September 28, 2016 3:04 AM ET

Tobacco

Company Overview of Sottera, Inc.

Company Overview

NJOY, Inc. manufactures and distributes rechargeable and non-rechargeable electronic cigarette products for adult smokers. Its products include non-rechargeable electronic cigarette packs; rechargeable electronic cigarette starter kit that includes rechargeable electronic cigarettes, batteries, cartridge refills, USB chargers, and electronic cigarette user guides; disposable electronic cigarettes; and accessories, including chargers and rechargeable batteries. The company markets its products online; and through a network of retail stores, convenience stores, and dealers in the United States. NJOY, Inc. was founded in 2006 and is based in Scottsdale, Arizona. On September 16, 2016, NJOY, Inc...

15211 North Kierland Boulevard

Suite 200

Scottsdale, AZ 85254

United States

Founded in 2006

Phone:

480-305-7950

Fax:

480-305-7955

Key Executives for Sottera, Inc.

Chief Executive Officer and President
Executive Chairman
Vice President of Finance & Operations
Age: 44
Executive Vice President
Senior Vice President for International Regulatory Affairs
Compensation as of Fiscal Year 2016.

Sottera, Inc. Key Developments

Interim DIP Financing Approved for NJOY, Inc.

The US Bankruptcy Court gave an order to NJOY, Inc. to obtain DIP financing on an interim basis on September 21, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of 105% of the interim disbursement amount from total facility of $6 million from FLFC Lending Company acting as the administrative agent for itself. The DIP loan would carry an interest rate of 13% p.a. As per the terms of the DIP agreement, the loan carries a DIP facility fee of $0.06 million. The DIP facility would mature either on December 2, 2016 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.04 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Final hearing is scheduled for October 7, 2016.

Motion for Asset Sale Filed by NJOY, Inc.

NJOY, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on September 20, 2016. The debtor seeks the Court’s approval for the sale of substantially all its assets a stalking horse bidder, to be selected through an auction procedure. To qualify as a qualified bidder, interested parties should submit their bids by October 28, 2016. Each Bid must be accompanied by a cash deposit in the amount equal to 10% of the aggregate cash purchase price of the bid. The debtor has scheduled an auction on October 31, 2016. At the auction, the subsequent bids would be in increments of $0.25 million.

Fontem Ventures B.V. and NJOY, Inc. Announce Settlement Agreement in Relation to E-Vapour Technology Patents

Fontem Ventures and NJOY Inc. announced that they have reached a global settlement agreement that resolves ongoing litigation in the USA and Germany. The settlement ends one of eight patent infringement cases originally brought by Fontem Ventures and Fontem Holdings 1 in March 2014 in the United States District Court for the Central District of California in relation to e-vapour technology. Under the terms of the settlement, Fontem Ventures has granted NJOY, Inc. and its affiliates a non-exclusive royalty-bearing global licence under the patents-in-suit and certain other vapour technology related patents. The remaining settlement terms are confidential.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
September 16, 2016
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