FORT LAUDERDALE, FL–(Marketwired – Nov 22, 2016) – VPR Brands, LP (OTC PINK: VPRB) announces record third quarter revenues, with revenues of $608,354 which represent an 889% increase over the second quarter 2016 revenues. The significant increase in revenues can be attributed to our July 29th acquisition of the wholesale division business and brands of Vapor Corp. (OTC PINK: VPCO). The acquisition allowed us to record revenues for two months in the third quarter.
We recorded a net loss of $121,583 for the third quarter, primarily attributable to transition and implementation expenses and legal and accounting expenses that are one time in nature and directly related to the acquisition.
Kevin Frija, Chief Executive Officer of VPR Brands, said, “I am very pleased with the successful integration and consolidation of business operations so far. We have worked diligently and have stabilized sales, which were in rapid decline quarter over quarter, as well as month over month, prior to the acquisition. Our team has identified and evaluated the core strengths and weaknesses of operations and will focus on exploiting the strengths. We have also started building by leveraging the experience of our staff, developing great products for our portfolio, and further aligning with key customers to extend our outreach.”
Although our sales are not segregated by brand or product category, our primary revenue source is from vaporization devices specifically created for use with medical cannabis and recreational marijuana. These devices are specifically created for use with extract oils and concentrates which are vaped, providing optimal results and the best experience for patients and recreational users. Vaporizers are far more convenient and discrete compared to traditional cannabis use methods. These units are compact, easy to carry and concealable. Modern cannabis vaporizers do not emit distinct and lingering odors that are affiliated with traditional marijuana use. We believe that portable vaporizers as the fastest growing delivery mechanism for marijuana. Our team is currently working with other market leaders within cannabis growth and extraction to innovate and further educate the marketplace on its advantages.
Chief Executive Officer and Chief Financial Officer
VPR Brands, LP