vapor corp (VPCO) Key Developments
Frank E. Jaumot Announces the Intention to Not Seek Re-Election as a Director of the Vapor Corp
Mar 24 15
On March 18, 2015, Vapor Corp. announced that Frank E. Jaumot notified Vapor Corp. of his intention to not seek re-election as a director of the company due to personal considerations and professional obligations. Mr. Jaumot’s term as director will expire at the annual meeting of the company’s stockholders, which is expected to be held in May 2015. Mr. Jaumot’s decision to not seek re-election was not due to any disagreement with the company relating to the company’s operations, policies or practices.
Vapor Corp. Opens Additional Retail Locations
Mar 12 15
Vapor Corp. announced that it has expanded its retail footprint by opening three additional locations of 'The Vape Store' chain in Orlando, Fla., and acquired an existing store in Port Charlotte, Fla., that has been converted to a 'The Vape Store'. The addition of these four new stores follows the Company's expansion strategy through "The Vape Store" retail chain, which was acquired through the recent merger with Vaporin Inc. The Company's retail strategy capitalizes on the growing market trend of customers who are purchasing vaporizer products.
Vapor Corp. Announces Management Changes
Mar 5 15
Vapor Corp. announced that on March 4, 2015, Robert J. Barrett III resigned from its board of directors, effective immediately. Mr. Barrett served on the Audit, Compensation, and Nominating and Corporate Governance Committees. Also on March 4, 2015, Jeffrey Holman resigned as President and Harlan Press resigned as Chief Financial Officer, effective immediately. Mr. Holman will remain as Chairman and Chief Executive Officer. Mr. Press has agreed to serve as Vice President of Finance. On March 4, 2015, the board of directors of the company appointed Gregory Brauser as President and James Martin, age 48, as Chief Financial Officer, effective immediately. Mr. Brauser has served as Chief Operating Officer of Vaporin Inc. since January 2014. Prior to his appointment he was Chief Operating Officer of Vaporin and was the Chief Executive Officer of Direct Source China since 2009. On March 4, 2015, upon the recommendation of the Nominating and Corporate Governance Committee, the board of directors of the company appointed Gregory Brauser and Robert Swayman as directors, effective immediately, subject to re-election at the next annual meeting of the stockholders to be held in May 2015. Mr. Swayman will serve on the Audit, Compensation, and Nominating and Corporate Governance Committees. Mr. Swayman currently has served as President and Chief Executive Officer of National Alarm Systems Inc.
Vapor Corp. Issues $350,000 Note in Consideration for Loan of $350,000
Feb 3 15
Vaporin Inc. was issued a $350,000 note by Vapor Corp. (borrower) in consideration for a loan of $350,000. The note accrues interest on the outstanding principal at an annual rate of 12%. The principal and accrued interest on the note is due and payable on January 29, 2016. If the merger between Vaporin Inc. and the borrower does not close by May 31, 2015, the maturity date will accelerate and become due June 1, 2015. Additionally, if the merger does not close by the end date or in the event of a default by the borrower, the note will be convertible into the borrower's common stock at 85% of the borrower's closing price on May 29, 2015. If the merger closes prior to the end date, the note shall not be convertible. The note shall not be convertible until such time as the Nasdaq Stock Market approves the issuance of the shares underlying the note.
Vapor Corp. and Knight Global Services, LLC Agree to Terminate the Certain Consulting Agreement
Jan 28 15
On January 24, 2015, Vapor Corp. and Knight Global Services, LLC mutually agreed to terminate that certain consulting agreement entered into between the parties on February 3, 2014. The company and Knight Global mutually agreed to terminate the Consulting Agreement based on the determination that it was in the best interests of both parties to do so. As a result of such termination, the company will issue 50,000 shares of its common stock to Knight Global pursuant to the early termination provisions of the Consulting Agreement.