RICHMOND, Va. (AP) -- Star Scientific is licensing the trademarks and technology for its discontinued dissolvable tobacco products.
In a regulatory filing Thursday, the Glen Allen, Va.-based company said it has sold its equipment and inventory to a group of former employees.
The transaction with Starion LLC is taking place in promissory notes totaling nearly $590,000. Starion also will lease part of Star Scientific's Chase City, Va., facility and pay royalties.
Star Scientific had sold varieties of tobacco lozenges that dissolve in the user's mouth since 2001, but sales had been low.
It stopped marketing its Ariva and Stonewall products at the end of 2012. Its focus then shifted to dietary supplements, including its Antabloc anti-inflammatory support product.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.