Der neue dan o'neill wird es wieder auf kurs lotsen.
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www.otcmarkets.com/stock/ECIG/news
Electronic Cigarettes International Group Obtains $41 Million Non-Dilutive Capital Injection to Drive Profitable Growth and Deliver on the Companys Commitment to Improve the Balance Sheet
Term Loan Provides the Company a Runway to Drive Profitable Growth and Eliminate Convertible Notes
GRAND RAPIDS, Mich.--(BUSINESS WIRE)--
Electronic Cigarettes International Group, Ltd. (OTCBB: ECIG), a global marketer and distributor of electronic cigarette and vapor products, today announced that it has issued approximately $41 million in non-convertible 36 month senior secured term loans to strategic business partners and long-term financial investors. The Company has also repurchased and retired the remaining convertible subordinated notes, and fixed the conversion price of the remaining notes.
The 36-month term loan strengthens the Companys balance sheet and provides additional financial flexibility, as amortization of principal does not begin until October 2016.
This new capital allows us to eliminate the toxic, discount convertible notes from our balance sheet, affixes our capital structure and provides the working capital necessary to fund our growth, said Dan ONeill, Chairman and Chief Executive Officer of the Company. I know our shareholders have been upset, as the stock has fallen while we have been busy working diligently to eliminate our non-strategic, short-term opportunistic debt holders. This process has taken longer than we originally thought. Im happy to say that we now have a great group of supportive investors, who recognize the opportunity of this market. We can now go forward with their support, committed to a plan of controlled profitable growth and increasing shareholder value.
About Electronic Cigarettes International Group, Ltd. (ECIG)
Electronic Cigarettes International Group (ECIG) is dedicated to providing a compelling alternative to traditional cigarettes for the more than 1 billion current smokers around the world. ECIG offers consumers a full product portfolio that incorporates product quality and the latest technology. The Companys website is www.ecig.co.
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