GOLDEN, Colo., Oct. 7, 2016 /PRNewswire/ -- Electronic Cigarettes International Group, Ltd. (the "Company" or "ECIG"), a leading global marketer and distributor of electronic cigarettes and vapor products, today announced the sale of its global e-commerce business to Hardwire Interactive Group for $800,000 cash payment and the assumption of certain liabilities, subject to the terms and conditions of the Definitive Agreement. The division was purchased in July 2014 as a potential growth platform for the Company.
"The global e-commerce division never reached the goals established at the time of the acquisition and represented a financial drain on the organization," stated Dan O'Neill, ECIG's CEO. "Despite not having been charged any portion of corporate overhead the division was not able to generate a profit, accumulating annual losses. The funds used to support the division will be redirected to building the online performance of VIP and FIN in the USA."
Electronic Cigarettes International Group (OTCBB: ECIG), a leading global marketer and distributor of electronic cigarettes and vapor products, is dedicated to providing a compelling alternative to traditional cigarettes for more than 1 billion current smokers around the world. The Company offers consumers a full product portfolio whose brands include VIP, FIN, Vapestick, and others, incorporating superior product quality and the latest technology. The Company owns multiple subsidiary companies and has operations in North America and Western Europe. ECIG offers consumers a full product portfolio that incorporates product quality and the latest technology. To learn more, visit www.ecig.co.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of ECIG, including statements regarding ECIG's expectation to see continued growth. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and other factors are disclosed in the Company's filings with the Securities and Exchange Commission. Unless required by applicable law, ECIG undertakes no obligation to update or revise any forward-looking statements.
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Dennard ▪ Lascar Associates
Ken Dennard / Rick Black
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SOURCE Electronic Cigarettes International Group, Ltd.