Sunday, December 11, 2016 6:11:00 PM
http://www.otcmarkets.com/stock/OMHE/news
mCig, Inc., Acquires 17M Shares of Omni Health, Inc.
HENDERSON, NV -- (Marketwired) -- 11/22/16 -- mCig Inc., (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets, announced today it elected to convert its Convertible Promissory Note into shares of Omni Health, Inc., (OTC PINK: OMHE) as of October 31, 2016. The outstanding balance owed, $98,108, including interest, was converted into just over 17,677,058 shares, increasing its current position to more than 75,177,058 shares.
"MCIG had been approached by many companies that wanted VTCQ and we wanted the best deal possible for MCIG and its shareholders. We kept the brands we helped create (Vitacig), kept a sizeable share position, and made a deal with a company that is doing 7 figures in revenue a quarter," said Paul Rosenberg CEO of MCIG, Inc. The significance of the Omni Health, Inc., (OTC PINK: OMHE) deal for MCIG shareholders is the passive investment by MCIG will derive a future cash position for MCIG and MCIG shareholders. At a $0.02 PPS of OMHE, our investment is worth roughly $1.5 million; however the current valuation is based upon the previous VTCQ business and its net losses, while OMHE has just stated a net profit of $1.6M in its first quarter, which will significantly enhance our investment once all information is made public and digested in the market. With $1.6M net profit reported in its first quarter, dividend holders in the old VTCQ now have significantly more revenue stream and profit stream than the previous assets which were taken back into MCIG, mainly the VitaCig product line.
As a shareholder of OMHE, MCIG is happy to unlock value for shareholders by developing great streams of revenues and incubating great businesses like Scalable. Each business division has its own time and growth, and MCIG's time now will focus on the other divisions now that VTCQ is in good hands with a strong management team to guide our ownership.
OMHE will be engaging in its own public relations program to unlock the value for its shareholders, and operate completely autonomous with MCIG. Michael Hawkins has been leading the transition of power team with OMHE to assist new management in a smooth progression from a private operation for more than 40 years to one of a public entity. Mr. Hawkins will be relinquishing his role as the Chief Executive Officer during this period of transition as it is winding down to new management as a natural progression to autonomy.
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