mCig, Inc. Provides VitaCig, Inc. Spinoff and Dividend Update
May 30 2014 - 9:00AM
mCig, Inc. (OTCQB:MCIG) is pleased to provide its investors with an
update on the status of the VitaCig, Inc. subsidiary spinoff and
pro-rata dividend.
On April 21, 2014, VitaCig, Inc. (an mCig, Inc. subsidiary)
filed for an IPO (Initial Public Offering) with the Securities and
Exchange Commission (SEC) under form S-1. The form in its entirety
can be viewed on the SEC website by visiting this url:
http://www.sec.gov/Archives/edgar/data/1604906/000137647414000117/vcig_s1.htm
Form S-1 is a disclosure document that registers shares for
resale with the SEC. Once an S-1 is declared effective by the SEC,
every share registered becomes freely tradable and the company
filing the document (in this case VitaCig, Inc.) becomes eligible
for public listing.
In VitaCig's case, the shares being registered totaling
250,000,000 represent the amount of shares that will be paid out as
a dividend to existing mCig, Inc. shareholders on a one (1) for one
(1) basis such that every mCig, Inc. shareholder with one (1) share
will receive one (1) share of VitaCig, Inc. that will be freely
tradable following an effective declaration from the SEC.
mCig, Inc. is pleased to report that on May 16, 2014 the company
received an initial round of comments from the SEC. The company's
legal counsel is currently preparing an amended S-1 that will be
filed with the SEC by June 15th, 2014. At that point, the SEC may
return with additional comments or alternatively, declare the
registration statement effective which in turn would allow VitaCig,
Inc. to obtain a stock symbol and begin trading on the OTC
Exchange.
The company wishes to remind shareholders of mCig, Inc. that the
effective date for the VitaCig, Inc. dividend will be the same date
that the SEC declares the S-1 effective.
"We have received an overwhelming amount of investor
communication regarding this topic. Unfortunately, there is not a
faster way to pursue a public listing with a pro-rata dividend
other than filing for a new IPO as we have done. I want to stress
that we remain committed to this process and will do everything in
our power to see that VitaCig, Inc. obtains a public listing
expeditiously. We are even more excited about the prospects of
VitaCig, Inc. which is growing in popularity at a much faster rate
than mCig," said Paul Rosenberg, CEO of mCig, Inc.
About mCig, Inc. mCig, Inc. (OTCQB:MCIG) 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 manufactures and retails the mCig – the
world's most affordable vaporizer priced at only $10. Designed in
the USA – the mCig provides a superior smoking experience by
heating plant material, waxes, and oils delivering a smoother
inhalation experience. The company also owns Vapolution, Inc. which
manufactures and retails home-use vaporizers such as the Vapolution
2.0. Through its wholly owned subsidiary, VitaCig, Inc. the company
manufactures and retails the VitaCig, a $2 nicotine-free eCig that
delivers a water-vapor mixed with vitamins and organic flavors.
Through its wholly owned subsidiary, LiqCig, Inc. the company is
engaged in the development of the world's first pre-packaged
alcoholic eCig. See more at: http://www.mCig.org/,
www.Vapolution.com, www.VitaCig.org. The Company believes that a
well regulated marijuana industry is emerging as more states follow
the lead of Washington and Colorado in legalizing marijuana. A
similar trend is developing within the eCig industry following the
first acquisition of an electronic cigarette brand (Blucigs) by a
traditional tobacco company Lorillard Inc. for $135 million
followed by another acquisition in February 2014 by Altria Group
Inc. of Green Smoke for $150 million. Wells Fargo analyst Bonnie
Herzog estimates that eCig sales may rise from $1 Billion in 2013
to $10 billion over the next three years. mCig, Inc. (OTCQB:MCIG)
has positioned itself as a first mover at the intersection of these
two trends and hopes to create shareholder value by making the mCig
one of the leading choices for electronic consumption of plant
material. - See more at:
http://www.mcig.org/investors/investor-opportunity-subpage/ 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: Paul Rosenberg
CEO
(425)462-4219