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GRANT, Fla., Dec. 14, 2020 /PRNewswire/ --
Kaival Brands Innovations Group, Inc. (OTCQB: KAVL) ("Kaival Brands," the "Company," or "we"), a company focused on generating stockholder value by incubating innovative products into mature and dominant brands within their respective markets, announced today that Niraj Patel, the Company's Chief Executive Officer, and Eric Moss, the Company's Chief Operating Officer, have purchased additional shares of KAVL common stock. The purchase of stock in the open market reflects heightened confidence by both executive officers in the continued development and potential of the Company.
Kaival Brands saw impressive revenue growth during the first nine months of this fiscal year. The Company's expansion of the placement of the Bidi Stick in stores during the second quarter of 2020 resulted in revenues of more than $22 million. For the third quarter of 2020, the Company generated approximately $32 million in revenues during the three months ended July 31, 2020, which represented an increase of approximately 45% as compared to the second quarter of 2020.