|By PR Newswire||
|December 10, 2013 06:00 AM EST|
LOS ANGELES, Dec. 10, 2013 /PRNewswire/ -- VaporBrands International, Inc. (OTCPK: VAPR) (the "Company") is pleased to provide this management update regarding recent key developments at the Company.
"Over the last several months, our Company has been very successful at building a stronger foundation from which it can continue to grow its e-cigarette business," said Wendy Haviland, President of VaporBrands International, Inc. "Not only did we finalize a new funding agreement with an established investment group, but we also have entered the final stages of negotiating important new distribution and marketing partners that would allow us to distribute our products on a much broader scale than ever before. We look forward to completing these distribution deals over the next few weeks and a very prosperous 2014."
VaporBrands International has received the initial working capital funding from a proposed multi-phase funding agreement with a privately-held U.S. based investment group (the "Funding Agreement"). Proceeds received from the Funding Agreement will be used by the Company, in part, to develop and market proprietary electronic cigarette products, to advance the Company's presence in the electronic cigarette sector and the buildup of required inventory, together with general working capital.
In addition, VaporBrands International has also redesigned and launched a new Company website to better serve its customers and to keep shareholders, potential investors, and the media current with Company events and industry trends. The Company expects to make further functional and capacity enhancements to the website as demand requires.
Industry experts have estimated that by the end of 2013 sales of electronic cigarettes and accessories will reach $1.7 billion. In addition, according to a Wells Fargo Securities Tobacco Talk survey electronic cigarette users are expected to quadruple in 2014.
About VaporBrands International, Inc. (VAPR)
VaporBrands International, Inc. is a marketing and development partner for manufacturers of electronic cigarettes. Electronic cigarettes represent the future of smoking; they produce no smoke, tar, ash or offensive odor while containing about the same amount of nicotine as traditional tobacco cigarettes. Unlike traditional tobacco cigarettes, electronic cigarettes can be used in many public places currently restricted from smoking. VAPR intends to focus on creating opportunities for culturally relevant brands seeking to acquire significant market share in the rapidly growing "vaping" sector of the global marketplace.
Safe Harbor Statement
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words "will," "believes," "plans," "anticipates," "expects," "look forward," "estimates" and similar expressions) should be considered to be forward-looking statements and the safe harbor provisions of said Act do not apply to an issuer that issues penny stock. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including, among others, competition, market demand, technological change, strategic relationships, recent acquisitions, international operations, general economic conditions and government regulations. We do not assume any obligation to update any forward-looking statements.
SOURCE VaporBrands International, Inc.