mCig Updates Shareholders on Status of 10K Filing
Jacksonville, FL, Aug. 22, 2018 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — mCig, Inc. ( OTCQB : MCIG ), a diversified company servicing the legal cannabis markets, announced today that as a result of its expansion of services during the past year, the annual report on Form 10-K was delayed. mCig expects to file its Form 10-K shortly with an audit report from its independent registered public accountants.
While we appreciate shareholders’ patience with regards to MCIG’s soon to be released filing, we felt it necessary to provide an update in the matter. New accounting was only one of many initiatives implemented by mCig to improve compliance and visibility. These measures had to be put in place as new product lines and increasing revenue streams will have an impact in how we report moving forward.
We thank you for your time and continued support.
About MCIG Group (MCIG)
Headquartered in Jacksonville, Florida, mCig, Inc. (MCIG) is a diversified company servicing the legal cannabis, hemp, and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry.
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, EBIDTA, 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. EBIDTA should not be considered as a substitute for net income.