Havana Holdings Inc. Agrees to Acquire the Assets of GreenStar From SinglePoint, Inc.
Havana Holdings, Inc. Reduces Warrant Exercise Price to $.0275
PHOENIX, AZ -- (Marketwired) -- 06/11/15 -- On June 8, 2015 Havana Holdings, Inc., a Nevada corporation which is a wholly owned subsidiary of VT Business Products, Inc. (the "Company"), agreed to acquire the GreenStar brand and all related intellectual property assets from SinglePoint, Inc. (OTC: SING). This acquisition is subject to the availability of minimum funding for new operations.
To facilitate that requirement, the Company, which has more than 48,000,000 "free trading" warrants outstanding, has dramatically lowered the exercise price of all these warrants to $0.0275. Upon exercise of these warrants, the Company is authorized to issue "free trading" common stock. This Special Warrant Exercise price, unless extended, expires on June 30, 2015 at which time unexercised warrants will revert to their original exercise prices. Assuming all the money is raised through warrant exercises and these are the only exercises (they are not limited through June 30), the warrant holders will own about 15% of the Company's common stock and SinglePoint will hold just under 75% of the Company's common stock.
The Havana Holdings business. Havana Holdings, after consummating the acquisition of GreenStar intends to continue SinglePoint's GreenStar business plan. The focus of this plan will be developing a low cost E-cigarette brand (vape) targeted specifically to the 30 million strong Hispanic market. See www.havana-vapes.com.
Mike Williams, the President of the Company said "... this acquisition will put us in the middle of two major growth trends, vapes and the rapidly increasing Hispanic population. Reducing the Warrant price will allow our shareholders (who are all warrant holders) and other historical stakeholders to maintain their interest in this growth opportunity. Warrant Holders may exercise all their warrants as long as they are exercised sequentially (all the As before the Bs) or they may transfer them to other interested parties."
The first product will be a low cost disposable "vape" pen. Vape use has doubled in the last 12 months. According to BIS Research the e-cigarette global market is estimated to experience a compound grow rate of more than 20% over the next 10 years to reach $50 billion by the end of 2025. SinglePoint has already secured two distribution partners. The Hispanic market has a similar growth rate.
On the completion of the transaction, Mr. Greg Lambrecht will be Chairman of the Board and consult with the Company on developing its marketing plan and distribution channel. Last month, Mr. Lambrecht visited Cuba to start the process of securing the relationships to import supplies when the embargo is lifted.
Mr. Greg Lambert, the president of SinglePoint has a successful track record, for more than 20 years of founding and leading start-up companies focused on building new retail distribution networks. As the founder of Premium Cigars International, Ltd (PCI) a leading consumer product distribution company, Mr. Lambrecht negotiated agreements with the nation's largest retail outlets such as 7-11 (Southland Corp), Albertson's and Costco representing 25,000 retail accounts. As VP of Sales for Single-Stick, "PrimeTime," a retail tobacco company, Mr. Lambrecht went on to develop this company increasing sales from $300,000 per year to $10 Million+ per year. As part of the transaction, SinglePoint has agreed that Mr. Lambrecht will consult for the Company at no charge for 6 months after the Closing.
Additional Information on the Company and the Warrants. The Company has posted additional information on the Company's financial condition, its business, officers and directors and risk factors of its new business on its website: www.havana-vapes.com. There are also downloadable forms for warrant exercise and assignment.
About the Company.
The Company expects to file for trading after the acquisition closes on June 30. The Company's fiscal year is August 31 but if the Closing is prior to June it will change its year to June and audit its then financial condition anticipating raising additional funds.
The Company's office is located at 9830 S. 51st St., Suite A-128 Phoenix, AZ 85044.
Forward Looking Statements. Certain matters discussed within this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company's ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new business and limited capital. Further factors affecting future performance are detailed in the Company's Financial Statements posted on its web site.
FOR MORE INFORMATION CONTACT:
Havana Holdings, Inc.
Source: SinglePoint, Inc.
Released June 11, 2015