“First quarter revenue results were negatively affected by the lack of working capital to appropriately fund operating units and provide product inventory to meet demand,” said 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.”
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