VAPE HOLDINGS INC (OTCMKTS:VAPE) updated on corporate developments and delivered a message from CEO Kyle Tracey. Highlighting the recent business activities, the company reported that it had streamlined business operations and reduced the monthly personnel compensation expenses by 70%.
Vape Holdings streamlined its business activities in an attempt to grab near-term growth opportunities, restructure different business divisions and mitigate operating losses. As of now, the focus remains on Hive Ceramics, Nouveau, Betterchem and new prospects in eLiquids. Vape has removed Offset, re-organized Hive Supply to more lucrative items and re-focused its operations distant from management consulting in the cannabis market due to regulatory risks and cash flow constraints. This has resulted in reduction in staff, management and overhead expenses.
Vape Holdings reported that its monthly personnel compensation expenses declined nearly 70% by lowering employee salaries and headcount, partially accruing officer pays, and removing business development consultants. Also, as of September 29, 2015 convertible notes worth $226,590 have been converted to VAPE common shares, totaling the count of outstanding shares to approximately 18 million. Vape Holdings believes it has adequate capital to commence large scale distribution of nee designs and materials.
Vape’s association with Puffco for a new advanced portable vaporizer pen is on list for a December launch. Currently, it is in second stage of prototype assessment with final prototypes projected next month. Puffco’s proprietary atomizer and HIVE’s ceramic insert removes direct touch with the heating coil, thereby solving the grave problem with existing models while significantly enhancing the taste and functionality of the next-gen Puffco vaporizers.
Hive Ceramics has numerous new unique products nearing launch and Puffco’s operations are surging rapidly every month. Recently its product “Puffco Pro” was termed “Best Vaporizer of Year” by High Times Magazine. All this indicates Vape Holdings is well positioned with its financial structure, business operations and overheads.
VAPE HOLDINGS INC (OTCMKTS:VAPE) continued the good work seen in the previous session and ended the last trading session with another huge gain of 27%. The volume of 5.9 million against the daily average of 2.3 million was very impressive along with the gain in price, though not as high as on Monday. The volume pattern signals more possible upside but the bulls must take some caution now as a bout of profit booking would be very normal at this point of time, added to the close proximity of a strong supply zone around $0.10 levels. The investors could feel more confident above $0.15.