results may
differ materially from those reflected in the forward-looking statements.
Additional information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is contained
under the heading of "Risk Factors" listed from time to time in the Company's
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K.
SOURCE Alliance One International, Inc.
Contact: Joel L. Thomas, (919) 379-4300
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