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-Management Team in China Securing New Inventory and QA/QC -mCig 1.0 Issues addressed and Fixed in next batch of mCigs -Company to begin accepting preorders for mCigs shortly
BELLEVUE, Wash., Nov. 12, 2013 (GLOBE NEWSWIRE) -- mCig, Inc. (OTCQB:MCIG) is pleased to announce that in less than 10 days the company's initial inventory of mCigs has been sold out. The company had initially projected modest sales within the first month and also wanted to ensure the initial round of mCigs would be well received by the target demographic. The results confirm that a vibrant market exists for these devices and mCig, Inc.
"We launched on October 31, at precisely 12:00 AM EST. Our initial batch of inventory was projected to last for one month based on our internal estimates of what the conversion rates would be from our marketing campaigns. On the third day we noticed a sharp increase in traffic from roughly 10,000 hits per day to between 50,000-90,000 hits per day as the mCig began to experience a viral effect. Subsequently our daily sales numbers rose to an annual pace of roughly $500,000 and our inventory was very quickly depleted. The experience was exhilarating as we sold to customers from New York to New Zealand and were averaging about $20 USD per checkout, per customer inclusive of shipping and handling. On Sunday November 10, we shut down the store as we ran out of mCigs to sell. While it is unfortunate that we had to stop selling mCigs and temporarily halt our momentum, we believe that we are now better positioned for growth as we have received crucial feedback about the mCig and have a more comprehensive understanding of the market opportunity. We thank all our customers and shareholders for making this launch a true success and we look forward to the next few months as we resume selling the mCig!" said Paul Rosenberg, CEO of mCig, Inc.