Vapor Group, Inc., VPOR, Files Extension With SEC for Second Quarter 2015 Report Due to a Delay on Completion of Restated 2014 Annual Report and First Quarter 2015 Report
Davie, Florida - (NewMediaWire) - August 13, 2015 - Vapor Group, Inc. (
The delay in the filing of the Quarterly Report is being caused by a backup in filings of reports, which must be sequential starting with the restated Annual Report on Form 10-K, which includes its 2014 restated and audited year-end financial statements, and its first quarter 2015 Quarterly Report.
As reported on form 8-K on May 20, 2015, the Company had stated that by mutual agreement with its auditors, it would re-audit and restate its 2014 Annual Report in order to add adjustments for "embedded conversion options" inside its convertible promissory notes -- this is being done in the new filings. The audit of the 2014 Annual Report is being conducted by Anton & Chia, LLP, a PCAOB and CPAB registered firm, which is also performing the review of the Quarterly Report for the period ended March 31, 2015.
Dror Svorai, President and CEO, said, "The entire process of the restatement and the re-audit of our 2014 Annual Report has been extremely labor intensive, expensive and thorough. Since May, we have had an internal team working daily with our audit firm to make the adjustments required by the derivatives embedded in our convertible promissory notes, and to completely re-do the audit of 2014 that had been previously performed by our prior auditor. Today, facing the need to file the second quarter, we find ourselves near completion of the re-audit, and finalization of the first quarter's report, but not there yet." He added, "We expect to wrap up 2015 and the financials through June in the next week. Then, once again, we will be current in our filings. Personally, I thank you all for your patience with us during this difficult period."
About Vapor Group, Inc.
Vapor Group, Inc., www.vaporgroup.com, is in the business of designing, developing, manufacturing and marketing high quality, vaporizers and e-cigarette brands which use state-of-the-art electronic technology and specially formulated, "Made in the USA" e-liquids, with and without 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. In addition, Vapor Group owns and operates VGR Media, Inc., www.vgr-media.com, a full service interactive advertising agency, offering customized performance marketing solutions to help marketers of consumer products acquire new customers and maximize their return on investment. VGR Media operates in the U.S. and internationally.
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.
Vapor Group 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.
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 limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.
Vapor Group, Inc.