Turnaround Underway with absurdly low market cap currently here at approx $17m share price 0.244 today
This one is for all the downrampers that have come out of the woodwork when price has fallen recently. Pure Facts from last announcement in May 2015 instead of the subjective garbage posted here a daily basis
Dan O’Neill, Chief Executive Officer of Electronic Cigarettes International Group, Inc. commented,
“Apart from the significant changes to the balance sheet achieved during the quarter, management undertook several initiatives designed to position the Company for future success. In March the first global management meeting was held in Manchester, with the primary focus being potential acquisition synergies. The meetings resulted in an agreement on an annual cost saving target of approximately $12 million. This project includes an overall reduction of 75 SKUs, an aggressive implementation of acquisition synergies between Must-Have and Vapestick, consolidation from 10 product suppliers to 7, as well as transferring liquid refill production from China to the United States and United Kingdom. This transfer not only reduces costs, but responds to both government and consumer demands for domestic production with pharmaceutical level of quality control.
“It was also clear during the global managers meeting that a new inventory control system was required, and a simplified system has been implemented in the US. This will eliminate holding excess stock of slower moving items. As a final step significant changes were made with respect to the US sales and account management teams, which will improve overall performance of priority customers.
“Importantly, a new global strategy was reviewed by the senior team. The strategy has at its core a new vision to become the most sought-after independent electronic cigarette and vapor company in the world by both consumers and investors. The plan clearly defines ECIG’s direction and focus for the future.”
“I am also pleased to have strengthened our relationship with the Mansour Group, which helps solidify our financial position and potentially creates opportunities for expansion in the Middle East and Northern Africa. The recent operating progress at ECIG is only the beginning of a Company turnaround,” concluded Mr. O’Neill.
Phil Anderson, Chief Financial Officer of Electronic Cigarettes International Group, Inc.
“However, the recently announced $41 million capital injection strengthened the balance sheet and improved the capital structure by eliminating toxic convertible debt. We now have positive working capital, and since the closing of that financing have already made significant progress in reorganizing vendor and supplier relationships to reduce accounts receivable and various operating costs. I believe we are positioned to invest for growth, and build business relationships to support ECIG’s global brands.”
cheers ECIG longs, management will prevail
