Business
mCig Inc. Offers VitaCig E-Cig Division Update
mCig Inc. Offers VitaCig E-Cig Division Update.
About this update from Bots Inc.
[{"type":"text","content":"\n \n \n mCig Inc. Offers VitaCig E-Cig Division Update\n \n \nmCig Inc. Offers VitaCig E-Cig Division Update\n\nVitaCig Inc. Continues Global Expansion & Product Innovation\n\n \n HENDERSON, NV--(Marketwired - Aug 1, 2016) - mCig Inc. (OTCQB: MCIG), a leading distributor of technology, products, and services in the Cannabis industry, announces VitaCig E-Cig Division Update:\n We are pleased to give our current and prospective shareholders an update on MCIG with regards to the recent separation between MCIG and VitaCig (VTCQ). Last month we announced that MCIG had come to an agreement to take control of VitaCig and roll its current company and assets into a subsidiary of MCIG. As part of the agreement, MCIG keeps 57,500,000 shares of VTCQ, has a $95,000 convertible note owed by VTCQ, and will no longer carry the financial burden associated with VTCQ.\n From an asset perspective MCIG kept all of the European/Asian distribution contracts that are already revenue producing. These contracts have guaranteed order requirements that have a potential three-year estimated value of $3.9 million USD. It is also important to note that MCIG will retain the name and branding associated with the VitaCig brands. \n \"We are exceptionally happy to have been able to execute this agreement on behalf of MCIG and its shareholders. The company retains all of the Research and Development associated with this brand as well as a revenue-producing pipeline for one of the most robust CBD and E-Cig markets in the world. We couldn't be happier. MCIG continues to maintain close contact with new management of VTCQ, where we expect big things from in the near future,\" said Paul Rosenberg, CEO of mCig, Inc.\n He continued, \"VitaCig has always been closely attached to MCIG. Since re-launch early this year, we have seen tremendous revenue growth and brand expansion. We continue to push forth in the European/Asian markets, as well as expanding into Canada, India, and South Africa. This division and everything that has gone from early stages of development till now will be one of our most profitable divisions. Our team has been focused on improving our revenue and simultaneously reducing our business costs drastically. As we move into the second part of 2016 we are better positioned in this escalating market, better than most of our peers. To 'stay the course...