HENDERSON, NV–(Marketwired – Aug 1, 2016) – mCig, Inc. ( OTCQB : MCIG ), a leading distributor of technology, products, and services in the Cannabis industry, announces VitaCig E-Cig Division Update:
We are pleased to give our current and prospective shareholders an update on MCIG with regards to the recent separation between MCIG and VitaCig (VTCQ). Last month we announced that MCIG had come to an agreement to take control of VitaCig and roll its current company and assets into a subsidiary of MCIG. As part of the agreement, MCIG keeps 57,500,000 shares of VTCQ, has a $95,000 convertible note owed by VTCQ, and will no longer carry the financial burden associated with VTCQ.
From an asset perspective MCIG kept all of the European/Asian distribution contracts that are already revenue producing. These contracts have guaranteed order requirements that have a potential three-year estimated value of $3.9 million USD. It is also important to note that MCIG will retain the name and branding associated with the VitaCig brands.
“We are exceptionally happy to have been able to execute this agreement on behalf of MCIG and its shareholders. The company retains all of the Research and Development associated with this brand as well as a revenue-producing pipeline for one of the most robust CBD and E-Cig markets in the world. We couldn’t be happier. MCIG continues to maintain close contact with new management of VTCQ, where we expect big things from in the near future,” said Paul Rosenberg, CEO of mCig, Inc.
He continued, “VitaCig has always been closely attached to MCIG. Since re-launch early this year, we have seen tremendous revenue growth and brand expansion. We continue to push forth in the European/Asian markets, as well as expanding into Canada, India, and South Africa. This division and everything that has gone from early stages of development till now will be one of our most profitable divisions. Our team has been focused on improving our revenue and simultaneously reducing our business costs drastically. As we move into the second part of 2016 we are better positioned in this escalating market, better than most of our peers. To ‘stay the course’ without taking on debt that would be detrimental to the company and its shareholders and simultaneously expand into other revenue verticals like our Scalable Solutions division positions MCIG as an industry leader.”
VitaCig is also pleased to announce the release of three new proprietary, MaxVG formula VitaCig® concepts and flavors under a newly labeled S-Edition line, which will include, SURGE B-12 + Energy Complex, SLEEP VitaCig® Edition, and Kama Sutra (SEX) VitaCig® Edition. Orders can be placed by visiting: http://www.vitacig.org/
VitaCig is not done with its S-Edition line, with several more proprietary formulas and flavors set for release later this year.
For more information on mCig, Inc. please visit us at http://www.MCIG.org
About mCig, Inc.
Headquartered in Henderson, NV, mCig, Inc. (MCIG) is a leading provider of advanced technologies and solutions to the global cannabis industry. mCig manufactures and markets best-selling portable and home vaporizers, extraction related equipment, CBD Rich Hemp Oil-derived products, and related nutraceuticals based on natural compounds found in Cannabis and Hemp plants. The company believes that a well-regulated marijuana industry is emerging as more states follow the lead of Alaska, Colorado, Oregon, and Washington in legalizing marijuana. A similar trend is developing within the CBD and Hemp industries following overwhelming consumer demand.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company’s products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies.