(July 25) Dear Shareholders,
I want to thank all of you for supporting Vape Holdings through the toughest time in our company’s history. I apologize for the delay in introducing myself and communicating my plan for the company. With the situation that Vape Holdings was in, I felt that it was my responsibility to take the time to outline and convey a plan that I believe will be essential to our recovery. My predecessors had good intentions for the directions they went in, but ultimately fell short. Over the next six months I hope to reinvigorate Vape Holdings and guide it down the road to success by focusing on the following key factors:
We have worked diligently to scale back operations and will continue to reduce any unnecessary expenses in the future. Our goal is to be at an operational breakeven and then move into profitability. We hope to avoid any type of toxic financing and use profits to grow our company responsibly.
Stick to the Business Model:
We are refocusing on our core business, which is developing innovative products and distributing them to a premier customer base of retailers. In the near future we plan to release our new “advanced ceramic” product line, ONYX, that will help refine the industry and further strengthen the reputation of HIVE and Vape Holdings. A limited number of our newly designed ONYX product will be for sale on the HIVE Ceramics website in the near future. In addition to strengthening our foundation we plan to selectively distribute high quality products from other brands as the opportunities present themselves, allowing our customers to do more of their purchasing from us.
Stabilize Capital Structure:
Many of Vape Holdings recent challenges have been caused by investments that haven’t returned profits in excess of the cost of capital. We have been working around the clock to stabilize the capital structure and are focused on finishing the debt consolidation. We also plan to work with investors to manage the conversion of outstanding notes so the impact of new shares on the market is manageable.
Clarity for investors:
I am committed to sharing information about our progress on these matters and working with you to revitalize Vape Holdings. We have received advice and offers from our shareholders within the industry to assist where they can. We appreciate this tremendously and hope to work with all parties to positively impact the company. We would like any of our shareholders to contact our Investor Relations team to receive updates or discuss any potential joint efforts. In addition to reaching out directly we will be updating you through our press releases, public filings and website regularly.
Thank you again for your continued support. I look forward to working together to create a long and bright future for Vape Holdings.
Creating and setting high product manufacturing standards within the legal cannabis industry.
Vape Holdings is a company focused on the acquisition and development of innovative companies in the vaporizer industry. The Company strives to provide consumers with the healthiest, most sustainable options to market, and to drive innovation in a rapidly expanding industry.
Vape intends to aggressively market healthy vaporization options as it identifies companies and brands that are synergistic with the Company’s vision and business model. While many claim that the changing times are bringing about a “new” industry, Vape holdings has put together a management team that has been actively involved in this space, helping to build a better tomorrow for vaporizer enthusiasts.
The Company’s founders accept the status quo as nothing more than a starting point, a place from which to build a better, safer, more effective alternative. And that starts with HIVE.
Board of Directors
CEO AND CHAIRMAN OF THE BOARD
Mr. Beaulieu delivers valued experience in the implementation and integration of operational and sales systems to the VAPE Holdings executive team.
Ben has owned operated several multi-million-dollar retail garden supply and technology businesses. With a focus on automation and functionality, Mr. Beaulieu has successfully expanded those companies from brick and mortar locations to E-commerce superstores with global sales and partnerships with the industry’s top distributors in the United States and Canada. Ben’s experience operating various companies in the ancillary MMJ markets, has already improved VAPE’s employee management and development. With a focus on streamlining operations Mr. Beaulieu will allow VAPE to rapidly grow while combating the associated costs responsibly.
ALLAN VIERNES, CPA, MBA
CHIEF FINANCIAL OFFICER AND BOARD OF DIRECTORS
Mr. Viernes specializes in public and private accounting and finance, SEC matters, corporate restructuring and bankruptcy, mergers and acquisitions, and financial modeling and analysis.
Allan has served in such positions as Chief Financial Officer of an oil and energy company, Corporate Controller of a software company, and consulted with various retail and restaurant franchises and commercial real estate companies through troubled debt restructurings and leveraged buy outs. Mr. Viernes also has past experience as an auditor with McKennon Wilson & Morgan, a PCAOB registered accounting firm, focusing on audits of private and publicly-held companies.
Mr. Viernes graduated Cum Laude with a Bachelor of Administration in Accounting from Devry University, earned a Master of Business Administration with Honors from the Keller Graduate School of Management, and is a Certified Public Accountant.