ECGI Holdings Inc. (OTC:ECGI) Stock Takes a Hit After Shareholder Update

The Nevada-based holding company ECGI Holdings Inc. (OTC:ECGI) had been one of the companies to come into focus on Monday. The company boasts a unique portfolio that ranges from luxury fashion to viticulture. Yesterday, the company issued a letter to its shareholders that was addressed by its recently appointed Chief Executive Officer, Jamie Steigerwald.

In his letter, he noted that he wanted to share a significant strategic shift in the operations of ECGI Holdings under his leadership as the new CEO. He stated that the strategy of the company was going to move from being involved with the acquisition of distressed cannabis assets to the building of luxury brands. The long-term aim would be to eventually be uplisted on the NASDAQ.

The shift in strategic direction was further reinforced by the binding letter of intent that had been signed by the company with the owner of ESSRW Inc., Nick Collins. Steigerwald stated that Collins possesses experience spanning more than a quarter of a century in the field of equestrian luxury goods. ESSRW was focused on luxury apparel, accessories, and tack for the equestrian sector.

Steigerwald noted that he had been involved in the capacity of a strategic advisor to ESSRW. Hence, he was confident that that venture would be perfectly aligned with the new focus of ECGI Holdings on the development of luxury brands.

Additionally, the company would also be involved in harnessing the value that may be yet untapped in many of ECGI Holdings’ assets. Steigerwald went on to add that he was enthusiastic about the possibility of kick-starting the new chapter for the company and had optimism with regards to the opportunities that lay ahead for ECGI Holdings. He also thanked the shareholders for their support of the potentially transformative move.