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July 28, 2014
16:45 EDTVPCOVapor Corp. amends previously announced asset purchase with IVG
Vapor Corp. announced that on July 25 the company and International Vapor Group, or IVG, and certain of its subsidiaries amended their previously announced asset purchase agreement entered into on May 14, pursuant to which the company will purchase IVG's e-cigarettes and vaporizers e-commerce, wholesale and retail operations by acquiring substantially all of IVG's assets and assuming certain of its liabilities. The parties amended the asset purchase agreement by entering into a first amendment to the asset purchase agreement. The first amendment extends the termination date of the asset purchase agreement to September 30, requires IVG's business prior to completing the acquisition to cease using the VAPOR ZONE brands and to rebrand the IVG business, as necessary, with one or more new brands mutually agreed upon by the parties and expands and modifies IVG's owners' indemnity obligations, among other modifications to the asset purchase agreement. Vapor expects to complete the acquisition as soon as possible but not later than September 30.
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