VPR Brands, LP announced that it has received $0.100001 million in funding
October 07, 2021
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VPR Brands, LP announced private placement of an unsecured promissory note for gross proceeds of $100,001 on October 8, 2021. The transaction involved participation from existing investors Kevin Frija, Chief Executive Officer, President, Principal Financial Officer, Principal Accounting Officer and Chairman of the board, and a significant stockholder of the company. The note bears interest at the rate of 24% per annum. The note permits investor to deduct one ACH payment from its bank account in the amount of $500 per business day until such time the borrower has paid an amount equal to the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on October 8, 2022. The note can be prepaid anytime. The notes are unsecured.
VPR Brands, LP is a technology company and an intellectual property (IP) holding company. The Company is engaged in various monetization strategies of its United States patents covering electronic cigarette, vaporizer technologies, and related accessories. It designs, develops, markets, and distributes products oriented towards the cannabis markets, including the ELF and HONEYSTICK brand of vaporizers and DISSIM Lighters. It has several trademarks (ELF, HONEYSTICK, PHANTOM, RIPPER, VPOD, VAPOR X) for licensing activities. The Company is also engaged in product development for the vapor or vaping market, including e-liquids. Electronic cigarettes are electronic devices, which deliver nicotine through atomization, or vaping of e-liquids and without smoke, and other chemicals constituents typically found in traditional tobacco burning cigarette products.