MCIG mCig, Inc. Initiates Share Capital Restructur
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mCig, Inc. Initiates Share Capital Restructuring -- Prepares for Launch of mCig Herbal eCig
BELLEVUE, WA, Sep 13, 2013 (Marketwired via COMTEX) -- mCig, Inc. (OTCBB: LTCHD ) (SYMBOL: LTCHD until September 24 then MCIG) is pleased to announce that it has initiated a share capital restructuring transaction with Company CEO Paul Rosenberg that will result in the cancellation of 230,000,000 common shares of the Company in exchange for 23,000,000 newly issued multiple-voting preferred shares.
"Since assuming control of the company my primary objective has been to create shareholder value and I hope this step further demonstrates that commitment. By significantly lowering our market cap we are now better positioned to take advantage of strategic opportunities that will help us achieve our goal of developing innovative consumer products that serve our target industries at disruptive price points," stated Paul Rosenberg, CEO of mCig, Inc.
Following the restructuring, there are a total of 270,000,000 common shares and 23,000,000 preferred shares of mCig, Inc. issued and outstanding.
The company is preparing for the launch of its first product: the mCig a 10$ loose-leaf eCig between the end of Q3 or beginning of Q4 2013.
Company Profile
mCig, Inc. is a technology company focused on two long-term secular trends sweeping the globe: (1) The decriminalization and legalization of marijuana for medicinal or recreational purposes (2) The adoption of electronic vaporizing cigarettes (commonly known as "eCigs") by the world's 1.2 Billion smokers. The company is preparing to launch its first product the mCig -- a purpose built loose leaf eCig retailing at only $10. Designed in the USA -- the mCig provides a superior smoking experience by heating (not burning) plant material, waxes, and oils delivering a smoother inhalation experience. To learn more 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.
CONTACT PERSON:
Paul Rosenberg
CEO
Email Contact
(425)462-4219
SOURCE: mCig, Inc.
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