HENDERSON, NV--(Marketwired - Feb 10, 2017) - mCig Inc., (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets, came into a significant agreement with several MCIG's major shareholders to reduce its common stock by 60 million shares by converting those shares into 6 million Series A Preferred Stock with a minimum 2 year lock up agreement. Paul Rosenberg, MCIG's Chief Executive Officer, has also agreed to cancel an additional 20 million underlying common shares to further reduce the outstanding shares.
"MCIG's executives are committed to improving our capital structure and shareholder value while accelerating revenue growth and profitability without accumulating toxic debt," said Paul Rosenberg. "After experiencing our strongest quarter ever, I value the vote of confidence these shareholders place in our company by converting their common shares and agreeing to a two year lock up."
MCIG plans to release the Form 10Q in approximately two weeks to provide clarity for our strong quarter via our next MCIG quarterly conference call on February 28, 2017 at 4:30 PM EST. In addition to highlighting its previous quarter performance, MCIG will release its guidance for the next quarter, its projected FY2017 earnings and our strategic plans moving forward.
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 industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors Inc., 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.