mCig, Inc. Initiates Share Capital Restructuring -- Prepares for Launch of mCig Herbal eCig
September 13 2013 - 12:45PM
Marketwired
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
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