Out with tobacco and in with cryptocurrency. In a surprising announcement, the company Rich Cigars, Inc. stated in a recent press release that it would be exiting the tobacco industry to enter an arena that many never saw coming – cryptocurrency.
Following a change in management last November, the former tobacco company is rebranding itself as “Intercontinental Technology, Inc.,” and moving its headquarters to Colorado.
Cigars and cigarettes apparently aren’t where the money is anymore, as the newly-formed corporation has changed its business to what it calls “aggressive bitcoin mining.”
The big question is, “Why would a cigar company suddenly turn its back on such a large line of business to get a taste of cryptocurrency?”
The only explanation seems to be that bitcoin is enjoying an ongoing bull run and selling for over $17,000 USD per coin at press time. Clearly, there’s a lot of money to be made, and the expensive taste of a Cuban drag just isn’t creating cash flows like it used to.
It’s dramatic to say the least, that a company with no experience in cryptocurrency would just drop everything to venture into the cryptocurrency mining pits, but as we saw with the California Gold Rush, people will do just about anything to get their fingers on riches.
And with more accounts being added on exchanges like Coinbase every day, the Bitcoin Boom is like a modern-day gold rush.
The move is causing a firestorm on social media, with one Twitter user describing it as “insanity at its very best” and another exclaiming “I’m not even kidding” when describing the story to followers.
President Richard Davis states:
“The company underwent a change of control as documented in its filing with the SEC per an ‘Information Statement’ filed December 12. Because of this change, the company has become a holding company with subsidiaries in fields unrelated to our traditional business, which is being phased out.”
“New management of the company is presently being appointed and will oversee a new strategic direction, which is two-fold: the acquisition, development and marketing of propriety patented products that are readily marketable internationally, and its entry into the business of cryptocurrency mining by our ownership and operation of multiple cryptocurrency mining machines.”
The company says it will keep customers informed regarding any changes to its trading symbol, and its FINRA and OTC Markets’ listings.
“We believe we are embarking on an exciting shift that going forward, will have a significant and positive impact on overall shareholder value,” Davis reiterated with confidence.
Is Rich Cigars doing the right thing by switching to crypto? Post your comments below.
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