DAVIE, FL--(NewMediaWire - Aug 13, 2015) - Vapor
Group, Inc. (OTCQB: VPOR), (the "Company" or "Vapor Group"), today
announced that it had filed a Form NT for an extension of the
filing with the Securities and Exchange Commission ("SEC") of its
second quarter 2015 Quarterly Report (the "Quarterly
Report").
The delay in the filing of the Quarterly Report is being caused
by a backup in filings of reports, which must be sequential
starting with the restated Annual Report on Form 10-K, which
includes its 2014 restated and audited year-end financial
statements, and its first quarter 2015 Quarterly Report.
As reported on form 8-K on May 20, 2015, the Company had stated
that by mutual agreement with its auditors, it would re-audit and
restate its 2014 Annual Report in order to add adjustments for
"embedded conversion options" inside its convertible promissory
notes -- this is being done in the new filings. The audit of the
2014 Annual Report is being conducted by Anton & Chia, LLP, a
PCAOB and CPAB registered firm, which is also performing the review
of the Quarterly Report for the period ended March 31, 2015.
Dror Svorai, President and CEO, said, "The entire process of the
restatement and the re-audit of our 2014 Annual Report has been
extremely labor intensive, expensive and thorough. Since May, we
have had an internal team working daily with our audit firm to make
the adjustments required by the derivatives embedded in our
convertible promissory notes, and to completely re-do the audit of
2014 that had been previously performed by our prior auditor.
Today, facing the need to file the second quarter, we find
ourselves near completion of the re-audit, and finalization of the
first quarter's report, but not there yet." He added, "We expect to
wrap up 2015 and the financials through June in the next week.
Then, once again, we will be current in our filings. Personally, I
thank you all for your patience with us during this difficult
period."
About Vapor Group, Inc.
Vapor Group, Inc., www.vaporgroup.com, is in the business of
designing, developing, manufacturing and marketing high quality,
vaporizers and e-cigarette brands which use state-of-the-art
electronic technology and specially formulated, "Made in the USA"
e-liquids, with and without nicotine. It offers a range of products
with unique e-liquid flavors that is unmatched in our industry. Its
products are marketed under the Vapor Group, Total Vapor, Vapor
123, and Vapor Products brands. It sells nationwide through
distributors, wholesalers and directly to consumers through its own
websites and direct response advertising. In addition, Vapor Group
owns and operates VGR Media, Inc., www.vgr-media.com, a full service interactive
advertising agency, offering customized performance marketing
solutions to help marketers of consumer products acquire new
customers and maximize their return on investment. VGR Media
operates in the U.S. and internationally.
Vapor Group is committed to providing e-cigarettes that are
convenient and economical to use, safer and healthier than
traditional smoking, and which provide a flavorful, enjoyable
smoking experience.
Vapor Group is managed by a highly experienced team of
executives committed to responsible business policies and
practices, including the marketing of our products only to those
eighteen years of age or older, not making or avoiding claims about
our product health benefits, and fulfilling the requirements of all
applicable laws and regulations.
Safe Harbor Statement:
This release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934. Certain
statements set forth in this press release constitute
"forward-looking statements." Forward-looking statements include,
without limitation, any statement that may predict, forecast,
indicate, or imply future results, performance or achievements, and
may contain the words "estimate", "project", "intend", "forecast",
"anticipate", "plan", "planning", "expect", "believe", "will
likely", "should", "could", "would", "may" or words or expressions
of similar meaning. Such statements are not guarantees of future
performance and are subject to risks and uncertainties that could
cause the company's actual results and financial position to differ
materially from those included within the forward-looking
statements. Forward-looking statements involve risks and
uncertainties, including those relating to the Company's ability to
grow its business. Actual results may differ materially from the
results predicted and reported results should not be considered as
an indication of future performance. The potential risks and
uncertainties include, among others, the Company's limited
operating history, the limited financial resources, domestic or
global economic conditions -- activities of competitors and the
presence of new or additional competition and conditions of equity
markets.
