MIAMI, FL--(NewMediaWire - 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.
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.
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.
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 mission and
strategies of the company.
About NewGen Concepts, Inc.
NewGen Concepts, Inc., www.newgenconcepts.com, was formed in 2016 to
acquire, develop and capitalize on a portfolio of commercially
viable intellectual property ("IP"), protected under U.S. and
international patent and trademark law. Based on this IP portfolio,
its strategic intent is to develop a portfolio of proprietary
products and services to market, license and sell
globally.
The first new U.S. and international patent pending product of
NewGen Concepts, Inc. is "Simple Cork™", www.simplecork.com, designed to revolutionize
the wine industry by introducing it to a new level of customer
convenience. (For a video of how Simple Cork works, go
to https://youtu.be/RFNMSMtQun4.)
The U.S. and worldwide wine industry consumes billions of corks
yearly, a sizeable portion of which can be replaced by Simple Cork
which provides broad consumer benefits and a unique marketing edge
to wineries. Initial target markets are the U.S. and major
wine-producing European countries, France and Italy.
NewGen Concepts believes that the sales potential of Simple Cork
will represent a huge incremental gain in future revenues and
profits for the company. To that end, it plans additional multiple,
foreign patent filings in 2016 and 2017 and the addition of new
patents and intellectual property for related products and
technologies. A campaign will begin in the next 30-days to create
top-of-mind awareness for Simple Cork in the worldwide wine
industry and to build on an industry buzz that has already started.
NewGen Concepts has already begun Initial Smart Cork previews and
discussions with quality California and European producers of
leading, wine brands. From these discussions, the resultant
indication of interest is high.
"Simple Cork" is in its final engineering development with
application testing scheduled to be completed this year, and active
product marketing, worldwide licensing and manufacturing beginning
in 2017. Within the next 10-days, NewGen Concepts will place the
assets of Simple Cork into a wholly-owned subsidiary of the same
name in order to segregate it assets, business efforts and results
into a specific entity.
About Vapor Group, Inc.
Founded in 2012, the primary focus of Vapor Group has
historically been the design, manufacture and marketing of high
quality, vaporizers and state-of-the-art electronic e-cigarette
brands and custom formulated, high purity "Made in the USA"
e-liquids. These products continue to be sold under the Vapor
Group, Total Vapor, Vapor 123 and Vapor Products brands. It also
markets cutting-edge consumer products including the "Whizboard"
brand of scooters and "Hoverkart" accessories sold by Smart Wheels,
Inc., its subsidiary. All products are sold nationwide through
distributors and directly to consumers through Company-owned
websites. The Company wholly owns and operates the following
subsidiaries: Total Vapor Inc., Vapor 123 Inc., VGR Media, Inc. and
Smart Wheels, Inc.
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.
