Insiders Convert Accrued Unpaid Salary into Restricted Stock; Adds 61 Wild Bill's Retail Locations in Michigan
CHARSWORTH, CA / ACCESSWIRE / March 19, 2015 / Vape Holdings, Inc. (VAPE) (the "Company" or "Vape"), a holding company focused on providing healthy, efficient, and sustainable vaporization products and management, consulting, branding, real estate and compliant packaging solutions to lawfully operating participants in the legal cannabis industry, announces that insiders have converted approximately $100,000 of accrued unpaid salary into restricted stock at $0.61 per share. Chief Executive Officer Kyle Tracey converted $59,717 and Director Business Development Michael Cook converted $36,769 accrued and unpaid through December 31, 2014. The conversions further align management with shareholders and allow for capital to be utilized for business growth, not salaries.
On the business front, its HIVE line of products is now available at all Wild Bill's Tobacco locations. Wild Bill's currently operates 61 retail stores in Michigan, with plans to open an additional five locations. "We are very pleased with the continued progress of our HIVE line and its increased retail availability," stated Kyle Tracey, CEO of VAPE Holdings. "Wild Bill's is a great retail partner for HIVE as we look to bring our breadth of unique products to the state of Michigan."
About Wild Bill's Tobacco
Wild Bill's Tobacco, formerly known as Smokers Outlet, is the 5th largest tobacco retailer in the United States. The first store opened in 1994 and the company slowly expanded to more than 60 stores over the next 22 years. Wild Bill's specializes in providing the best quality tobacco products at competitive prices all under one roof for the convenience of our customers.
About Vape Holdings, Inc.
Vape Holdings, Inc. focuses on designing, marketing, and distributing various vaporization products and provides management, consulting, branding, real estate and compliant packaging solutions to lawfully operating participants in the legal cannabis industry. The company offers medical and food grade ceramic products primarily under the HIVE Ceramics brand throughout North America, Europe and South America. HIVE offers a nonporous, non-corrosive, chemically inert ceramic vaporization element, which can be used for a range of applications, including stand-alone vaporization products and electronic cigarettes. The company is based in Chatsworth, California.
For more information on HIVE Ceramics and to visit our e-commerce site, please visit: http://www.hiveceramics.com.
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Vape Holdings' products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in Vape Holdings' filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting Vape Holdings please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. Vape Holdings undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Vape Holdings, Inc.