General Tobacco Pays $3.1M to Master Settlement

12/22/2008

The Business Journal of the Greater Triad Area Friday, December 19, 2008, 2:56pm EST General Tobacco announced that it has paid $3.1 million to the Master Settlement Agreement to fully satisfy its obligations based on the volume of cigarette sales in 2007. The payment was due as part of the multistate agreement by tobacco companies setting forth guidelines for tobacco marketing and advertising. General Tobacco, based in Mayodan, said it remains committed to meeting its obligations for 2008 sales, the payment for which would be due by April 15, 2009. Since joining as a party to the Master Settlement Agreement in 2004, General Tobacco has paid more than $473 million and has another $36 million in escrow. Enditem