Business
Vapor Group, Inc., VPOR, Closes Merger with NewGen Concepts, Inc.
Vapor Group, Inc., VPOR, Closes Merger with NewGen Concepts, Inc..
About this update from Vapor Group Inc
[{"type":"text","content":"\n \n \n Vapor Group, Inc., VPOR, Closes Merger with NewGen Concepts, Inc.\n \n \nVapor Group, Inc., VPOR, Closes Merger with NewGen Concepts, Inc.\n \n MIAMI, FL--(Marketwired - Oct 19, 2016) - The Board of Directors of Vapor Group, Inc. (OTC PINK: VPOR), (the \"Company\", \"Vapor Group\"), announced today that it has completed the merger announced August 24th (the \"Merger\"). The corporation merging into Vapor Group is NewGen Concepts, Inc., a Florida corporation, (\"NewGen Concepts\") owning U.S., French, Swiss and Pan-European patent rights to Simple Cork™, a self-contained cork/bottle opener, usable by wineries worldwide, www.simplecork.com. NewGen Concepts also is procuring additional patent rights to both related and unrelated products serving other markets. As a result of the Merger, Vapor Group shall file a name change to \"NewGen Concepts, Inc.\" and also file for a symbol change with FINRA. NewGen Concepts brings to the public company an exciting, fresh outlook, an entirely new business model, and adds new creative engineering and marketing skills that can scale the company to a worldwide enterprise.\n As previously stated, the Merger was consummated by a share exchange of convertible preferred stock of Vapor Group (the \"Share Exchange\") for all the capital stock of NewGen Concepts. The Vapor Group preferred stock issued is subject to a holding period before conversion to common stock. As a result, the Merger results in no immediate dilution to Vapor Group's common shareholders. No common stock was issued in connection with the Merger.\n Under the terms of the Merger, NewGen Concepts will immediately explore the spin-off of each of Vapor Group's subsidiaries as an independent, publicly-traded company, wherein the first spin-off would occur in early 2017 by a share dividend to existing shareholders of record on a given date of ownership. The first such spin-off will be Total Vapor, Inc., which is currently expanding its product offering into vaporizers and related products suitable to the growing market for legal Cannabis products sold in the United States. \n As a result of the Merger, the existing board of directors of the Company is in the process of being reconfigured. The new board of directors will immediately initiate a search for a new President and CEO (\"Chief Executive Officer\") to further the new ...