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The Briefcase: 22nd Century receives U.S. technology patent

The Briefcase: 22nd Century receives U.S. technology patent

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22nd Century receives tech patent

22nd Century Group Inc. said Wednesday it has been granted a U.S. patent related to the reduction of nicotine in the tobacco plant.

The patent involves technology that 22nd Century said provides it “with a rapid pathway to introduce very low nicotine traits into virtually any variety of tobacco, including bright, burley, oriental, and cigar tobacco varieties.”

James Mish, 22nd Century’s chief executive, said the patent “refutes the claim from Big Tobacco that such low nicotine levels cannot be achieved in multiple tobacco varieties.”

In September, Mish said in a letter to shareholders that it is "a matter of when/not if" the manufacturer will gain approval of its modified-risk tobacco application from the Food and Drug Administration. The company has been awaiting the FDA go-ahead since February.

However, some analysts continue to question the appeal of very-low nicotine traditional cigarettes, and ask whether they could lead smokers to more consumption to obtain the nicotine levels to which they are accustomed.

The company, based in Williamsville, N.Y., operates a tobacco-manufacturing plant in Mocksville, where it had 51 of its 69 employees at last count.

Richard Craver

Campus One apartments sold for $2.97M

The Campus One apartment complex in Greensboro has been sold for $2.97 million to an out-of-state buyer, according to a Guilford County Register of Deeds filing Thursday.

The buyer is UP Greensboro LLC of Richmond, Va., while the seller is Campus II LLC of Lake Placid, Fla.

The 1.91-acre complex at 1919 Spring Garden St. contains 32 units and was built in 2000.

Richard Craver

Raytheon approves 47.5-cent dividend

The board of directors for Raytheon Technologies Corp. declared Thursday a dividend of 47.5 cents per share of common stock.

The dividend is payable Dec. 17 to shareowners registered as of Nov. 13.

Richard Craver

Caterpillar approves $1.03 dividend

The board of directors of Caterpillar Inc. declared Thursday it has maintained a $1.03 quarterly cash dividend for its common stock.

The dividend is payable Nov. 20 to shareholders registered as of Oct. 26.

Richard Craver

F.N.B. board declared 12-cent dividend

The board of directors for F.N.B. Corp. declared Wednesday a quarterly cash dividend of 12 cents per share on its common stock.

The dividend is payable Dec. 15 to shareholders registered as of Dec. 3.

Richard Craver

Drywall company plans plant in Monroe

Hamilton Drywall Products, a manufacturer of drywall finishing products, said Wednesday it will create 34 new jobs and spend $5 million on capital investments in a 98,000-square-foot East Coast headquarters and production facility in Monroe.

Hamilton manufactures a variety of compounds, textures and metal trims that are distributed through dealers and national retailers.

The average annual salary for all new positions could reach up to $45,059. By comparison, Union County’s overall average annual wage is $44,989.

The company has been made eligible for a performance-based grant of $50,000, as well as matching local incentives.

Richard Craver

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