Business
Board of Director Changes
Board of Director Changes.
About this update from Fast Finance Pay Corp.
[{"type":"text","content":"LOCUST VALLEY, NY / ACCESSWIRE / March 29, 2021 / Standard Vape Corporation (OTC PINK: SVAP; the “Company” or “SVAP”) announces today that Dr. Melvin Ehrlich has resigned as a Director, Treasurer and Secretary of Standard Vape Corporation effective March 25, 2021.Changes of DirectorateThe Board of Directors of SVAP has elected Mr. Daniel Fisher to serve as the interim Secretary, Treasurer and Director of the Company and Mrs. Elizabeth Ehrlich Kellogg to act as a second interim Director. It is intended that Mr. Fisher and Mrs. Ehrlich Kellogg, along with Mr. John Fruhmann who remains SVAP’s President, shall continue to steward the SVAP shareholders’ interests until the acquisitions by the Company that were announced on March 8, 2021 have been consummated. These acquisitions are of two wholly-owned subsidiaries of FinTech investor Fast Finance 24 Holding AG.Notice Received of Pending Litigation against the CompanyThe Company has been notified by means of a Summons with Notice of a lawsuit filed against it as a co-defendant by Life Wellness, Inc., a corporation believed to be controlled by Vivian Li Kremer and/or her spouse, Robert Kremer. Through its Brooklyn, New York, NY-based attorney, Allen Schwartz Esq., the Plaintiff, Life Wellness, Inc., claims to be entitled under an alleged oral agreement to a 51% interest in the issued common share capital of SVAP. The Plaintiff further asserts itself to have suffered losses of, and to be seeking damages exceeding, $80,000,000 (eighty million dollars). Thus far, the Plaintiff has failed to state any coherent basis for its claim. The Company and its lawyers consider the suit filed by Life Wellness, Inc. to be frivolous, baseless and without merit. They are accordingly viewing the legal action as an opportunistic attempt at “greenmail”.Armin Dartsch, Chairman of the Supervisory Board of Directors at Fast Finance 24 Holding AG, commented: \"The Board of Fast Finance 24 Holding AG has seen the Summons with Notice and certain surrounding documents; it intends to support the management of Standard Vape Corporation during the process of dismissing what appears to SVAP’s legal counsel lately instructed in this matter to be a baseless litigation. While Fast Finance 24 Holding AG reserves the right of terminating the proposed transaction the directors do not believe, on the basis of the fact...