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 90% of related party payables.
Specifically, the related party payables resulted from consulting earnings and working capital contributions to the Company. The Compnay's CEO will convert $483,251 of related party payables to 48,325,149 restricted shares of the Company's common stock valued at $0.01 per share. The Company's COO will convert $193,300 related party payables to 19,330,000 restricted shares of the Company's common stock valued at $0.01 per share. The aggregate related party payables converted to common stock was $676,551 and 67,655,149 restricted shares of the Company's common stock.
This reduces the related party payables as of September 30, 2024 from $746,340 to $69,789 which is a reduction of more than 90%. In addition, total liabilities were reduced from $1,272,012 to $595,461 which is a reduction of more than 50%. Further details can be seen VAPRs Q3 Financial filings at www.otcmarkets.com under Subsequent Events section on the final page.
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 100% ownership in E-Cite Motors, Acclaimed Automotive www.acclaimedauto.com, and N2A Motors www.n2amotors.com a California-based custom auto manufacturer and car factory specializing in designing, engineering and building prototype, concept, and limited production vehicles for OEMs, corporations, movies, and private owners. N2A was led by legendary designer Gene Langmesser who now serves as the COO of the combined operations.
CONTACT:
VaporBrands International, Inc. dba E-Cite Motors
ceo@ecitemotors.com
SOURCE: VaporBrands International, Inc. dba E-Cite Motors Group
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