VPR Brands, LP (the “Company”) announces today that the Securities and Exchange Commission has approved VPR Brands, LP’s (the “Company”) request to change its SIC Code to 2100 Tobacco Products. Kevin Frija, the Company’s CEO stated that: “This change of SIC Code was completed to more accurately reflect our current business.”
Amendment of Share Purchase Agreements
The Company also announced today that it had entered into an agreement with each of Kevin Frija, the Company’s CEO and Chairman, and Jon Pan, a member of the Company’s Board of Directors.
The amendments operated to amend the Share Purchase Agreements entered into between the Company and each of Mr. Frija and Mr. Pan on June 1, 2015, to terminate any unexercised options held by Mr. Frija or Mr. Pan under such agreements to acquire 30,000,000 shares of common units of the Company.
CEO Kevin Frija stated: “With the retirement of these outstanding options we feel we are off to a fantastic start to building shareholder confidence.” Mr. Frija continued: “Initially we set up these options which allowed us to fund the Company back in 2015 when there were no employees or business to speak of, since then we have come a long way adding value to the Company. These past months we have really turned a corner with our newly acquired business and our stock attracting a new investor base. We feel that we need to take the right steps to maintain and build shareholder equity. Our current units outstanding amount is $50,672,125.
The Company is also announcing the signing of a new financing note with DiamondRock LLC. This $500,000 note has terms that we feel reflect the current market, while more in line with our current stock price. This note will allow us to draw down as needed to finance our ongoing and new business ventures and will better serve the Company’s needs.
Neil Rock, Principal at DiamondRock, stated: “We are pleased to be able to support Kevin and his team going forward and we are excited to be chosen to do this deal. We had invested in a previous company early on and we were there to witness the growth that Kevin was able to drive with the capital we invested and we are happy to be getting in on the ground floor in this new venture.”
About VPR Brands LP
VPR Brands, LP (the “Company”) is a technology holding company, whose assets include issued U.S. and Chinese patents for atomization related products including technology for medical marijuana vaporizers and electronic cigarette products and components. The Company is also engaged in product development for the vapor or vaping market, including e-liquids. Electronic cigarettes (also known as ecigs or e-cigs) are electronic devices which deliver nicotine through atomization, or vaping of e-liquids and without smoke and other chemicals constituents typically found in traditional tobacco burning cigarette products.
Chief Executive Officer and Chief Financial Officer, VPR Brands, LP