DANIA BEACH, Fla., Sept. 1, 2015 /PRNewswire/ -- Vapor Corp. (NASDAQ CM: VPCO, VPCOU) ("the Company"), a leading U.S.-based distributor and retailer of vaporizers, e-liquids, e-cigarettes and e-hookahs, announced today the successful completion of its first post capital raise acquisition of two established retail vape stores, located in Gainesville, Florida. Terms of the transaction were not disclosed.
"Following the recent closing of Vapor Corp.'s $41.4 million equity raise, we promised an intelligent and aggressive plan to establish a national footprint for our retail store brand. In just four weeks, we're off to a strong start, having opened two new stores and completing the first two of what we expect will eventually be a large number of calculated, strategic acquisitions," said Greg Brauser, Vapor Corp.'s President. "These consumer retail operations, which will transition to the Vapor Corp. banner, have done a great job of building a strong reputation and gaining traction within the local vaping community. With Vapor Corp.'s corporate strengths and capabilities, we intend to further build out this geographic region to accommodate local demand."
In response to the growing consumer demand for vaping merchandise across the U.S. and in recognition of the shift in consumer preference to purchase these products in vape-dedicated stores, Vapor Corp. is significantly expanding its retail footprint. These acquisitions represent the Company's 13th and 14th "The Vape Store" locations, with a goal of increasing the number of Company-owned retail stores by 20 to 30 locations before the end of the calendar year.
In 2015, an estimated one-third of the $3.5 billion retail purchases in the U.S. will be made through the vape shop retail channel, while just a short time ago, all brick and mortar sales were made through c-store, food, drug and mass retail channels.
Jeff Holman, Vapor Corp.'s CEO, added, "These acquisitions give Vapor Corp. a strong foothold in an important local market and provide a solid foundation from which to open and acquire additional stores in surrounding areas. By deploying capital into existing, profitable locations, we simultaneously achieve an immediate ROI and strategically 'prime' the market to support additional locations that can synergistically feed off of the success of these inaugural stores."
About Vapor Corp.
Vapor Corp., a NASDAQ company, is a U.S. based distributor and retailer of vaporizers, e-liquids and electronic cigarettes. It recently acquired the retail store chain "The Vape Store" as part of a merger with Vaporin, Inc. The Company's innovative technology enables users to inhale nicotine vapor without smoke, tar, ash or carbon monoxide. Vapor Corp. has a streamlined supply chain, marketing strategies and wide distribution capabilities to deliver its products. The Company's brands include VaporX®, Krave®, Hookah Stix® and Vaporin™ and are distributed to retail stores throughout the U.S. and Canada. The Company sells direct to consumer via e-commerce and Company-owned brick-and-mortar retail locations operating under "The Vape Store" brand.
Safe Harbor Statement
This press release includes forward-looking statements including statements regarding the Company's acquisition plans, the expected number of company-owned stores and the 2015 estimate of the vape store market. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. The results anticipated by any or all of these forward-looking statements might not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include contractual issues that may affect future acquisitions, a shift in consumer preferences and future federal and/or state regulation regarding vaporizers and tobacco alternatives. Further information on our risk factors is contained in our filings with the SEC, including the Prospectus dated July 23, 2015. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
SOURCE Vapor Corp.