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Vapor Group, Inc., VPOR, Enters Into Merger Letter of Intent
Vapor Group, Inc., VPOR, Enters Into Merger Letter of Intent.
About this update from Vapor Group Inc
[{"type":"text","content":"\n \n \n Vapor Group, Inc., VPOR, Enters Into Merger Letter of Intent\n \n \nVapor Group, Inc., VPOR, Enters Into Merger Letter of Intent\n \n MIAMI, FL--(Marketwired - Aug 24, 2016) - The Board of Directors of Vapor Group, Inc. (OTC PINK: VPOR), (the \"Company\") announced today that the Company has entered into a \"Letter of Intent\" for a reverse merger with a privately-held corporation. Details of the merger were not released pending negotiations of its terms and conditions. Closing of the transaction is expected not later than September 30, 2016. \n The corporation merging into Vapor Group, Inc. holds U.S. and foreign patent rights in several countries for a new type of bottle closure to be used by wineries. The U.S. wine industry alone consumes billions of closures in bottling operations yearly, a sizeable portion of which can be replaced by this new closure, as can a sizeable portion of the multi-billion unit wine bottle closure market worldwide.\n Consequently, the Board of Directors of Vapor Group believes that the sales potential of this new type of closure, currently nearing engineering development completion, when marketed directly to wineries and enterprises using similar closures, will represent a huge incremental gain in future revenues and profits. To that end, once the merger is complete, the Company plans additional multiple, foreign patent filings in 2016 and 2017 which will represent an extension of its current patent filings, and the addition of new patents and intellectual property for related products and technologies. Given the nature and extent of the patent and intellectual property portfolio, once the additional filings are underway, the Company, post merger, plans to engage an outside appraisal firm to assess the value of the patent portfolio worldwide. For the products currently protected under U.S. and foreign patent, engineering completion, and on-site application testing is anticipated to be completed this year, with active product marketing rollout beginning near the end of the 4th quarter of 2016 and into 2017. The Company, post merger, will also explore the possibility of the licensing of its patents inside and outside of the U.S. \n Dror Svorai, President and CEO, added, \"For us, this is a major game changer. Completion of this merger will significantly change our central product focus, ...