Business
"VAPR" E-Cite Motors Reduces OS by 10,000,000 Shares by Buying Back 5,000,000 Shares for Cash and CEO Returns 5,000,000 Shares to Facilitate the Transaction
"VAPR" E-Cite Motors Reduces OS by 10,000,000 Shares by Buying Back 5,000,000 Shares for Cash and CEO Returns 5,000,000 Shares to Facilitate the Transaction.
About this update from Vaporbrands International, Inc.
[{"type":"text","content":"BOTHELL, WA / ACCESSWIRE / July 6, 2022 / VaporBrands International, Inc. dba E-Cite Motors Group, (OTC PINK:VAPR) has purchased 5,000,000 shares for cash that were issued on 06/17/2020 to an individual for the acquisition of the Oasis Spectrum Brand.In addition, in order to facilitate the transaction, the Company's CEO returned 5,000,000 shares that were issue 06/17/2020 for the acquisition of the Oasis Spectrum Brand.The CEO did not receive any compensation for the return of the shares.As of July 1st, 2022, the outstanding shares issued was reduced by a total of 10,000,000 shares from 337,182,654 to 327,182,654.This transaction is part of the Company's commitment to reduce potential dilution and to maintain the integrity of the share structure to maximize shareholder value.Unlike competitors Tesla, Nikola, Polestar, Lucid, VW, Ford, Jaguar, and others, E-cite is not required to meet any of the safety or other costly certifications of a traditional auto manufacturer making the ease and timeline of offering new vehicles to market significantly more favorable. Whereas the initial timeline to be able to deliver a production vehicle to market generally exceeds 3 years and often longer at a very high cost, E-Cite expects to be delivering its first production vehicles for the 2023 model year. That is less than 12 months from inception to the showroom.This is possible because E-Cites vehicles qualify under the "Low Volume Vehicle Manufacturers Act of 2015" In 2015 Congress enacted a bill into law directing the NHSTA to establish a program allowing low volume motor vehicle manufacturers to produce a limited number of vehicles annually within a regulatory system that addresses the unique safety and financial issues associated with limited production, and to direct the EPA to allow low volume motor vehicle manufacturers to install engines from vehicles that have been issued certificates of conformity. Although they were given one year to establish this new program it took until January 2021 until the NHSTA issued a final ruling to allow low volume vehicle manufacturing. Under the act car manufacturers are exempt from all the safety standards but they must meet current emissions standards. There are no emissions standards for EV vehicles.E-Cite Motors has developed designs that allow the production of vehicles utilizing a skateb...