SIMI VALLEY, Calif., July 6, 2015 /PRNewswire/ -- Vapor Hub International Inc. (OTC: VHUB) (www.vapor-hub.com) announced today that it converted $614,341, representing the entire principal amount and all accrued interest on all promissory notes issued by the Company to Gotama Capital, S.A., into shares of the Company's common stock at a conversion price of $0.15 per share. In total, Vapor Hub issued an aggregate of 4,095,605 shares in order to retire the debt owed to Gotama. The closing price of the Company's common stock on the OTC market was $0.0419 on June 30, 2015.
Kyle Winther, Vapor Hub's Chief Executive Officer, stated, "We are delighted to have retired the debt owed to Gotama by converting the debt at a conversion price in excess of our market price. We removed a significant amount of debt from our books and avoided dilution to our stockholders."
Vapor Hub also announced that it has an outstanding balance of approximately $260,000 as of June 30, 2015 under the convertible promissory note the Company issued to Typenex Co-Investment, LLC on November 4, 2014, after offsetting all amounts owed by Typenex to Vapor Hub under the facility. "By offsetting the amounts owed by Typenex to Vapor Hub, we have reduced a potential source of dilution to our stockholders. Our current intention is to repay the outstanding balance in cash to further avoid dilutive stock issuances," Mr. Winther concluded.
About Vapor Hub International Inc.
Vapor Hub International Inc. is a California-based company engaged in the development, production and sales of electronic cigarette products, including high quality e-liquids, custom mechanical mod e-cigarettes, and unique personal modifications. For more information regarding the Company, visit http://www.vapor-hub.com.
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.
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SOURCE Vapor Hub International Inc.