vapor corp (VPCO) Key Developments
Vapor Corp. Announces Board Appointments; Amends Bylaws
May 10 13
Effective May 9, 2013, Vapor Corp. Board of Directors elected each of Jeffrey Holman and Doron Ziv as members of the Board of Directors to serve until his successor is duly elected and qualified or until his earlier resignation, removal from office or death. Immediately prior to Messrs. Holman's and Ziv's election to the Board of Directors, the Board of Directors approved an amendment to the company's Bylaws, in order to increase and fix the size of the Board above one member and thereupon increased the size of the Board to three members from one member. Mr. Holman serves as the company's President, is a director of the company's operating subsidiary Smoke Anywhere USA Inc. and is a greater than 5% stockholder of the company.
Effective May 9, 2013, the Board of Directors of the company approved an amendment to Section 2.2 of Article 2 of the Bylaws of the company pursuant to which the size of the Board may be increased above one member rather than limited solely to one member.
Vapor Corp. to Debut New and Improved E-Cigarette Product Line Featuring FLEX TIP Soft Filters
Apr 16 13
Vapor Corp. announced that the company will be participating in the NATO Trade Show. At the NATO Show, Vapor Corp. will debut its new and improved electronic cigarette product line featuring its patent-pending FLEX TIP Soft Filters. As part of this product line, the company will feature its new KRAVE KING rechargeable product, king size, rechargeable electronic cigarette with a Flex Tip Soft Filter.
Vapor Corp. Reports Consolidated Earnings Results for the Full Year Ended December 31, 2012
Apr 1 13
Vapor Corp. reported consolidated earnings results for the full year ended December 31, 2012. Net sales reached a record $21.4 million, an increase of 33.6% year-over-year stemming from increased sales through new distributors and wholesale customers, as well as increases in direct to consumer sales. Net loss was $1,920,972 versus net income of $713,338 for the prior year as a result of the above factors. Operating loss was $2,297,566 against income of $1,130,178 a year ago. Loss before income tax (benefit) expense was $2,386,913 against income of $1,130,178 a year ago. Basic and diluted net loss per common share was $0.03 against basic and diluted net income per common share of $0.01 a year ago.
Vapor Corp. and Ruyan Investment (Holdings) Limited Settle Multi-Defendant Federal Patent Infringement Lawsuit
Mar 6 13
On March 1, 2013, Vapor Corp. as defendant and Ruyan Investment (Holdings) Limited, as plaintiff, settled the multi-defendant federal patent infringement lawsuit CV-06268- GAF-FFM pending in the United States District Court for the Central District of California as to them pursuant to a settlement agreement by and between them. Under the terms of the settlement agreement, the company acknowledged the validity of Ruyan’s U.S. Patent No. 7,832,410 for ‘Electronic Atomization Cigarette’which had been the subject of Ruyan’s patent infringement claim against the company. The Company paid Ruyan a lump sum payment of $12,000 for the company’s previous sales of electronic cigarettes based on the 410 patent and on March 1, 2013, in conjunction with releasing one another from claims related to the 410 Patent, the company and Ruyan filed a Stipulated Judgment and Permanent Injunction with the above Court dismissing with prejudice all claims which have been or could have been asserted by them in the lawsuit.
Vapor Corp. Announces Executive Changes
Feb 26 13
Effective February 19, 2013, Mr. Frija resigned as the President of Vapor Corp. as a result of the company’s appointment of Jeffrey Holman as the company’s President . Mr. Frija will continue in his role as Chief Executive Officer of company under the terms of his February 27, 2012 employment Agreement.