Vapor Group, Inc., SPLI, Enters Into Letter of Intent to Acquire Majority Ownership in Online Reseller of E-Cigarette Products and Accessories »
Vapor Group, Inc., formerly AvWorks Aviation Corp. (OTCQB: SPLI), (the “Company”, “AvWorks”, or “Vapor Group”), announced today that it has signed a “Letter of Intent” to acquire a fifty-one percent (51%) ownership interest in an online reseller of e-cigarette products and accessories. Terms and conditions of the pending transaction weren’t disclosed.
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"We are very excited about this deal," said, Dror Svorai, President of the Vapor Group, Inc. “This company’s primary products supplement, rather than compete, with ours. They sell into a segment that buys a more traditional kind of e-cigarette product than what we produce and also produce and sell vaporizers. Of considerable value to us is that they have already established themselves as a leader in the online marketing of e-cigarette products, an area that we just recently entered. We believe that what we will learn from them will help us greatly in building our online sales. Most important, we believe that this acquisition will be immediately accretive this quarter to our revenue and earnings upon closing. Our shareholders should be very happy upon completion of this deal and from its results going forward.”
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Per the terms and conditions of the Letter of Intent, both parties will now enter a period of due diligence on the other, the successful completion of which will result in the closing of the acquisition, currently targeted by the end of the month.
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About the Vapor Group
Vapor Group, Inc., www.vaporgroup.com, is in the business of designing, developing, manufacturing and marketing high quality, e-cigarette brands which use state-of-the-art electronic technology and specially formulated, “Made in the USA” e-liquids, which may or may not contain nicotine. It offers a range of products with unique e-liquid flavors that is unmatched in our industry. Its products are marketed under the Vapor Group, Total Vapor, Vapor 123, and Vapor Products brands. It sells nationwide through distributors, wholesalers and directly to consumers through its own websites and direct response advertising.
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All of its E-cigarettes consist of a long-life battery, a heating element, a cartridge filled with an “e-liquid” and an atomizer which, when heated, vaporizes the e-liquid. Because E-cigarettes are not “lit” like regular cigarettes, they don’t create flame, smoke from burning, ash, tar, noxious fumes or leftover “cigarette butts.” As a result, they may be used virtually anywhere.
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Vapor Group is committed to providing E-cigarettes that are convenient and economical to use, safer and healthier than traditional smoking, and which provide a flavorful, enjoyable smoking experience.
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Vapor Group, Inc. is managed by a highly experienced team of executives committed to responsible business policies and practices, including the marketing of our products only to those eighteen years of age or older, not making or avoiding claims about our product health benefits, and fulfilling the requirements of all applicable laws and regulations.
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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
