MIAMI, August 15, 2017 /PRNewswire/ --
Vapor Group, Inc. (OTC Pink: VPOR), ("Company"), made the following announcements today:
On July 20, 2017, Yaniv Nahon, VP, COO and Secretary of the Company was appointed the new President & CEO and Treasurer of the Company, and Dror Svorai, former President & CEO of the Company resigned as an officer and director of the Company and each of its subsidiaries in order to pursue other interests. Simultaneously, Jorge Schcolnik, Chief Financial Officer of the Company was named a member of the Board of Directors of the Company and corporate Secretary.
Concomitantly on July 20, 2017, Dror Svorai entered into a stock purchase agreement with SF Holdings LLC, a privately-held investment company with which he is not affiliated, wherein he sold 100% of his Series A Preferred Stock to SF Holdings LLC and transferred voting control of the Company to SF Holdings LLC. Terms of the stock purchase agreement were not disclosed. Mr. Svorai agreed for an indeterminate amount of time to act as a consultant to the Company's management to smooth the transition.
On August 14, 2017, the Company posted on OTC Markets.com, its second quarter 2017 disclosure statement citing the above changes. The Company also posted its second quarter 2017 financial statements. Yaniv Nahon, current President & CEO of the Company, stated, "The financial statements as of June 30th don't reflect the huge sales gains of Easy Grinder™ to date that we have made since shipping and invoicing only began in early June, with product inventory arriving in multiple shipments throughout the month. So, the financial statements show only a few weeks of Easy Grinder™ sales results." He added, "You'll see a huge gain in our revenues in the third quarter report as Easy Grinder™ sales climbed upward. Also, we made significant sales gains from our attendance at the BIG Industry Show in New York City in August, and ASD Market Week and the CHAMPS Trade Show in Las Vegas in July. This is going to be a very good year."
About Vapor Group, Inc.
Vapor Group, http://www.vaporgroup.com, is focused on the acquisition and development of commercially viable intellectual property and proprietary products, while it continues its historic business of manufacturing and marketing vaporizers, e-cigarettes and e-liquids.
The Company's subsidiary, Total Vapor, Inc. is the worldwide distributor of the revolutionary, hand-held automatic Easy Grinder™ designed for the MJ market. For more information or to place an order, visit http://www.easygrinder.com or email [email protected]. You can also call us at 844-420-EASY (3279). To view a video demonstration, go to: https://www.youtube.com/watch?v=fveTEGXfG8I or on http://www.easygrinder.com. Easy Grinder™ may also be shipped to Canada.
Vapor Group also owns Simple Cork, Inc., http://www.simplecork.com, the developer of a new, multi-nationally patented combination wine bottle cork/opener being prepared for market entry in the second half of 2017.
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. Such statements include any 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", "likely", "should", "could", "would", "may" or similar words or expressions. 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 in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, economic, competitive, and equity market conditions.
Vapor Group, Inc.
SOURCE Vapor Group, Inc.