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Vapor Group, Inc., Shareholders to Receive Registered Shares of Fully-Reporting SEC Company From Sale of Assets of its Subsidiary, Simple Cork
Vapor Group, Inc., Shareholders to Receive Registered Shares of Fully-Reporting SEC Company From Sale of Assets of its Subsidiary, Simple Cork.
About this update from Vapor Group Inc
[{"type":"text","content":"\n\n\n\nVapor Group, Inc., Shareholders to Receive Registered Shares of Fully-Reporting SEC Company From Sale of Assets of its Subsidiary, Simple Cork\n\n\n\n\n\nVapor Group, Inc., Shareholders to Receive Registered Shares of Fully-Reporting SEC Company From Sale of Assets of its Subsidiary, Simple Cork\nPR Newswire\nMIAMI, November 29, 2017\n\n\n\nMIAMI, November 29, 2017 /PRNewswire/ --\n\nCompany's Pending Sale Of Its Wholly Owned Subsidiary's Assets Will Reduce Its Debt At A Time When The Parent Company's Revenues Have Been Rising. \n\nVapor Group, Inc. (OTC Pink: VPOR), (\"Company\" or \"Vapor Group\"), announced today that it had signed a Letter of Intent (\"LOI\") for the sale of intellectual property assets of its wholly-owned subsidiary, Simple Cork, Inc. (the 'Assets\") to a fully-reporting SEC company, (the \"PubCo\"). Under terms of the LOI, PubCo will pay for the Assets by a distribution of newly-issued and registered shares of its common stock to the Vapor Group shareholders of record on the closing and its assumption of all the debt of the Simple Cork subsidiary, and  a majority of the long term debt of the parent, Vapor Group, Inc.\n\nThe closing date for shareholders of record of the Company to be eligible to receive registered shares of PubCo in this transaction, will be December 29, 2017.\n\nThe Simple Cork subsidiary's Assets are the intellectual property the Company's patented Simple Cork™ product.  The product is a faster and easier way to get the cork out of bottles of wine. Simple Cork lets anyone easily open a wine bottle without a corkscrew.\n\nYaniv Nahon. President and CEO of the Company, said, \"We have been working on this transaction for some time and believe its completion will significantly benefit our shareholders and our ongoing operations. The following are the primary terms of the transaction:\n\n\nFollowing closing, the newly-issued shares of PubCo's common stock will be registered with the SEC on a S-1 registration statement by PubCo wherein the shares will be distributed to our shareholders after the registration statement becomes effective. The exact ratio of the number of shares to be registered and issued to the Company's shareholders is yet to be determined and will be announced before December 29, 2017.\n\nVapor Group will be relieved of a major portion of its con...