Bellevue, Wash. based e-cigarette maker mCig Inc. (OTCQB: MCIG) issued an important update relating to the much anticipated Food & Drug Administration ("FDA") regulatory proposals for the electronic cigarette (eCig) industry.
This regulatory proposal has been anticipated by industry participants for the last two years and comes at an important juncture in history as electronic cigarettes continue to gain acceptance and adoption by traditional smokers.
Overall, mCig said it is of the opinion that the proposal as currently published came in on the lighter side of what some industry observers had speculated and that on the margin, these proposals are well balanced and highly accommodative of future growth in the industry.
Specifically, the FDA elected to avoid regulating the following key areas of dispute:
- Online Sales of eCigs and eCig related Products
- Non-Nicotine Products
- Electronic Cigarette and Tobacco Related Accessories
- Regulating Nicotine-Free Flavors in eCigs
mCigs to be Excluded
According to eCig, the proposed rules (as currently published) exclude mCig and VitaCig Products from mandatory regulation
On Apr. 28, MCIG’s share price closed at 55 cents, down 3cents from the share price of 58cents the previous day, on volume of 1.3-million shares.
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Vapor Corp. Changes its Board of Directors to Comply with NASDAQ Uplist
In other news, Vapor Corp. (OTCQB: VPCO) announced Apr. 28 that the company's Board of Directors has reconstituted itself to consist of five (5) members, a majority of whom each qualify as an "independent director" as defined in NASDAQ Marketplace Rule 5605(a)(2) and the related NASDAQ interpretative guidance.
The formation of an Independent Board of Directors is a requirement to uplist to the Nasdaq Exchange. The Dania, Beach-Fla.-based e-cigarette maker also announced that its President, Jeffrey E. Holman, has been appointed as its Chief Executive Officer. These actions are effective Apr.25, 2014.
Mr. Holman stated, "The variety and wealth of experience that our new Board Members bring to Vapor Corp. is invaluable. From both financial and strategic standpoints we have a Board that can continue to help us to successfully navigate the rapidly changing waters of this industry. I am extremely excited to be working with this group of extraordinarily intelligent and knowledgeable people."
Specifically, the Board's reconstitution consisted of the following:
- the Board elected each of Robert J. Barrett III, Angela Courtin and Frank E. Jaumot as a member of the Board to serve until his/her successor is duly elected or until his/her earlier resignation or removal from office. Mr. Barrett, Ms. Courtin and Mr. Jaumot each qualify as an "independent director" as defined by NASDAQ Marketplace Rule 5605(a)(2) and the related NASDAQ interpretative guidance;
- Kevin Frija, and Doron Ziv, incumbent members of the Board, resigned;
- The Board elected Jeffrey E. Holman, an incumbent member of the Board, as Chairman of the Board; and
- the size of the Board was increased to and fixed at five (5) members from four (4) members.
After reconstituting the Board, the five (5) members of the Board are Jeffrey E. Holman, Robert J. Barrett III, Angela Courtin, Frank E. Jaumot and Ryan Kavanaugh.
On Apr. 28, VPCO’s share price closed at $6.44, down 4 cents from its close of $6.48 cents the previous day.
Meanwhile, Vapor Hub International Inc. (OTCQB: VHUB) stock volume soared Apr. 28, with 1,273,434 changing hands, nearly 4 times its three-month average volume of 335,096 shares.
The uptick in stock volume is being fueled in part by the Simi Valley, Calif.-based e-cigarette maker’s announcement that it will be unveiling its new trade show booth and exhibiting at the World Vapor Expo electronic cigarette conference held at the Miami Beach Convention Center from Jun. 6 to 8, 2014.
The World Vapor Expo is a world-wide combination B2B & B2C electronic cigarette conference where exhibitors and attendees will network and conduct business with other industry professionals from around the globe. The public will also have the opportunity to discover and sample new products and get great deals on vaporizers, mods, e-liquids, and more.
In addition, Vapor Hub is pleased to announce that company CEO, Andrew Birnbaum, has been invited to speak at the eCig Europe: Industry Conference from Jun. 16 to 18, 2014 at the Hyatt Regency Nice Palais de la Mediterranee, Nice, France. Mr. Birnbaum's session, titled "How to keep up with E-Liquid Demand in a Global Market," will focus on how to deal with the fast rising demand for product, and how to face the challenges of increased orders without comprising production quality.
On Apr. 28 VHUB’s share price closed at 50 cents up 5 cents, from its close of 45 cents the previous day.
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