Company Changes its Name to “Standard Diversified Inc.”
Common Stock to Trade Under Symbol “SDI” Beginning on April 25, 2018
Appoints Marketing Executive Arnold Zimmerman to Board of Directors
NEW YORK -- (Business Wire)
Standard Diversified Inc. f/k/a Standard Diversified Opportunities Inc.
(“Standard Diversified,” “SDI” or the “Company”) (NYSE: SDI) today
announced that its Class A common stock will begin trading on the NYSE
American Exchange under the ticker “SDI” beginning Wednesday, April 25,
2018.
The Company also announced that it is changing its name to Standard
Diversified Inc., effective immediately.
Management Commentary
Ian Estus, Chief Executive Officer, stated, “Standard Diversified is
very excited about its listing on the NYSE American. This is truly the
culmination of our hard work and diligence over the past year, which
included the purchase of our property and casualty insurance subsidiary,
various acquisitions in our out-of-home advertising business,
significant growth in our other tobacco products subsidiary and the
closing of a $25 million debt facility. Our listing on the NYSE American
will allow us to build on this momentum, providing shareholders with an
active market in which to trade our shares, while also increasing the
exposure of the Company’s long-term value creation platform, which is
focused on asset growth and the minimization of costs at our
subsidiaries.”
NYSE American Commentary
"NYSE American welcomes Standard Diversified Inc. as the company
continues its journey as a public company,” said John Tuttle, Global
Head of Listings. “We look forward to a long-term partnership with SDI,
helping the company create greater value for shareholders as it grows
and manages a diversified portfolio of companies.”
Corporate Highlights and Accomplishments:
Standard Diversified is a holding company with various operating
subsidiaries located in the United States. It serves as an investment
platform for long-term growth of quality operating businesses run by
seasoned managers.
Through its subsidiaries listed below, the Company currently owns and/or
operates businesses in the following market segments: insurance, other
tobacco products and out-of-home advertising:
-
Turning Point Brands, Inc. (“TPB”), a NYSE publicly-listed independent
provider of Other Tobacco Products (“OTP”) in the U.S. TPB sells a
wide range of products across the OTP spectrum, including moist snuff
tobacco (“MST”), loose leaf chewing tobacco, premium cigarette papers,
make-your-own (“MYO”) cigar wraps, cigars, liquid vapor products and
tobacco vaporizer products. As of December 31, 2017, the Company held
a 51.2% ownership interest in TPB, which comprises the predominant
portion of the Company’s consolidated financial results.
-
Pillar General, a wholly-owned insurance subsidiary that acquired
Interboro Holdings, Inc. in January 2018, through its New York-based
subsidiary, Maidstone Insurance Company, the Company offers property
and casualty and personal automobile insurance.
-
Standard Outdoor, a wholly-owned out-of-home advertising business that
owns and operates 384 billboard faces located across the Alabama,
Florida, Georgia and Texas markets.
As demonstrated by its current holdings, the Company is industry
agnostic and in the process of exploring a variety of potential
opportunities. These acquisition targets primarily involve special
situations with companies that have sustainable cash flows with quality
management teams, but require the unique structure and/or the services
which SDI offers in order to scale and grow their business. Simultaneous
with active expansion, the Company is equally focused on the continued
growth of its existing subsidiaries and vigilant in allocating its
capital in the best interest of its shareholders.
Company Appoints Arnold Zimmerman to Board of Directors
Standard Diversified also announced that Arnold Zimmerman has been
appointed as a new independent director to the Company’s Board. With the
addition of Mr. Zimmerman, the Company’s Board increases to six members.
Mr. Zimmerman, is an accomplished executive leader with significant
experience as a board member at Turning Point Brands, Inc.
Greg Baxter, Executive Chairman, stated, “We are pleased to announce the
addition of Mr. Zimmerman to Standard Diversified’s Board of Directors.
Arne’s extensive experience in executive leadership roles and marketing
acumen is a welcomed addition to our board.”
About Standard Diversified Inc.
Standard Diversified Inc. is a holding company that owns and operates
subsidiaries in a variety of industries, including insurance, other
tobacco products and outdoor advertising. For more information about the
Company, please visit the Company’s website at www.standarddiversified.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, are forward-looking statements. These
forward-looking statements address, among other things activities,
events or developments that the Company expects, believes or anticipates
will or may occur in the future, including the Company’s expected
acquisition activity. These forward-looking statements are subject to a
number of risks that could cause actual results to differ materially
from those contained in the forward-looking statements, including those
risks described in Part I, Item 1A of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2017, as filed with the
Securities and Exchange Commission.
Currently unknown or unanticipated risks, or risks that emerge in the
future, could cause actual results to differ materially from those
described in forward-looking statements, and it is not possible for the
Company to predict all such risks, or the extent to which this may cause
actual results to differ from those contained in any forward-looking
statement. Except as required by law, the Company assumes no obligation
to update publicly any such forward-looking statements, whether as a
result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180420005267/en/
Contacts:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
Source: Standard Diversified Inc.
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