-Company Achieves $28,400 in Sales Over a 24 Hour Period, an Increase of 700% Over Previous Record
-Company Products mCig and VitaCig Were Highlighted On-Air With a Live VitaCig Demonstration by CNBC Business Reporter Jane Wells
BELLEVUE, Wash., April 8, 2014 (GLOBE NEWSWIRE) -- mCig, Inc. (OTCQB:MCIG) is pleased to report that the company has significantly broken its previous sales record over a 24 hour period of $3,541.12 achieved on January 29, 2014.
For the 24 hour period ended April 7, 2014, the company achieved sales of $28,400 marking an increase of 700% over the previous record. These sales figures relate only to products sold on mCig.org and exclude any sales achieved by Vapolution or VitaCig.
"These are extraordinary figures when considering our average sales per inventory day last quarter was roughly $3,300. Clearly, a combination of our efforts are beginning to come together in a manner that is allowing continued viral momentum, brand recognition, and growth in our products. We continue to work tirelessly towards our goal of mass adoption of our products. Meanwhile, we remain laser-focused on future innovation and M&A opportunities." Said Paul Rosenberg, CEO of mCig, Inc.
mCig Management and Products Featured on National Business News Network CNBC
A contributing factor which led to the new sales record occurred on April 7, 2014. At around 3:00 PM EST, the company and its products were prominently featured in a live segment on the leading nationally syndicated business network CNBC. In the segment, business news reporter Jane Wells discussed the emerging cannabis industry in the United States that are embarking on the legalization or decriminalization process. Wells highlighted mCig, Inc. as a company that was operating within the industry, but indirectly by selling a consumer product: The $10 mCig which allows for the heating of loose-leaf herbs and waxes.
The segment showed mCig, Inc. COO Mark Linkhorst giving a demonstration of the mCig with a variety of plant material and discussing the technical aspects of the device. Vapolution, Inc. (mCig subsidiary) CEO Patrick Lucey demonstrated the Vapolution 2.0 and discussed the politics of cannabis legalization. Towards the end of the segment, Wells unveiled the VitaCig, a $2 nicotine-free electronic cigarette that emits a water-based vapor comprised of vitamins, natural supplements, and organic flavors and proceeded to puff on the VitaCig on live television.
To watch an online replay of the segment please visit this page: http://www.cnbc.com/id/101560701
"Yesterday was a momentous day for mCig, Inc. We achieved national media attention only 67 days after launching our primary consumer product: mCig 2.0. We are honored that this coverage came from the widely respected business news network CNBC and was syndicated on other NBC Universal media properties," said Mark Linkhorst, COO of mCig, Inc.
To view the Company's most recent investor presentation please visit: http://www.mcig.org/investors/presentations/
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 is preparing to launch 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 alcohol friendly 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.