|By Marketwired .||
|May 16, 2014 08:00 AM EDT||
MIAMI, FL -- (Marketwired) -- 05/16/14 -- Vaporin, Inc. (OTCQB: VAPO) (the "Company"), a distributor and marketer of electronic cigarettes, vaporizers, e-liquids and e-hookah products, today announced its financial results for the first quarter ended March 31, 2014. The Company commenced sales in February 2014 and achieved revenue of approximately $182,000 for the balance of the first quarter of 2014. Gross Profit margins were approximately 37%.
Scott Frohman, Chief Executive Officer of Vaporin, stated, "We are extremely pleased with the launch and acceptance of our e-cig, vaporizer and e-liquid products resulting in our first two revenue generating months during February and March 2014. We are focused on gaining market share and Vaporin is positioned to become a top selling brand in the rapidly expanding vaporizer and e-liquid industry through our multi-pronged distribution strategy. One of the key distribution tactics is through C-stores in densely populated geographies such as the New York Metropolitan area with the aid of well-known and established distributors. We are also successfully building our brand and sales through our online platforms and continuity club. Lastly, we are moving aggressively into in brick and mortar locations such as casinos, bars and nightclubs through our exclusive distribution agreement with Seaga, a global manufacturer of vending machines. As one of the first movers in the vaporizer and e-liquids arena, Vaporin is quickly becoming an impact player in this highly fragmented rapidly growing exciting new business."
Operational Highlights during the 2014 First Quarter to date:
- The Company launched sales in February 2014.
- Revenue generated during February and March of 2014 was attributable to the initiation of our distribution strategy (online, retail and vending machines sales and placement.) The Company anticipates generating revenue from its vending machines during the 2014 second quarter.
- Vaporin signed an exclusive distribution agreement with Seaga Manufacturing, Inc. for the marketing and sale of goods through a unique, innovative vending solution, the Vapestation.
- Secured exclusive supply agreement with ChromaDex®, an innovative natural products company that discovers, acquires, develops and commercializes proprietary-based ingredient technologies, for the development of NIAGEN and PURENERGY, novel ingredients with multiple energy and health benefits.
- James J. Martin has been appointed as Chief Financial Officer of the Company.
- Completion of merger, name change and trading under new stock symbol "VAPO".
About Vaporin, Inc.
Vaporin is a distributor and marketer of electronic cigarettes, vaporizers, e-liquids and e-hookah products. Vaporin's innovative technology offers the look, feel and taste of traditional cigarettes without any tar, tobacco, smoke and odor. As an alternative to traditional cigarettes, Vaporin is offering a variety of disposable and rechargeable starter kits and flavors. The unique Vaping Pens product line and Made-In-USA E-Liquids is what makes Vaporin one of the emerging brands in the market. Vaporin is not just an alternative to traditional smoking, but a lifestyle. For more information please visit, www.vaporin.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements including statements regarding our focus on gaining market share, becoming a top selling brand, building our brand through various platforms, becoming an impact player in its industry, and generating revenue from vending machines. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the effectiveness of our advertising campaign, consumer reaction to our advertising campaign, and new regulations which affect the distribution of our products. Further information on our risk factors is contained in our filings with the SEC, including the Form 10-K filed on March 27, 2014. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.