Newgen Concepts Inc (OTCMKTS:VPOR)’s CEO, Dror Svorai, wrote a letter to shareholders, providing an update on the company’s current position in the stock market. The letter comes amid growing concerns from shareholders that VPOR has become diluted, owing to the issuance of shares of the company’s free trading common stock. In his letter, Mr. Svorai, stated that the company has not issued any common stock, since the start of 2017 and no shares were issued in the FY2016 either.
The CEO also pointed out that they had held their position, with regards to convertible debt and the number of common shares being traded today is the same as in 2015. Mr. Svorai further reaffirmed that the company does not plan to issue any shares, in the foreseeable future. He also stated that Newgen Concepts plans to grow revenues and driver shareholder value, during the rest of this year. Moreover, Mr. Svorai promised to issue business updates, in the coming months, as well.
An earlier release from VPOR has already revealed that the company has made significant progress with its product development and revenue growth. The press release stated that the company’s initial production run of the Easy Grinder, has already been sold out. This sprint was comprised of 20,000 Easy Grinder units, which would in turn generate $1 million in revenue. The company has claimed that it continues to receive strong pre-orders and reservations from retail and re-sellers.
In addition to this, Newgen Concepts has claimed that it has also started receiving orders from Europe, as well. The company plans to capitalize on this international expansion opportunity, during the FY2017, making it a significant driver for revenue growth. Deliveries of the initial production run are expected to start by the end of March 2017, through VPOR’s subsidiary Total Vapor Inc.
Newgen Concepts Inc (OTCMKTS:VPOR) experienced a trade volume of 145.95 million and lost 13.79% of its share value, during the February 24 trading session, to close at $0.0025 per share.
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