SIMI VALLEY, Calif., Oct. 17, 2016 /PRNewswire/ -- Vapor Hub International Inc. (OTC: VHUB) (www.vapor-hub.com) announced today revenue of $6.5 million for the Fiscal Year ended June 30, 2016 compared to $5.3 million for the comparable period ended June 30, 2015. The Company said it expects sales to continue to increase in the new Fiscal Year due to increased marketing.
Gross profit totaled $2.9 million for the Fiscal Year ended in 2016 and gross margins improved to 45.3 percent from 39.5 percent as the Company is now distributing more of its proprietary products rather than purchasing products for resale. Vapor Hub reported that 28 percent of its sales are international, a percentage it anticipates to increase with new marketing initiatives. Euromonitor International is predicting vaping sales worldwide will top $20 billion by 2020.
The 10K filing is available at www.sec.gov. Vapor Hub said it now has 22 full-time employees in engineering, research and development, sales, business development, finance and marketing.
About the Company
Vapor Hub International designs, sources, markets and sells the next generation of smokeless electronic cigarettes which are popularly known as "vaping" devices. It provides a selection of premium vaping devices and related accessories including its popular "Limitless Mods" and "Limitless Atomizers." VHUB distributes its products nationally and internationally to wholesale customers and retail customers, including through its website www.vapor-hub.com. It also sells products through a retail location in Southern California.
Vaping devices are battery-powered and allow users to inhale vapor instead of the smoke, ash, tar and carbon monoxide associated with traditional cigarettes. In contrast to e-cigarettes, vaping devices are often precision manufactured from metallic materials and do not look like traditional cigarettes. Vaping devices also offer a unique user experience as a result of greater vapor production, enriched taste, and an ability to highly customize a device with different mechanical components and fashionable accessories, including different colors and finishes. Vaping devices generally consist of three primary components: a battery unit, an atomizer (which includes a heating element), and a tank filled with an "e-liquid," which e-liquids are available with or without nicotine and in a myriad of flavors.
VHUB's Limitless Mechanical Mod allows a consumer to change the look and feel of their device by interchanging sleeves and is available in aluminum, brass, copper, black rhodium plated aluminum and gold plated brass finishes to accommodate market demand. VHUB's Binary Premium e-liquid was developed internally and is currently available in five flavors with different levels of nicotine.
This press release contains "forward-looking statements," as defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the statements contained in this press release are reasonable, there can be no assurance that such statements will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
E & E Communications
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SOURCE Vapor Hub International Inc.