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SOURCE Intercontinental Technology, Inc.
Reorganization focuses on cutting shareholder dilution as Company enters Cryptocurrency Mining business
MIAMI, December 27, 2017 /PRNewswire/ --
Intercontinental Technology, Inc., formerly Rich Cigars, Inc. (OTC Pink: RCGR), (the "Company" or "RCGR"), announced today that effective December 26, 2017, it had filed a corporate reorganization under the name "First Intercontinental Technology, Inc.", including a re-domicile from Colorado to Delaware and the formation of the Delaware holding company. Under the reorganization, the Company reduced its total quantity of authorized shares of common stock to one hundred million (100,000,000) shares and shifted existing convertible debt into a newly formed Delaware subsidiary, thereby limiting shareholder dilution.
Richard Davis, current President, stated, "As I had previously stated, as a result of the recent change of control the Company's strategic intent became to be a holding company with subsidiaries in areas unrelated to our traditional business, cigars, which is being phased out. This corporate reorganization creates the holding company under Delaware law which now becomes our existing public company, 'RCGR', "First Intercontinental Technology, Inc.", structured with a major reduction in its quantity of authorized shares of common stock. Important, this reorganization was vital to the Company in order to limit dilution of our shareholders from debt conversions by previous lenders, while simultaneously enabling financing of our immediate entry into the cryptocurrency mining business by our ownership and operation of cryptocurrency mining machines."
He added, "Additionally, we have begun the process of the search and selection of new officers and directors as well as having begun the process of a name and symbol change in our FINRA and OTC Markets' listings. Everything we are doing is intended to increase shareholder value."
About First Intercontinental Technology, Inc.
The Company was original formed as Rich Cigars, Inc. a Florida corporation, in order to distribute, brand and market tobacco products. As a result of the November 2017 change of control and corporate reorganization, the Company has been renamed "First Intercontinental Technology, Inc." and become a holding company for new subsidiary operations.
First Intercontinental Technology, Inc. is forming subsidiaries to invest in (1) the development and multinational marketing of proprietary patent-protected products, and (2) the development of a unique cryptocurrency mining business for Bitcoin and other cryptocurrencies which will operate on a 24/7 basis.
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely", "should", "could", "would", "may" or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, economic, competitive, and equity market conditions.
First Intercontinental Technology, Inc.
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