MIAMI, April 27, 2017 /PRNewswire/ --
Vapor Group, Inc. (OTC Pink: VPOR), ("Company"), announced today that its Board of Directors has approved a reduction in the Company's quantity of authorized common stock from fifteen billion to eight billion shares. The primary reason for this reduction was the Company's settlement or paydown of several convertible promissory notes reducing the overall debt owed to noteholders. Such notes frequently require the borrower to reserve large quantities of shares for debt to equity conversions over time.
Dror Svorai, President of Vapor Group, stated, "We have long been concerned about the amount of debt we have been carrying and the associated large quantity of authorized shares of common stock that we were required to reserve for it. We are delighted to announce that by reducing this debt significantly, we are now able to reduce our authorized common stock from fifteen billion shares to eight billion - cutting it almost in half. Importantly, this change represents a reduction in the potential for the ongoing dilution of our shareholders while simultaneously improving our overall financial strength."
About Vapor Group, Inc.
Vapor Group, www.vaporgroup.com, formerly named NewGen Concepts, Inc., is focused on the acquisition and development of commercially viable intellectual property and proprietary products. It continues its historic business of manufacturing and marketing vaporizers, e-cigarettes and e-liquids, and through its subsidiary, Smart Wheels, Inc., the marketing of "Whizboard" scooters and accessories.
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 pre-orders, visit www.easygrinder.com , or email firstname.lastname@example.org, or call 844-420-EASY (3279). To view our video demonstration of Easy Grinder go to: https://www.youtube.com/watch?v=fveTEGXfG8I or www.easygrinder.com.
Vapor Group also owns Simple Cork, Inc., www.simplecork.com, the developer of a new, multi-nationally patented combination wine bottle cork/opener being prepared for market entry in 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.