Business
Vapor Group, Inc., Closes Sale of Assets of Simple Cork, Inc.
Vapor Group, Inc., Closes Sale of Assets of Simple Cork, Inc..
About this update from Vapor Group Inc
[{"type":"text","content":"\n\n\n\nVapor Group, Inc., Closes Sale of Assets of Simple Cork, Inc.\n\n\n\n\n\nVapor Group, Inc., Closes Sale of Assets of Simple Cork, Inc.\nCompany's Sale Generates Future Stock Distribution while Reducing Its Debt\nPR Newswire\nMIAMI, February 1, 2018\n\n\n\nMIAMI, February 1, 2018 /PRNewswire/ --\n\nVapor Group, Inc. (OTC Pink: VPOR), (\"Company\" or \"Vapor Group\"), announced today that on January 31st it had closed the asset sale for the intellectual property of its subsidiary, Simple Cork, Inc., the developer of a new, multi-nationally patented combination wine bottle cork/opener (www.simplecork.com), a faster and easier way to get the cork out of a bottle of wine without the use of a corkscrew.\n\nThe intellectual property includes the French patent awarded in 2017 and patents pending in eight other countries including the United States.\n\nThe asset sale was originally announced on November 29, 2017, and was scheduled to close at the end of 2017. On December 26th, the Company announced that the closing had been rescheduled to occur not later than January 31, 2018.  \n\nThe purchaser of the assets is the fully-reporting SEC company, \"First Intercontinental Technology, Inc.\", formerly Rich Cigars, Inc., (the \"Purchaser\") (OTC Pink: RCGR). Purchaser within the next few days will be issuing a report on form 8-K with the Securities and Exchange Commission (\"SEC\") discussing the purchase.  \n\nThe change in closing date did not alter the announced \"shareholder of record date\" of December 29, 2017 (the last trading day of 2017) which remains the ownership reference date for the distribution of registered shares of the Purchaser under the agreement.\n\nIncluded under the terms and conditions of the asset sale:\n\n\nWithin ninety (90) days of closing or by May 1st, the Purchaser shall file with the SEC on a form S-1, a registration statement for newly-issued shares of its common stock wherein the shares will be distributed to the shareholders of common stock of Vapor Group after the registration statement becomes effective. Said registered shares will be issued based on the quantity of shares of common stock of Vapor Group held by each of its shareholder as of December 29, 2017 (the \"shareholder of record date\").\n\nThe ratio of the quantity of shares to be registered and issued to the shareholders of Vapo...