LOCUST VALLEY, NY / ACCESSWIRE / March 29, 2021 / Standard Vape Corporation (OTC PINK: SVAP; the “Company” or “SVAP”) announces today that Dr. Melvin Ehrlich has resigned as a Director, Treasurer and Secretary of Standard Vape Corporation effective March 25, 2021.
Changes of Directorate
The Board of Directors of SVAP has elected Mr. Daniel Fisher to serve as the interim Secretary, Treasurer and Director of the Company and Mrs. Elizabeth Ehrlich Kellogg to act as a second interim Director. It is intended that Mr. Fisher and Mrs. Ehrlich Kellogg, along with Mr. John Fruhmann who remains SVAP’s President, shall continue to steward the SVAP shareholders’ interests until the acquisitions by the Company that were announced on March 8, 2021 have been consummated. These acquisitions are of two wholly-owned subsidiaries of FinTech investor Fast Finance 24 Holding AG.
Notice Received of Pending Litigation against the Company
The Company has been notified by means of a Summons with Notice of a lawsuit filed against it as a co-defendant by Life Wellness, Inc., a corporation believed to be controlled by Vivian Li Kremer and/or her spouse, Robert Kremer. Through its Brooklyn, New York, NY-based attorney, Allen Schwartz Esq., the Plaintiff, Life Wellness, Inc., claims to be entitled under an alleged oral agreement to a 51% interest in the issued common share capital of SVAP. The Plaintiff further asserts itself to have suffered losses of, and to be seeking damages exceeding, $80,000,000 (eighty million dollars). Thus far, the Plaintiff has failed to state any coherent basis for its claim. The Company and its lawyers consider the suit filed by Life Wellness, Inc. to be frivolous, baseless and without merit. They are accordingly viewing the legal action as an opportunistic attempt at “greenmail”.
Armin Dartsch, Chairman of the Supervisory Board of Directors at Fast Finance 24 Holding AG, commented: "The Board of Fast Finance 24 Holding AG has seen the Summons with Notice and certain surrounding documents; it intends to support the management of Standard Vape Corporation during the process of dismissing what appears to SVAP’s legal counsel lately instructed in this matter to be a baseless litigation. While Fast Finance 24 Holding AG reserves the right of terminating the proposed transaction the directors do not believe, on the basis of the facts submitted to them, that this will prove necessary."
Fast Finance 24 Holding AG is a public company headquartered in Berlin whose shares are traded on the Frankfurt Stock Exchange in Germany.
The Board of Directors of SVAP shall be retaining outside legal representation and will vigorously contest the matters alleged whilst reserving to itself all lawful avenues of redress against Life Wellness, Inc. and/or its principal(s), including (but not limited to) action(s) for damages. The Directors fully expect this matter to be resolved in a fashion satisfactory to the interests of SVAP’s shareholders.
Legal Disclaimer
This news release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the Company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.
Contact Information:
Graham Atthill-Beck,
Director, Corporate Finance
+44 7506 43 41 07 / Graham.Atthill-Beck@kbrl.co.uk
* Keith, Bayley, Rogers & Co. Limited is intermediating as broker to the equity exchange arrangements described above between Standard Vape Corporation and Fast Finance 24 Holding AG.