WOODLAND HILLS, Calif., Dec. 20, 2013 /PRNewswire/ -- PeopleString Corp. (OTCQB: PLPE), a company transitioning into a holding company functioning within the legal cannabis concentrate industry, is pleased to announce the following proposed appointments and changes for the Company which are pending formal approval by the Company's Board of Directors, a majority of its shareholders and certain regulatory agencies.
- The Company plans to change its corporate name of record from PeopleString Corporation to Vape Holdings, Inc. and request a corresponding ticker change from the Financial Industry Regulatory Agency (FINRA).
- The Company is in final negotiations with Mr. Kyle Tracey, co-founder and former president of GrowLife Inc., to become its Chairman and Chief Executive Officer. Mr. Tracey was critical in establishing the GrowLife brand and helped steward the Company through an exceptional period of revenue growth and shareholder value during his tenure.
- The Company is also in final discussions with Mr. Tracey to acquire assets presently owned by Mr. Tracey and his affiliates in the legal cannabis concentrate industry.
- The Company is in the process of seeking shareholder, Board and regulatory approval for a 1:40 reverse stock split. If effected, the aggregate issued and outstanding share total will be approximately 6.5 million shares.
- The Company is in additional discussions with other potential industry pioneers and executives to add to its senior management team.
- In addition to its internal product development, the Company has identified multiple acquisition targets within the legal cannabis industry and will look to finalize the acquisitions soon after the restructuring.
For more information on PeopleString/VAPE Holdings, please visit: www.VapeHoldings.com
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for PeopleString's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in PeopleString's filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting PeopleString please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. PeopleString undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE PeopleString Corp.