DANIA BEACH, Fla., July 28, 2014
/PRNewswire/ -- Vapor Corp. (NASDAQCM: VPCO; "Vapor" or "the
Company"), a leading U.S.-based electronic cigarette and
vaporizer company, today announced that on July 25, 2014 the Company and International Vapor
Group, Inc. and certain of its subsidiaries ("IVG") amended their
previously announced asset purchase agreement entered into on
May 14, 2014, pursuant to which the
Company will purchase IVG's e-cigarettes and vaporizers e-commerce,
wholesale and retail operations (the "IVG business") by acquiring
substantially all of IVG's assets and assuming certain of its
liabilities.
The parties amended the asset purchase agreement by entering
into a first amendment to asset purchase agreement. The first
amendment extends the termination date of the asset purchase
agreement to September 30,
2014, requires IVG's business prior to completing the
acquisition to cease using the VAPOR ZONE® brands and to rebrand
the IVG business, as necessary, with one or more new brands
mutually agreed upon by the parties and expands and modifies IVG's
and the International Vapor Group, Inc. owners' indemnity
obligations, among other modifications to the asset purchase
agreement.
Completion of the acquisition is subject to Vapor obtaining
stockholder approval for issuance of the shares of its common stock
that will be issued under the asset purchase agreement, as amended
by the first amendment, as well as additional customary closing
conditions. Vapor expects to complete the acquisition as soon as
possible but not later than September 30,
2014.
Additional information about the first amendment to the asset
purchase agreement has been filed by Vapor with the Securities and
Exchange Commission in a Current Report on Form 8-K and investors
are encouraged to read the filing for a better understanding of the
terms and conditions of the asset purchase agreement, as amended by
the first amendment.
About Vapor Corp.
Vapor Corp., a publicly traded company, is a leading U.S. based
electronic cigarette company, whose brands include Krave®, VaporX®,
Hookah Stix®, Alternacig®, Fifty-One®, EZ Smoker®, Green Puffer®,
Americig®, Fumare™ and Smoke Star®. We also design and develop
private label brands for some of our distribution customers.
"Electronic cigarettes" or "e-cigarettes," are battery-powered
products that enable users to inhale nicotine vapor without smoke,
tar, ash or carbon monoxide. Vapor's electronic cigarettes and
accessories are available online, through direct response to our
television advertisements and through retail locations throughout
the United States. For more
information on Vapor Corp. and its e-cigarette brands, please visit
us at www.vapor-corp.com.
Safe Harbor Statement
This press release contains
certain forward-looking statements that are made pursuant to the
"Safe Harbor" provisions of the Private Securities Litigation
Reform Act of 1995, as amended. Words such as "expects,"
"anticipates," "plans," "believes," "scheduled," "estimates" and
variations of these words and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements concern Vapor's operations, economic performance,
financial condition and pending acquisition of IVG's online,
wholesale and retail operations and are based largely on Vapor's
beliefs and expectations. These statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of Vapor to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Certain of these factors and risks, as well as other
risks and uncertainties are stated in Vapor's Annual Report on Form
10-K for the fiscal year ended December 31,
2013 and in Vapor's subsequent filings with the U.S.
Securities and Exchange Commission. These forward-looking
statements are made as of the date of this press release, and Vapor
assumes 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.
Contacts:
Media:
Caitlin Kasunich
KCSA Strategic Communications
ckasunich@kcsa.com
(212) 896-1241
Investors:
Jeffrey Goldberger / Garth Russell
KCSA Strategic Communications
jgoldberger@kcsa.com / grussell@kcsa.com
(212) 896-1249 / (212) 896-1250
SOURCE Vapor Corp.