We are basically in the nicotine business. . . . Effective control of nicotine in our products should equate to a significant product performance and cost advantage.

I believe that for the typical smoker nicotine satisfaction is the dominant desire, as opposed to flavor and other satisfactions.

We are basically in the nicotine business. . . . Effective control of nicotine in our products should equate to a significant product performance and cost advantage.

[A]ny desired additional nicotine 'kick' could be easily obtained through pH regulation.

It should be said that we are presently, and I believe unfairly, constrained from directly promoting cigarettes to the youth market...Realistically, if our Company is to survive and prosper, over the long term, we must get our share of the youth market. In my opinion, this will require new brands tailored to the youth market.

If younger adults turn away from smoking, the industry will decline, just as a population which does not give birth will eventually dwindle.

Younger adult smokers are the only source of replacement smokers If younger adults turn away from smoking, the industry must decline.