Description of Vector Group Ltd's Business Segments
E-Cigarettes
Our subsidiary, Zoom, entered the emerging United States e-cigarette market
in limited retail distribution outlets in January 2014 with a cautious plan
to minimize expense. In January of 2014, we announced the national rollout of
our Zoom e-cigarette brand. Uncertainties regarding e-cigarettes are significantly
greater today than they were a year ago and, at this point, the trend lines
do not predict a bright future. In fact, we have seen significant changes in
the e-cigarette market over the past year with disposable e-cigarettes in rapid
decline, rechargeable e-cigarettes appearing to be in decline and open system
vapor products, that feature refillable tanks and use low-cost flavored liquids,
demonstrating mixed results with limited category volume growth but rapidly
declining prices. Additionally, we believe uncertainties related to the regulation
of e-cigarettes, including open system vapor products, exist. Given this backdrop,
our primary focus on the e-cigarette product is to limit risk while staying
prepared to pursue opportunities if they occur.
New Valley LLC
New Valley LLC, a Delaware limited liability company, is engaged in the real
estate business and is seeking to acquire or invest in additional real estate
properties and projects. New Valley owns a 70.59% interest in Douglas Elliman
Realty which operates the largest residential brokerage company in the New York
City metropolitan area, which is known as Douglas Elliman Real Estate or Douglas
Elliman. New Valley also holds investment interests in various real estate projects
domestically and internationally.
Tobacco Operations
General. Liggett is the operating successor to Liggett & Myers Tobacco Company,
which was founded in 1873. Vector Tobacco is a discount cigarette manufacturer
selling product in the deep discount category. In this report, certain references
to “Liggett” refer to our tobacco operations, including the business
of Liggett and Vector Tobacco, unless otherwise specified.
Tobacco’s cigarettes pursuant to a contract manufacturing agreement. At
the present time, Liggett and Vector Tobacco have no foreign operations.
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