DAVIE, Fla., Sept. 16, 2014 (GLOBE NEWSWIRE) -- Vapor Group, Inc. (OTCQB:VPOR), (the "Company"), announced today that as a result of rapidly escalating sales of its products, the Company will begin paying down a portion of the over $1 million in 8% senior convertible promissory notes held by Hanover Holdings I, LLC, ("Hanover") per the private placement between them and the Company (the "Private Placement") filed on Form 8-K with the Securities and Exchange Commission ("SEC") on May 6, 2014 (the "SEC filing").
CEO Dror Svorai said, "We entered into the Private Placement on April 29, 2014 with Hanover because we seriously needed to finance the manufacture of more products to meet demand that was outstripping our ability to delivery on time. The Private Placement allowed us to do just that, and it is now enabling us to use some of the incremental margin that it has generated to pay down the debt of the Private Placement." He added, "As announced and in our SEC filing the conversion of any part of this debt cannot occur until October 29, 2014. We are delighted to be able to announce the pay down of some of this debt before October 29th which is earlier than we planned. Any reduction in debt that we can achieve can only help the long term value of our stock."
Source:Vapor Group, Inc.
DAVIE, Fla., Sept. 16, 2014 (GLOBE NEWSWIRE) -- Vapor Group, Inc. (OTCQB:VPOR), (the "Company"), announced today that as a result of rapidly escalating sales of its products, the Company will begin paying down a portion of the over $1 million in 8% senior convertible promissory notes held by Hanover Holdings I, LLC, ("Hanover") per the private placement between them and the Company (the "Private Placement") filed on Form 8-K with the Securities and Exchange Commission ("SEC") on May 6, 2014 (the "SEC filing").
CEO Dror Svorai said, "We entered into the Private Placement on April 29, 2014 with Hanover because we seriously needed to finance the
 manufacture of more products to meet demand that was outstripping our ability to delivery on time. The Private Placement allowed us to do just that, and it is now enabling us to use some of the incremental margin that it has generated to pay down the debt of the Private Placement." He added, "As announced and in our SEC filing the conversion of any part of this debt cannot occur until October 29, 2014. We are delighted to be able to announce the pay down of some of this debt before October 29th which is earlier than we planned. Any reduction in debt that we can achieve can only help the long term value of our stock."
Source:Vapor Group, Inc.