VAPE News Update July 1st 2015
Adds Industrial Chemistry and Product Development to Core Consulting Services; Improves Position for Opportunities in Essential Oils
CHATSWORTH, CA / ACCESSWIRE / July 1, 2015 / VAPE Holdings, Inc. (VAPE) (the "Company" or "VAPE"), a holding company focused on providing healthy, efficient, and sustainable products to lawfully operating participants in the legal cannabis industry, is pleased to announce that it has acquired control and 80% of the equity of Pennsylvania-based BetterChem Consulting, Inc. ("BetterChem") in exchange for restricted common stock, and for other share-based consideration based on performance over the next two years.
"BetterChem is a very important addition to the VAPE family of companies for the worldwide opportunities in essential oils that BetterChem has in its business base today, and also for the many synergistic opportunities for expansion drawn from combining the strengths of BetterChem into VAPE's unique areas of expertise," stated Kyle Tracey, Chief Executive Officer of VAPE.
"VAPE expects to quickly expand BetterChem's consulting services into cannabinoid research and product development, to the benefit of our clients and shareholders alike. Additional announcements will be made as existing clients are transitioned and new client relationships are contracted," added Mr. Tracey.
Started in 2013 by Dr. Mark A. Scialdone following a distinguished career with E.I. DuPont de Nemours, the recently appointed Chief Science Officer of VAPE, BetterChem currently provides a wide range of chemistry consulting services in the US and overseas in plant essential oil extraction and refinement for use personal care products.
"BetterChem has worked with both small and large companies across the globe to deliver better and sustainable products and processes," said Dr. Scialdone. "I am confident that this acquisition will provide a unique advantage to deliver value-added solutions for our clients," added Dr. Scialdone.
The acquisition by VAPE was accomplished with an exchange of 250,000 restricted common shares of VAPE in exchange for 80% of the issued and outstanding shares of BetterChem. The share exchange agreement provides for additional share based incentives depending on revenues achieved by BetterChem over the next two years.
