GREENSBORO, N.C., July 16 /PRNewswire/ -- While Lorillard Tobacco Company (a wholly-owned subsidiary of Lorillard, Inc. (NYSE: LO)) has not yet had the opportunity to fully review the latest report from the Harvard School of Public Health, the company is gratified that the report reaffirms its view with respect to the present state of the science examining menthol use in cigarettes, including that:
-- "The available [scientific] evidence remains inconclusive" that menthol cigarettes confer a higher risk than non-mentholated cigarettes for smoking-related diseases.
-- "Recent studies did not find significant differences in risk for disease between menthol and non-menthol smokers."
-- "Research on differences in cessation outcomes between menthol and non-menthol smokers had conflicting results."
However the report's conclusion that Lorillard controls or alters the menthol levels in its products to promote smoking initiation or addiction is categorically false.
Lorillard does not control levels of menthol to promote smoking among adolescents and young adults. Furthermore, Lorillard does not engineer any of its cigarettes to promote smoking initiation or nicotine addiction. Importantly, the target menthol specifications for Newport have not changed at all since 2000.
Lorillard is in the business of manufacturing cigarettes for sale to adult smokers. The company wants every adult smoker who prefers menthol cigarettes to choose its Newport product. This is why Lorillard strives to make a product with superior taste and consistency.
The company also rejects the report's conclusion that Lorillard targets youth smokers. The authors should know that pursuant to an agreement with the state's Attorneys General, Lorillard does not advertise in magazines that have a youth readership of 15 percent or greater and/or a circulation of two million or more readers under 18 years of age. This is not a new policy and has been in effect for years. Contrary to the report's assertion, while the magazine advertising expenditures for Newport may fluctuate from year to year, overall spending on magazine advertising has decreased over the last 10 years.
About Lorillard, Inc.
Lorillard, Inc. (NYSE: LO), the parent company of Lorillard Tobacco Company, is the third largest manufacturer of cigarettes in the United States. Lorillard was founded in 1760, and is the oldest continuously operating tobacco company in the U.S. Newport(R), Lorillard's flagship brand, is a menthol-flavored premium cigarette brand and the top selling menthol and second largest selling cigarette in the U.S. In addition to Newport, the
Lorillard product line has five additional brand families marketed under the Kent(R), True(R), Maverick(R), Old Gold(R) and Max(R) brand names. These six brands include 44 different product offerings which vary in price, taste, flavor, length and packaging. Lorillard's manufactures all of its products at its Greensboro, North Carolina facility and maintains its headquarters there.
Certain statements made in this press release are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "expect", "intend", "plan", "anticipate", "estimate", "believe", "will be", "will continue", "will likely result", and similar expressions. In addition, any statement that may be provided by management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions by Lorillard, Inc. are also forward-looking statements as defined by the Reform Act.
Forward-looking statements are based on current expectations and
projections about future events and are inherently subject to a variety of
risks and uncertainties, many of which are beyond the control of Lorillard,
Inc., that could cause actual results to differ materially from those
anticipated or projected. Information describing factors that could cause
actual results to differ materially from those in forward-looking
statements is available in Lorillard, Inc.'s filings with the Securities
and Exchange Commission. These filings are available from the SEC over the
Internet or in hard copy, and are, in some cases, available from Lorillard,
Inc. as well. Forward-looking statements speak only as of the time they are
made, and Lorillard, Inc. expressly disclaims any obligation or undertaking
to update these statements to reflect any change in expectations or beliefs
or any change in events, conditions or circumstances on which any
forward-looking statement is based.
Michael W. Robinson
|SOURCE Lorillard Tobacco Company|
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