mCig Announces 5 Million Reduction in Shares Outstanding
HENDERSON, NV–(Marketwired – Jan 23, 2017) – mCig, Inc. ( OTCQB : MCIG ), a diversified company servicing the legal cannabis, hemp, and CBD markets, announced today that it has begun the process of cancelling 5 million shares of its common stock.
“We are announcing to our shareholders that we have reduced our shares of common stock outstanding by 5 million shares,” stated Michael Hawkins, CFO of MCIG. “Building value for shareholders in a public company requires not only success in establishing a strong business and revenue model, but also maintaining the financial integrity that comes from prudently managing the stock capital structure of the company. During our review we were able to identify and negotiate terms of service that led to the cancellation of prior stock issuances.”
“We made a firm commitment to our employees, partners and shareholders that we would focus on executing our business plan with the guiding principle of enhancing shareholder value through profitable revenue growth and diligent oversight of our capital structure,” added Paul Rosenberg, CEO of MCIG. “We will continue to evaluate our stock capital structure to increase shareholder value. It is our team’s primary objective to add value to current and future shareholders through actions reflecting appropriate fiduciary responsibility,” concluded Rosenberg.
In a separate matter, MCIG received a proposal from several shareholders to create a new series of Preferred B Stock to convert their common shares with a 24 month lock-up agreement. MCIG is happy to see that multiple shareholders believe in the MCIG management team and its implemented business strategies, and are prepared to invest in MCIG on a long term basis. MCIG’s board of directors is analyzing the proposal, and if the board of directors concurs with shareholder group, the capital structure of the company will be substantially improved. The Company will update our shareholders on the board of directors’ decision and the outcome of the transaction.
About mCig, Inc. Headquartered in Henderson, Nevada, mCig, Inc. ( OTCQB : MCIG ) A diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to 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.mciggroup.com.
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.