Business
First Intercontinental Technology, Inc., Formerly Rich Cigars, Inc., Acquires IP Assets of Simple Cork, Inc., Having an Estimated 'Fair Value' in Excess of $12 Million
First Intercontinental Technology, Inc., Formerly Rich Cigars, Inc., Acquires IP Assets of Simple Cork, Inc., Having an Estimated 'Fair Value' in Excess of $12 Million.
About this update from Vapor Group Inc
[{"type":"text","content":"\n\n\n\nFirst Intercontinental Technology, Inc., Formerly Rich Cigars, Inc., Acquires IP Assets of Simple Cork, Inc., Having an Estimated 'Fair Value' in Excess of $12 Million\n\n\n\n\n\nFirst Intercontinental Technology, Inc., Formerly Rich Cigars, Inc., Acquires IP Assets of Simple Cork, Inc., Having an Estimated 'Fair Value' in Excess of $12 Million\nAsset Purchase to be Allocated into New Subsidiary to Finalize Development of Simple Cork™, and Initiative Go-To-Market Strategy\nPR Newswire\nMIAMI, February 13, 2018\n\n\n\nMIAMI, February 13, 2018 /PRNewswire/ --\n\nFirst Intercontinental Technology, Inc., formerly Rich Cigars, Inc. (OTC Pink: RCGR), (the \"Company\" or \"RCGR\"), announced today that effective January 31, 2018, it had completed a purchase of the intellectual property assets of Simple Cork, Inc., a Florida corporation, and wholly-owned subsidiary of Vapor Group, Inc. (OTC Pink: VPOR) (the \"Asset Purchase\"). As a result, the Company assumes the development of 'Simple Cork™' a new, multi-nationally patented combination wine bottle cork/opener http://www.simplecork.com which represents a faster and easier way to get a cork out of a bottle of wine without the use of a corkscrew. (The \"Purchase\") The Company is forming a subsidiary specifically to hold the assets purchased and to develop the Simple Cork™.\n\nPrior to the closing of the Asset Purchase, which includes the French patent awarded in 2017 and patents pending in eight other countries including the United States, the Company on November 29, 2017 had obtained a copy of an independent CPA appraisal using the 'relief-from-royalty method' of the estimated 'fair value' of the intellectual property (\"IP\") once in market. (The \"Appraisal\") The valuation used in the Appraisal was performed in conformity with the 'Statement of Standards for Valuation Services No. 1' of the American Institute of Certified Public Accountants (\"AICPA\"). The standard of value used was 'fair value', which per the Financial Accounting Standards Boards (\"FASB\") is defined as 'the price that would be received to sell as asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date'. AICPA also finds the definition of 'fair market value' in Revenue Ruling 59-60 consistent with the definition of 'fair value' ...