LOCUST VALLEY, NY / ACCESSWIRE / March 15, 2021 / Standard Vape Corporation (OTC PINK:SVAP); (the "Company" or "SVAP") announced today that 76.3% of the shareholders of Standard Vape Corporation had voted to acquire the two subsidiaries of FF24 Holding AG. The consummation of the transaction with Fast Finance 24 Holding AG ("FF24 Holding") is pending the registering changes of ownership of the two German companies' shares with the administrative court ("Amtsgericht") in Germany, which is expected to take in the region of two weeks.
The two subsidiaries of FF24 Holding are both private companies with limited liability organized under German law and active in the FinTech space: FF24 Merchant Services GmbH ("ff24payments.com") and FF24 Ventures GmbH ("ff24pay.com"). Further information on the businesses being acquired by SVAP is given below.
The transaction is to be consummated by means of an equity exchange of 100,000 SVAP Class D Preferred for 100% of the issued share capital of each German company. As part of the transaction, SVAP will divest itself of Nano Vape Corporation by rescinding the transaction with the original Nano Vape shareholders and returning the business and liabilities to the original vendors of that business. All remaining SVAP Series A Preferred shares will be converted into common stock with the cancellation of ninety percent of the resulting converted shares including any common shares resulting from previous Series A conversions, leaving Series A preferred holders with 10% of their original holding or 61,490,000 common shares with 562,500,000 shares or shares that could be issued by virtue of the Series A being cancelled. The transaction calls for the shares resulting from the Series A conversion and prior conversions to be subject to a 90 day ‘lock up' with a 12 month bleed out agreement thereafter. After the conversion and cancellation, the only preferred series outstanding will be Series D issued to FF24 Holding AG as the consideration for the two German subsidiaries. The wholly-owned subsidiary of SVAP, Neo Virucide, Inc., will be ‘spun off' to shareholders of record as of March 5, 2021 leaving SVAP shareholders holding shares in the newly-consolidated surviving FinTech businesses within the Company.
The Company intends, following the consummation of the transaction, to announce a change of name, better to reflect its new business direction. Mr. John Fruhmann and Dr. M. Ehrlich shall resign from the Board of SVAP and Mr. Andreas Garke, chief executive officer and co-founder of FF24 Holding, shall be appointed the new President with Mr. Armin Dartsch, Chairman of the Supervisory Board of FF24 Holding, the Director and Company Secretary.
About FF24 Holding:
FF24 Holding is a public company based in Berlin, Germany with its registered address at Uhlandstraße 165/166, Berlin 10719, Germany. FF24 Holding primarily invests in European Internet companies. Typically, FF24 focuses on the financial technology, marketing, communications and IT segments.
About ff24payments.com:
ff24payments.com offers innovative collection and payment processing services solutions, including for one-time purchases and recurrent subscriptions, for large and small on-line merchants and for operators of the expanding range of websites which derive revenue from the "freemium" subscription model.
About ff24pay.com:
"Making banking instant and mobile"
ff24pay.com provides consumer banking and instant money transfer solutions across a broad spectrum of the world's major convertible currencies. The initial target consumer groups for ff24pay.com are individuals and SMEs that use as their base currencies either the Euro (EUR; €) or the pound Sterling (GBP; £). The combined population of the 19 Eurozone countries which use EUR is 340 million and GBP is the everyday unit of account for 67 million people.
In ff24pay.com's target geographies, easily accessible Apps for Android and iPhone are currently downloadable from mobile subscribers' App stores; desktop and laptop versions of the Apps that may better meet the needs of SME business users are also downloadable.
Legal Disclaimer
This news release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the Company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.
Contact Information:
Keith, Bayley, Rogers & Co. Limited*†
Graham Atthill-Beck,
Director, Corporate Finance
+44 7506 43 41 07 / [email protected]
* Keith, Bayley, Rogers & Co. Limited intermediated as broker to the equity exchange arrangements described above between Standard Vape Corporation and Fast Finance 24 Holding AG.
† Keith, Bayley, Rogers & Co. Limited is a member of The London Stock Exchange and a member of Aquis Exchange - AQSE. It is authorised and regulated by the Financial Conduct Authority of the United Kingdom of Great Britain and Northern Ireland.
SOURCE: Standard Vape Corp.