MIAMI, FL–(Marketwired – Aug 22, 2016) – The Board of Directors of Vapor Group, Inc. (OTCQB: VPOR) (the “Company”) announced today that it has entered into agreements with several of its noteholders for the payoff of their convertible promissory notes over time.
Dror Svorai, President and CEO, added, “We are paying down old debt to prevent the issuance of additional shares of the Company from the conversion of this debt which can only result in the further dilution of our common stock.” He added, “We regard this reduction as being good news for our shareholders. Clearly it also benefits the Company since it will help us improve our financial strength. In order to pay off this convertible debt, the Company borrowed funds at a reasonable interest rate on terms that do not include any conversion rights of debt to equity, or in any way require the issuance of equity, options or warrants by the Company.”
About Vapor Group, Inc.
The primary focus of Vapor Group, Inc., www.vaporgroup.com, is the design, manufacture and marketing of high quality, vaporizers and e-cigarette brands which use state-of-the-art electronic technology and specially formulated, high purity “Made in the USA” e-liquids with and without nicotine. These products are sold under the Vapor Group, Total Vapor, Vapor 123 and Vapor Products brands. The Company also markets cutting-edge consumer products including the “Whizboard” brand of scooters sold by its subsidiary, Smart Wheels, Inc. All Vapor Group products are sold nationwide through distributors and directly to consumers through its own websites. The Company owns and operates the following subsidiaries: Total Vapor Inc., Vapor 123 Inc., Vapor Products, Inc., VGR Media, Inc. and Smart Wheels, Inc.
Safe Harbor Statement:
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute “forward-looking statements.” Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate”, “project”, “intend”, “forecast”, “anticipate”, “plan”, “planning”, “expect”, “believe”, “will likely”, “should”, “could”, “would”, “may” or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company’s actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company’s ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company’s limited operating history, the limited financial resources, domestic or global economic conditions — activities of competitors and the presence of new or additional competition and conditions of equity markets.
Vapor Group, Inc.