BELLEVUE, Wash., April 21, 2014 (GLOBE NEWSWIRE) -- mCig, Inc. (OTCQB:MCIG) is pleased to announce that its wholly owned subsidiary VitaCig, Inc. has filed a Form S-1 (prospectus) with the Securities and Exchange Commission (SEC) for the registration of 250,000,000 VitaCig, Inc. shares that will be paid out to mCig, Inc. shareholders as a dividend on the record date. The record date has now been declared. That date shall be defined as the first business day following an effective statement from the SEC in regards to the Form S-1 filing.
VitaCig, Inc. Spin-Off, Dividend, and IPO
Purpose: The Purpose of the Spin-Off is to allow VitaCig, Inc. to operate as an independent company operating within the electronic cigarette space by harnessing mobile vaporization for medical delivery.
Pro Forma Capital Structure: VitaCig, Inc. will have 560,000,000 shares Authorized, 500,135,000 shares Outstanding, with mCig, Inc. owning 246,786,424 of that total representing 49% of the outstanding shares. The remaining 51% of VitaCig, Inc. will be owned by current mCig, Inc. shareholders as well as mCig, Inc. management.
Dividend Ratio: Every shareholder of mCig, Inc. will receive a dividend of One (1) share of VitaCig, Inc. for every One (1) share of mCig, Inc. owned on the Record Date.
Record Date: The record date has now been defined as the first business day following an effective statement from the SEC in regards to the Form S-1 filing. It is difficult to predict with precision when this effective statement will be obtained. This event may occur at any-time following the filing of the Form S-1.
Mechanics of Completing the Distribution: mCig management anticipates that within thirty days of the date of the effective date of the prospectus, mCig will deliver 250,000,000 shares of our common stock to the distribution agent, Clear Trust LLC, to be distributed to the shareholders of mCig. We have defined the record date as the first business day following the effective statement from the SEC. Only holders of mCig, Inc. on the record date shall receive shares of VitaCig, Inc. Only those shares deemed "free trading" by our transfer agent shall be registered under this prospectus. These shares are held by a total of 14,842 shareholders.
If you hold your mCig shares in a brokerage account, your VitaCig shares of common stock will be credited to that account and will be freely tradable upon listing. If you hold your mCig shares in certificated form, a certificate representing shares of your VitaCig common stock will be mailed to you by the distribution agent. The mailing process is expected to take about thirty days. No shareholder of mCig will be required to make any payment or exchange any shares in order to receive our common shares in the distribution. mCig will bear all of the costs of the distribution, and VitaCig is bearing the costs of this Registration Statement.
VitaCig Video Ad
The company recently released a video advertisement for the VitaCig which can be found here: https://www.youtube.com/watch?v=tKaQcZ2r04I.
The Science Behind VitaCig*
The VitaCig device is designed to deliver vitamins and phytonutrients via direct inhalation of rapidly absorbed vapor. Phytonutrients are compounds found in plants that provide significant health benefits. Every VitaCig includes the following base Vitamins: A, B, C, E, and CoQ10 (Ubidecarenone).
The "end of the day" VitaCig that can be enjoyed after a long day at work or before bed-time. Extracts of blueberry and black currant provide flavor as well as the potent anti-inflammatory and antioxidant phytonutrients known as polyphenols and anthocyanins. B-Myrcene belongs to a class of aromatic plant compounds called monoterpenes and is incorporated for its sedative, muscle relaxant and analgesic properties.
The "go-to" VitaCig that can be enjoyed throughout the day for a refreshing and uplifting feeling. Oils of peppermint and spearmint provide flavor and a natural source of menthol. Menthol, a monterpene derivative, has analgesic, local anesthetic, decongestant, expectorant and cooling properties. Eucalyptol belongs to a class of aromatic plant compounds known as oxides and has expectorant, decongestant, antiseptic, bronchodilatory and cough suppressant properties.
The calorie-free "energy booster" that will help you get through a slow day. Extracts of orange and grapefruit provide flavor, vitamin C and citrus bioflavonoids. Citrus bioflavonoids have been shown to provide antioxidant protection and immune system support. Orange oil is added for flavor and as a natural source of limonene. Limonene is a monoterpene incorporated for its stimulating, uplifting, antiseptic, and anxiolytic properties.
* These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.
About VitaCig, Inc.
VitaCig, Inc. is a technology company that is harnessing mobile vaporization technology for medical delivery applications. The company has launched its first consumer product: The VitaCig, a $2 nicotine-free device that looks and feels like an electronic cigarette (eCig). Unlike a traditional eCig, the VitaCig delivers a vapor of natural flavors, vitamins, and phytonutrients. Initially the VitaCig will be produced in three flavor categories: Relax, Refresh, Energize with plans for additional flavor categories and targeted medical applications in the future. The company is currently a subsidiary of mCig, Inc. (Stock Symbol: MCIG) that is in the process of being spun-off to shareholders.
The traditional tobacco industry is estimated at nearly $900 Billion a year. Financial analysts from Wells Fargo, Goldman Sachs, and Citigroup predict that by 2022 Electronic Cigarettes will supplant the traditional tobacco industry and eventually grow into a $1 Trillion industry.
VitaCig is disrupting both the traditional tobacco industry and the growing electronic cigarette industry by appealing to the existing 1.2 Billion adults globally that smoke cigarettes, providing them with a nicotine and tobacco-free alternative that may assist in harm reduction. Moreover, the company is expanding the target market beyond the 1.2 Billion adults by appealing to non-smokers or occasional smokers with a superior method for the consumption of Vitamins, Nutrients, and other compounds with medicinal efficacy. – To learn more visit: http://www.vitacig.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.
Paul Rosenberg CEO (425)462-4219
Bellevue, Washington, UNITED STATES
Paul Rosenberg CEO (425)462-4219
Day's Range: 0.00-0.00
Previous Close: 0.39
Market Cap: 105.35M
Day's Volume: 0