mCig, Inc. Releases August October 2016 Quarterly Financial Results
HENDERSON, NV–(Marketwired – Dec 12, 2016) – mCig, Inc. ( OTCQB : MCIG ), a diversified company servicing the legal cannabis, hemp, and CBD markets announced today that it will be filing its second quarter financial report with SEC after the close of financial markets on Monday, December 12, 2016.
- MCIG assets have increased 300% during the fiscal year.
- Company operations are completely self funded and will continue to as MCIG believes Convertible debt is detrimental to shareholders.
- Convertible debt free balance sheet.
- Gross Profit increased by 118% for the quarter and 29% for the six month period ending October 31, 2016 as compared to the same periods in 2015.
- MCIG reported its first net income profitable quarter and its second consecutive profitable adjusted net income quarter.
- Each reporting operational segment was profitable.
- The company has gained over $200K in excess working capital for the fiscal year.
Mike Hawkins, Chief Financial Officer, stated, “MCIG continues to outperform internal expectations while gaining significant market share with our division’s multiple verticals. Management’s expectation of profitability for the third quarter was realized in the second quarter & the balance sheet continues to grow while profits are actualized. Management is extremely pleased with the direction and performance of MCIG in advance of internal projections.” Mr. Hawkins went on to say, “We will be hosting our next quarterly shareholders update call on December 19, 2016 at 4:00 PM to discuss our historic quarterly results, momentum we are seeing in the now completely legal cannabis market of Nevada as well as Recent Developments and Growth Plans for the Future.”
“MCIG’s rapid business growth & development has necessitated our need to effectively communicate with our shareholder base. We understand the importance of sharing recent events with our shareholders to ensure they have a thorough understanding of our vision and the growth opportunities we have positioned ourselves & shareholders for. With new markets within the United States & abroad that have opened up we feel we have a competitive advantage within the industry and we want to communicate this with our shareholders,” stated MCIG CEO Paul Rosenberg. Further details will be provided.
MCIG management will answer investor questions submitted at [email protected]
To participate by telephone, the domestic dial-in number is +1 (712) 451-0011. The access code is 889964.
About mCig, Inc.
Headquartered in Henderson, Nevada, mCig, Inc. ( OTCQB : MCIG ) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to an industry leading large scale, full service cannabis cultivation construction company with its Scalable Solutions division currently operating in the rapidly expanding Nevada market. The company looks forward to growing its core competencies to service the Ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change. For more information visit www.mcig.org.
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.
This release contains a non-GAAP disclosure, Adjusted Net Income, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. Adjusted Net Income should not be considered as a substitute for net income.