|By PR Newswire||
|August 20, 2014 08:33 AM EDT||
WOODLAND HILLS, Calif., Aug. 20, 2014 /PRNewswire/ -- Vape Holdings, Inc. (OTCQB: VAPE) (the "Company"), a holding company focused on providing healthy, efficient, and sustainable vaporization products, is pleased to announce the filing of its 10Q quarterly report and record quarterly results for its fiscal third quarter ended June 30, 2014. The full 10Q filing is available in its entirety on the SEC's website at http://edgar.sec.gov.
For its fiscal third quarter of 2014 Vape generated record revenues of $361,781 which represents the Company's first revenue-generating fiscal quarter, despite its full product line not shipping to customers until mid-May. Since commencement of revenue-generating operations less than 100 days ago, the Company has recorded revenues of $392,540.
"We are extremely pleased with the Q3 2014 financial results that represent our first big push to market since our products began shipping full scale in mid-May," stated Vape CEO and Chairman Kyle Tracey. "Since the acquisition and launch of the HIVE Ceramics proprietary product line on March 27th, we have worked diligently to establish an infrastructure of authorized dealers and distribution partners around the world. We've been fortunate to leverage our industry experience and contacts and the resulting revenues represent a strong first step in capitalizing on those relationships."
Since the close of Q3 2014 on June 30th, the Company has announced the full-scale launch of its e-commerce site at www.HiveCeramics.com, an authorized dealer network of over 1,100 shops nationwide and its worldwide distribution reach with relationships established with noted industry distributors GotVape.com (USA), West Coast Gifts (Canada), Puff Pipes (Canada), DNA Genetics (Europe) and DNA Genetics' new South American distributor Pure DNA.
"We believe our work during Q3 2014 establishing our multi-faceted distribution strategy for HIVE will provide long-term value to our shareholders as we continue to expand the reach of our distribution network and product line to send high quality products to consumers around the globe," said Mr. Tracey.
As the Company's Q3, 2014 results indicate, Vape has incurred a net loss of $31,163,951 for the nine months ended June 30th due primarily to a substantial loss on the settlement of warrants in the amount of $29,528,844. The net loss due to settlement of the warrants was triggered by full ratchet anti-dilution adjustments in the warrants from a May 2011 financial raise by former management of the Company when it was known as PeopleString Corporation. Much of the settlement liability was recorded during Q2 2014. As of the filing of the Q3 2014 quarterly report there are an additional 1,250,131 warrants that remain outstanding out of a possible 8,400,000.
"The Company has worked promptly to resolve its warrant liability and has decreased its outstanding warrants to a fraction of what they were," stated Mr. Tracey. "We are confident we have taken the proper steps to put these issues behind us allowing Vape to focus on the growth and expansion of HIVE and its future operations."
About Vape Holdings, Inc.
Vape Holdings, Inc. focuses on designing, marketing, and distributing various vaporization products. The company offers medical and food grade ceramic products primarily under the HIVE Ceramics brand throughout North America, Europe and South America. HIVE offers a nonporous, non-corrosive, chemically inert ceramic vaporization element, which can be used for a range of applications, including stand-alone vaporization products and electronic cigarettes. The company is based in Woodland Hills, California.
For more information on HIVE Ceramics and to visit our e-commerce site, please visit: http://www.hiveceramics.com
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Vape Holdings' products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in Vape Holdings' filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting Vape Holdings please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. Vape Holdings undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Vape Holdings, Inc.
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