Vapor Hub International Inc. completed the acquisition of Delite Products, Inc.
The closing of the transaction shall occur in two phases. The initial phase will be the acquisition of Vapor Hub by DogInn. Subsequently, and within no less than one week, the closing will be completed by the acquisition of Delite by DogInn. The selling shareholders shall be issued the DogInn common shares upon the initial closing of the Vapor Hub acquisition. Such shares shall be held in escrow by DogInn legal counsel until the second closing, the acquisition of Delite occurs.
The transaction is subject to satisfactory due diligence investigation by DogInn, Delite Products and Vapor Hub, submission of audited financial statements by Delite Products and Vapor Hub from their inception to December 31, 2013, DogInn having received from Delite Products and Vapor Hub copies of all agreements or arrangements that evidence the employment of all of their hourly and salaried employees, third party approvals, name and ticker change of DogInn, DogInn completing a private placement of $0.55 million, DogInn will have 68.1 million common shares issued and outstanding in the capital of DogInn and others.
On March 14, 2014, As part of the transaction, 38 million were issued to the shareholders of Vapor Hub, who are also the shareholders of Delite. The shares shall remain in escrow with our counsel until the acquisition of Delite is also effected. The closing of the acquisition of Delite is expected to occur within 10 business days. Concurrently, and as a condition to closing the share exchange agreement, 50.9 million shares of DogInn, Inc. were cancelled and a convertible debenture in the amount of $0.19 million was entered into with one non-US investor.
Vapor Hub International Inc. (OTCPK:VHUB) completed the acquisition of Delite Products, Inc. on March 26, 2014.