DAVIE, FL / ACCESSWIRE / September 2, 2014 / Vapor Group, Inc. (OTCQB: VPOR), (the "Company"), announced that the total number of common shares issuable to management have been reduced to 450,000,000 from 750,000,000. These shares are not issuable until July 22, 2015. Under the terms of the merger agreement of January 22, 2014, Vapor Group, Inc. originally was to issue 750,000,000 shares of restricted common stock, but as the result of a subsequent agreement between the shareholders and the Company, the Company has issued 250,000 shares of convertible Series B preferred stock, which, if ever fully converted, would result in 450,000,000 shares of restricted common stock, down from the original 750,000,000 shares that were to be issued per the merger. Over time this reduces potential dilution from conversion of the preferred stock by 300,000,000 shares. Moreover, under the agreement, the convertible preferred stock cannot be converted until after July 22, 2015.
The Company’s total number of shares of authorized common stock have been reduced to 1,000,000,000 (1 billion) shares from 2,000,000,000 (2 billion) on July 22, 2014.
CEO Dror Svorai said, "This reduction of shares is just another step in providing exceptional shareholder value for our stakeholders. This move will protect shareholders from future dilution as The Company continues to progress on its business plan."
About the Vapor Group
Vapor Group, Inc., http://www.vaporgroup.com/, is in the business of designing, developing, manufacturing and marketing high quality, vaporizers and e-cigarette brands which use state-of-the-art electronic technology and specially formulated, "Made in the USA" e-liquids, which may or may not contain nicotine. It offers a range of products with unique e-liquid flavors that is unmatched in our industry. Its products are marketed under the Vapor Group, Total Vapor, Vapor 123, American Smoke and Vapor Products brands. It sells nationwide through distributors, wholesalers and directly to consumers through its own websites and direct response advertising.
All of its E-cigarettes consist of a long-life battery, a heating element, a cartridge filled with an "e-liquid" and an atomizer which when heated vaporizes the e-liquid. Because E-cigarettes are not "lit" like regular cigarettes, they don’t create flame, smoke from burning, ash, tar, noxious fumes or leftover "cigarette butts". As a result, they may be used virtually anywhere.
Vapor Group is committed to providing E-cigarettes that are convenient and economical to use, safer and healthier than traditional smoking, and which provide a flavorful, enjoyable smoking experience.
Vapor Group, Inc. is managed by a highly experienced team of executives committed to responsible business policies and practices, including the marketing of our products only to those eighteen years of age or older, not making or avoiding claims about our product health benefits, and fulfilling the requirements of all applicable laws and regulations.
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.
Source: Vapor Group, Inc.