VaporBrands International Inc. (OTC:VAPR) Stock In Focus After Recent News
The electric vehicle sector has grown at a breakneck pace over the past half a decade or so, and nowadays investors have a lot of options beyond the usual suspects. One of those companies could well be VaporBrands International Inc. (OTC:VAPR), which does business as E-Cite Motors Group. The company is known for manufacturing state-of-the-art electric vehicles through the utilization of the latest technology.
The company had come into the news cycle on Wednesday after E-Cite Motors announced it had started paying off and also canceling old notes. The move had been made for the purpose of boosting the balance sheet and reducing any potential dilution of the stock. The company cancelled a total of four of the old notes, which added up to a monetary value of $140,000.
The company also revealed that the noted had gone past the statutes of limitations a long time ago, was not collectible under the state law of Nevada, and no demands had been made to collect either. The reduction that had come about in the company’s debts would be reflected in the upcoming financials from E-Cite Motors. However, that was not all. The company also paid off its oldest convertible note for $4770 in cash. That note could have been turned into 954,000 shares in the company as part of an earlier commitment.
The Chief Executive Officer of the company, Barry Henthorn, spoke about the development as well. He stated that the company was committed to doing everything that it could to cut down on any dilution and to strengthen the balance sheet. He went on to note that the reduction would also have a major impact on the financials and help it keep as tight a share structure as possible. In this context, it ought to be noted that E-Cite was the first company to have any vehicle approved under the provisions of the Low Volume Manufacturers Act by the National Highway Traffic Safety Administration (NHTSA). Three different vehicles manufactured by the company were approved through the procedure.
On October 24, it emerged that the company’s CEO was the first featured guest on the weekly radio show and podcast ‘About Money’, which had been running for a considerable period of time. The show airs on KLFE 1590 AM in Seattle. The radio show is hosted by Mike Adams, a well-regarded investment manager and the founder of Adams Financial Concepts.
His advisor Al is a part of the show, and Henthorn spoke about his appearance on the show. He noted that it was a lot of fun at the studio. He went on to note that the performance of Mike and Al at Adams Financial Concepts was proof of their credentials. In the same new release, it was also noted that E-Cite was the first manufacturer to have been awarded a World Manufacturer Identifier (WMI) under the Low Volume Manufacturers Act. The WMI registered the company as a manufacturing entity that could sell its vehicles across the world.