VPR Brands Announces Change of SIC Code; Amendments of Share Purchase Agreements; and Execution of Financing Note
December 01 2016 - 7:32AM
VPR Brands, LP (OTC:VPRB).
Change of SIC Code
VPR Brands, LP (the “Company”) announces today that the
Securities and Exchange Commission has approved VPR Brands, LP’s
(the “Company”) request to change its SIC Code to 2100 Tobacco
Products. Kevin Frija, the Company’s CEO stated that: “This change
of SIC Code was completed to more accurately reflect our current
business.”
Amendment of Share Purchase Agreements
The Company also announced today that it had entered into an
agreement with each of Kevin Frija, the Company’s CEO and Chairman,
and Jon Pan, a member of the Company’s Board of Directors.
The amendments operated to amend the Share Purchase Agreements
entered into between the Company and each of Mr. Frija and Mr. Pan
on June 1, 2015, to terminate any unexercised options held by Mr.
Frija or Mr. Pan under such agreements to acquire 30,000,000 shares
of common units of the Company.
CEO Kevin Frija stated: “With the retirement of these
outstanding options we feel we are off to a fantastic start to
building shareholder confidence.” Mr. Frija continued:
“Initially we set up these options which allowed us to fund the
Company back in 2015 when there were no employees or business to
speak of, since then we have come a long way adding value to the
Company. These past months we have really turned a corner with our
newly acquired business and our stock attracting a new
investor base. We feel that we need to take the right steps to
maintain and build shareholder equity. Our current units
outstanding amount is $50,672,125.
Financing Note
The Company is also announcing the signing of a new financing
note with DiamondRock LLC. This $500,000 note has terms that we
feel reflect the current market, while more in line with our
current stock price. This note will allow us to draw
down as needed to finance our ongoing and new business ventures
and will better serve the Company's needs.
Neil Rock, Principal at DiamondRock, stated: “We are pleased to
be able to support Kevin and his team going forward and we are
excited to be chosen to do this deal. We had invested in
a previous company early on and we were there to witness
the growth that Kevin was able to drive with the capital we
invested and we are happy to be getting in on the ground floor
in this new venture.”
About VPR Brands LP
VPR Brands, LP (the “Company”) is a technology holding company,
whose assets include issued U.S. and Chinese patents for
atomization related products including technology for medical
marijuana vaporizers and electronic cigarette products and
components. The Company is also engaged in product development for
the vapor or vaping market, including e-liquids. Electronic
cigarettes (also known as ecigs or e-cigs) are electronic devices
which deliver nicotine through atomization, or vaping of e-liquids
and without smoke and other chemicals constituents typically found
in traditional tobacco burning cigarette products.
Forward-Looking Statements
This press release contains “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, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to risks and
uncertainties that could cause future results to differ materially
from the forward-looking statements. This press release contains
information relating to the Company that is based on the beliefs of
the Company or its management, as well as assumptions made by and
information currently available to the Company or its management.
When used in this document, the words “anticipate,” “estimate,”
“expect,” “intend,” “plans,” “projects,” and similar expressions,
as they relate to the Company or its management, are intended to
identify forward-looking statements. Such statements reflect the
current view of the Company regarding future events and are subject
to certain risks, uncertainties and assumptions, including the
risks and uncertainties noted. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
to be incorrect, actual results may vary materially from those
described herein as anticipated, believed, estimated, expected,
intended or projected. In each instance, forward-looking
information should be considered in light of the accompanying
meaningful cautionary statements herein. Factors that could cause
results to differ include, but are not limited to, successful
performance of internal plans, the impact of competitive services
and pricing and general economic risks, estimated, expected,
intended or projected. In each instance, forward-looking
information should be considered in light of these uncertainties.
The forward-looking statements in this release are made as of the
date hereof and the Company undertakes no obligation to update such
statements.
Contact:
Kevin Frija
Chief Executive Officer and Chief Financial Officer, VPR Brands, LP
305.830.2900
E-mail: info@vprbrands.com
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