mCig CEO converts common stock to preferred

|By:, SA News Editor

mCig (OTCQB:MCIG -3.9%) Chief Paul Rosenburg converts 230M shares of common stock that he owns into 23M shares of Series A Preferred stock. Under the terms of the lock up agreement, he cannot convert the preferred shares until after April 30, 2015. As sole director, Mr. Rosenburg made the decision in order to free up shares to use for potential acquisitions. According the regulatory filing, he regards the move as in the best interests of shareholders.