Business
mCig to Spin-Off Technology Division as a Stand-Alone Public Company
mCig to Spin-Off Technology Division as a Stand-Alone Public Company.
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[{"type":"text","content":"\n \n \n mCig to Spin-Off Technology Division as a Stand-Alone Public Company\n \n \nmCig to Spin-Off Technology Division as a Stand-Alone Public Company\n \n LAS VEGAS, NV--(Marketwired - Oct 19, 2017) - mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis markets, announced today that the company will spin-off its technology division as a stand-alone public company. In conjunction with the spin-off, mCig shareholders will be awarded shares in the proposed public entity based on their holdings in MCIG. mCig Inc. expects to file the appropriate documents with the SEC within the next 45 days. \n The implementation for a spin-off was originally planned from the beginning, during the initial establishment of GigeTech, Inc., MCIG's technology subsidiary, which provides a wide range of services such as software solutions, advertising, e-commerce, advisory services and consultations, financial services, blockchain integrated technologies, product design, branding, and various other technology offerings.\n The move will allow for GigeTech to expand its operations into other markets and industries while continuing to provide solutions and expand its services in the cannabis space. Most recently, GigeTech entered into an agreement for the use of its proprietary advertising technology with its first non-cannabis related customer.\n \"We are astounded as to how quickly we have come to the execution of this plan. Many of our shareholders have probably wondered if we had a clear vision of where we want to go with MCIG. Rest assured we have! As we have begun the process of moving in the direction of cultivation, distribution, and production in both Nevada and California (while reviewing other states as well), we have systematically divested ourselves of businesses that will continue to provide us resources to achieve our end goal. These divestitures have and continue to create cashflow, allowing us to maintain our 'ZERO TOXIC DEBT' mantra. This solidifies our continued growth and will allow us to achieve a higher profit margin, thus increasing shareholder wealth,\" said Paul Rosenberg, MCIG's Chief Executive Officer. He went on to say, \"Spinoffs are a great way to enhance shareholder value and it will continue to be a major part of our business model.\"\n For more information vi...