Breathe eCig Corp. Fully Repays and Retires All Outstanding Convertible Debt Held by JMJ Financial with One Time Cash Payment
NEW YORK, Apr. 24, 2015 /PRNewswire/ -- Breathe eCig Corp. (OTCQB: BVAP) ("Breathe" or "the Company"), the electronic cigarette industry innovator and pioneer, has today announced that the Company has fully repaid and retired the convertible note ("the note") held by JMJ Financial ("JMJ") for the principal amount of $25,000 USD. On February 05, 2015, Breathe borrowed $25,000 USD from JMJ when the Company had accumulated bills relating to the process of completing the acquisition (most notably costs associated with auditing the financials). Including accrued interest and contractual buyout premiums, the note was officially retired for a one time cash payment of $27,500 USD. Therefore, there will be absolutely no share conversions owed to JMJ in conjunction with this note and the corresponding debt has been removed from the Company's balance sheet.
Breathe CEO Mr. Josh Kimmel stated, "The Company is fully committed to repaying the modest amount of convertible debt that it assumed while launching its exciting business. While these convertible notes can be quite dilutive if allowed to convert, the Company is mindful of such potential consequences and will always act with the best interests of shareholders at heart. The Company is pleased with its progress in building its fundamentals and looks forward to capitalizing on a large market opportunity."
About BREATHE ECIG CORP. (OTCQB: BVAP):
Breathe was founded in 2012 as a research and development company in Knoxville, Tennessee with the mission to develop a better e-cigarette than was available on the market. Now holding multiple patents (pending) for its groundbreaking product, BVAP, Breathe is not your typical e-cig manufacturer. With a commitment to remaining socially responsible through innovative product development, consumer outreach and education, Breathe challenges the e-cig industry establishment. To find out more, visit www.breathecig.com.
DISCLAIMER < >
This press release contains statements that are "Forward-Looking" in nature (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). All statements regarding the Company's financial position, potential, business strategy, plans and objectives for future operations are Forward-Looking statements. Many of these statements contain words such as "goal," "aims," "may," "expect," "believe," "intend," "anticipate," "estimate," "continue," "would," "exceed," "should," "steady," "plan," "potential," "dramatic," and variations of such words and similar expressions identify Forward-Looking statements, but their absence does not mean that a statement is not a Forward-Looking statement. Because Forward-Looking statements involve future risks and uncertainties, there are many factors that could cause actual results to differ materially from those expressed or implied. The Company cannot predict the actual effect these factors will have on its results and many of the factors and their effects are beyond the Company's control. Any forward-looking statement made by the Company speaks only as of the date on which it is made. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise. Given these uncertainties, you should not rely too heavily on these forward-looking statements.
Information for the Educated Investor
For further information regarding these and other risks related to Breathe eCigs' business, investors should consult Breathe eCigs' filings with the Securities and Exchange Commission, available at www.sec.gov, and contact Company counsel at [email protected].
Contact:
Mr. Joshua Kimmel
Chief Executive Officer
Tel: +1(800) 905-4014
Local: +1(865) 281-1330
[email protected]
MEDIA CONTACT:
Heather Ripley
Ripley PR
+1-865-977-1973
[email protected]
SOURCE Breathe eCig Corp.
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