E-Cite' CEO and COO Invest Heavily, Converting Loans and Deferred Compensation to Restricted Stock at Double Market Price Reducing Related Party Payables by over 90% and Total Liabilities by over 50%
VaporBrands International (VAPR) announced that CEO Barry Henthorn and COO Gene Langmesser have converted loans and deferred compensation into restricted stock at $0.01 per share, double the market price. The CEO converted $483,251 into 48,325,149 shares, while the COO converted $193,300 into 19,330,000 shares. This strategic move reduced related party payables by over 90% (from $746,340 to $69,789) and total liabilities by more than 50% (from $1,272,012 to $595,461). The restricted shares won't enter the public float until the company lists on a senior exchange and becomes fully reporting.
VaporBrands International (VAPR) ha annunciato che il CEO Barry Henthorn e il COO Gene Langmesser hanno convertito prestiti e compensi differiti in azioni riservate a 0,01 $ per azione, il doppio del prezzo di mercato. Il CEO ha convertito 483.251 $ in 48.325.149 azioni, mentre il COO ha convertito 193.300 $ in 19.330.000 azioni. Questa mossa strategica ha ridotto le passività verso parti correlate di oltre il 90% (da 746.340 $ a 69.789 $) e le passività totali di oltre il 50% (da 1.272.012 $ a 595.461 $). Le azioni riservate non entreranno nel float pubblico fino a quando l'azienda non sarà quotata su un'agenzia di cambio senior e non diventerà completamente in reportistica.
VaporBrands International (VAPR) anunció que el CEO Barry Henthorn y el COO Gene Langmesser han convertido préstamos y compensaciones diferidas en acciones restringidas a 0,01 $ por acción, el doble del precio del mercado. El CEO convirtió 483,251 $ en 48,325,149 acciones, mientras que el COO convirtió 193,300 $ en 19,330,000 acciones. Este movimiento estratégico redujo las cuentas por pagar a partes relacionadas en más del 90% (de 746,340 $ a 69,789 $) y las obligaciones totales en más del 50% (de 1,272,012 $ a 595,461 $). Las acciones restringidas no entrarán en la flotación pública hasta que la empresa se liste en un intercambio senior y se convierta en totalmente informante.
VaporBrands International (VAPR)는 CEO Barry Henthorn과 COO Gene Langmesser가 대출 및 연기된 보상을 주식으로 전환했다고 발표했습니다. 주당 0.01달러로, 이는 시장 가격의 두 배입니다. CEO는 483,251달러를 48,325,149주로 변환했으며, COO는 193,300달러를 19,330,000주로 변환했습니다. 이 전략적 결정은 관련자 채무를 90% 이상(746,340달러에서 69,789달러로) 줄였으며, 총 부채는 50% 이상(1,272,012달러에서 595,461달러로) 감소했습니다. 이 제한된 주식은 회사가 고급 거래소에 상장되고 완전보고를 시작할 때까지 공개 거래에 들어가지 않습니다.
VaporBrands International (VAPR) a annoncé que le PDG Barry Henthorn et le directeur des opérations Gene Langmesser ont converti des prêts et des rémunérations différées en actions restreintes à 0,01 $ par action, soit le double du prix du marché. Le PDG a converti 483 251 $ en 48 325 149 actions, tandis que le COO a converti 193 300 $ en 19 330 000 actions. Ce mouvement stratégique a réduit les créances liées de plus de 90 % (de 746 340 $ à 69 789 $) et les passifs totaux de plus de 50 % (de 1 272 012 $ à 595 461 $). Les actions restreintes n'entreront pas dans le flottant public jusqu'à ce que la société soit cotée sur une bourse senior et devienne pleinement déclarative.
VaporBrands International (VAPR) hat bekannt gegeben, dass CEO Barry Henthorn und COO Gene Langmesser Kredite und aufgeschobenes Entgelt in beschränkte Aktien zu einem Preis von 0,01 $ pro Aktie umgewandelt haben, was dem doppelten Marktpreis entspricht. Der CEO hat 483.251 $ in 48.325.149 Aktien umgewandelt, während der COO 193.300 $ in 19.330.000 Aktien umgewandelt hat. Dieser strategische Schritt reduzierte die Verbindlichkeiten gegenüber nahestehenden Parteien um über 90 % (von 746.340 $ auf 69.789 $) und die Gesamtverbindlichkeiten um mehr als 50 % (von 1.272.012 $ auf 595.461 $). Die beschränkten Aktien werden nicht in den öffentlichen Handel eintreten, bis das Unternehmen an einer börsennotierten Gesellschaft gelistet ist und vollständig berichtet.
- Significant debt reduction: Related party payables reduced by over 90%
- Total liabilities decreased by more than 50%
- Management demonstrates confidence by converting debt to equity at above-market price
- Company is positioned to attract non-dilutive capital
- Share dilution through issuance of 67,655,149 new restricted shares
- Restricted shares subject to future insider trading limitations
BOTHELL, WA / ACCESSWIRE / November 14, 2024 / VaporBrands International, Inc. dba E-Cite Motors Group, (OTC PINK:VAPR) announced that its CEO Barry Henthorn and COO Gene Langmesser have signed Board Resolutions converting loans and deferred compensation into restricted stock of (OTC PINK:VAPR) eliminating over
Specifically, the related party payables resulted from consulting earnings and working capital contributions to the Company. The Compnay's CEO will convert
This reduces the related party payables as of September 30, 2024 from
The shares will be issued with a restricted legend and will not become part of the public float until the company has completed a listing on a senior exchange and become fully reporting. Even if the company is successful in achieving these milestones, the shares will still be subject to insider restrictions and discloser requirements.
E-Cite Motors COO Gene Langmesser commented: "We are very confident in the new developments and progress of the company as we are gearing up to begin full production of our EV-GT sportscar. By removing the debt from the company while increasing my personal holdings at this time the company will be better positioned to attract non-dilutive capital."
"This is a major milestone in our initiatives to reduce the debt, tighten up the share structure, position the Company for growth, and increase shareholder value. We are very excited to begin production of or first vehicle the EV-GT " Added E-Cite Motors CEO Barry Henthorn.
E-Cite was the first company to get any vehicle approved by the National Highway Traffic Safety Administration (NHTSA) under the Low Volume Manufacturers Act of which E-Cite has four distinctly different vehicles approved. The EV-GT of which the new EV-C3 is anchored and two other E-Cite Vehicles, the EV-RT truck, and the EV-222 hyper car. E-Cite is free to manufacture them under a special exemption specifically (49 CFR 565.16(b)).
This allows E-Cite to produce its own VINs for the production of new vehicles. In addition, E-Cite has received a World Manufactures Identifier (WMI) under the Act registering it as a manufacturer for the sale of vehicles worldwide.
Note* E-Cite's vehicles are in no way categorized as "Kit Cars" as they are manufactured new vehicles.
About VaporBrands International, dba E-Cite Motors
www.ecitemotors.com (OTC PINK:VAPR) is a publicly traded company based in Bothell that is developing for manufacturing, state of the art electric vehicles utilizing the latest in technologies with a flare of some of the iconic autos of the past. VAPR acquired
CONTACT:
VaporBrands International, Inc. dba E-Cite Motors
ceo@ecitemotors.com
SOURCE: VaporBrands International, Inc. dba E-Cite Motors Group
View the original press release on accesswire.com
FAQ
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