SOURCE: AvWorks Aviation Corp.

April 07, 2014 11:42 ET

AvWorks Aviation Corp., SPLI, Files Audited Financial Statements for Vapor Group, Inc. on SEC Form 8-K/A

DAVIE, FL--(Marketwired - Apr 7, 2014) - AvWorks Aviation Corp. (OTCQB: SPLI) (the "Company") announced today that it had filed under an amendment to its 8-K of January 22, 2014, audited financial statements for Vapor Group, Inc., ("Vapor Group"), for calendar 2012 and 2013, in connection with its "Merger Agreement and the Plan of Reorganization" announced on January 22, 2014, and completed January 27, 2014 (the "Merger") as announced.

The audited financial statements filed today were in compliance with the audit standards of the Public Company Accounting Oversight Board ("PCAOB") as applied to fully-reporting public companies filing with the Securities and Exchange Commission ("SEC"). In addition to filing the audited financial statements, the Company is required by regulation to show the effect of the Merger on assets, liabilities and equity by including a "pro forma" balance sheet for the combined companies. Both the audited financial statements and the pro forma balance sheet appear as exhibits in the 8-K/A, which is required to be filed as an amendment to the original 8-K of January 22, 2014. Copies of complete filing (8-K and exhibits) can be found on the SEC website at:

Dror Svorai, President, stated, "Although we are required to file the audited financial statements for prior periods and the pro forma balance sheet as exhibits to an amendment to the original 8-K, going forward our filings specific to financial results will be as stand-alone documents, more easily read."

He added, "That said, we are delighted that the results of our audit show that in our first full year of operation (2013), Vapor Group had gross revenues of $1,991,023, and a gross profit of $1,124,273, achieved primarily from May through December. Important, Vapor Group showed a net profit in its first full year of operation, which we believe is exceptional for most new businesses. Today, our pace of sales has accelerated, and in fact, is now further enhanced by our acquisition of a majority interest in American Vaporizer, LLC, which we acquired on March 31, 2014. We anticipate 2014 will be a very big year for revenue growth for us. First quarter results for all our companies will be announced in the coming month."

About the Vapor Group
Vapor Group, Inc.,, is in the business of designing, developing, manufacturing and marketing high quality, vaporizers and e-cigarette brands which use state-of-the-art electronic technology and specially formulated, "Made in the USA" e-liquids, which may or may not contain nicotine. It offers a range of products with unique e-liquid flavors that is unmatched in our industry. Its products are marketed under the Vapor Group, Total Vapor, Vapor 123, and Vapor Products brands.. It sells nationwide through distributors, wholesalers and directly to consumers through its own websites and direct response advertising.

All of its E-cigarettes consist of a long-life battery, a heating element, a cartridge filled with an "e-liquid" and an atomizer which when heated, vaporizes the e-liquid. Because E-cigarettes are not "lit" like regular cigarettes, they don't create flame, smoke from burning, ash, tar, noxious fumes or leftover "cigarette butts". As a result, they may be used virtually anywhere. 

Vapor Group is committed to providing E-cigarettes that are convenient and economical to use, safer and healthier than traditional smoking, and which provide a flavorful, enjoyable smoking experience.

Vapor Group, Inc. is managed by a highly experienced team of executives committed to responsible business policies and practices, including the marketing of our products only to those eighteen years of age or older, not making or avoiding claims about our product health benefits, and fulfilling the requirements of all applicable laws and regulations.

Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.

Contact Information

    Vapor Group, Inc.