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Vapor Corp. Announces Agreement to Acquire Organic Grocery Store in Ft. Myers, Florida
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DANIA BEACH, Fla., May 23, 2016 /PRNewswire/ -- Vapor Corp. (OTCQB: VPCO) (the "Company"), a leading U.S.-based distributor and retailer of vaporizers, e-liquids, e-cigarettes and e-hookahs, announced today the Company has signed a definitive agreement to acquire the assets of Ada's Natural Market, a natural and organic grocery store in Ft. Myers, Florida. The purchase price is $3 million in cash plus any adjustments for inventory levels. The store will continue to operate under the same name and management.
"After a lengthy search, we are very pleased to have identified this strategic opportunity and look forward to its consummation. With the tenuous status of the vapor industry, based upon the recently promulgated FDA regulations, diversification is a very proactive and prudent step for Vapor Corp. at this time," said CEO Jeffrey Holman.
"We currently own and operate 20 retail vape stores. Equally important is the fact that we, as a management team, have years of experience of being on the other side of the equation as a supplier to tens of thousands of retail stores. This gives us a unique perspective and skill set, which we fully expect to enhance Ada's already profitable business," said Christopher Santi, President of Vapor Corp.
The Company expects to close the transaction on or about June 1, 2016. The Company plans to fund the acquisition through currently available cash.
Ada's has been a leader in the natural grocery market in the Ft. Myers area for the past 40 years, offering the freshest, natural and organic products available. With one of the largest organic selections around, Ada's specializes in facilitating a healthy, well balanced lifestyle. In addition to a comprehensive selection of vitamins and health & beauty, Ada's also provides a fresh café and an organic juice bar open for breakfast, lunch and dinner.
