WEST HOLLYWOOD, Calif., Feb. 13, 2014 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing industry specific consulting services and patented systems to the medical and retail industries, announced today that it has significantly strengthened its executive management team with two senior-level appointments.
- Matt Feinstein, an experienced veteran from industries such as retail sales, marketing, and franchising, was named Vice President of Medbox to assist the Company's sales, marketing and operations
- Thomas Iwanski, a proven financial executive with significant years of public company experience, was named Chief Financial Officer.
"As we scale our business, expand into new states, and solidify our presence in this rapidly growing industry, it is important to bolster our senior team," commented Vincent Mehdizadeh, Chief Operations Officer and Board Chairman at Medbox, Inc. "These appointments are part of that effort, adding significant experience and proven leadership to our growing organization. We have worked with both Matt and Tom for several months, and they add proven experience in the manufacturing and implementation of retail and franchise related businesses as well as financial management and public company oversight, respectively speaking. We are also announcing our first independent director this month. A name that is sure to impress our shareholders and the public at large and also speaks volumes on how far we have progressed as a company."
Mr. Feinstein will assist with the sales, marketing and operations of the Company and its subsidiaries. As a consultant for the Company over the last eight months, Mr. Feinstein has been instrumental in increasing revenues and establishing sales and marketing processes within the Company. Mr. Feinstein comes from a successful tenure of leadership roles in nationally recognized companies with significant expertise in driving nationwide rollouts of automated retail technology. He was Operational Supervisor at Redbox where he developed policies and procedures and created performance metrics for employees and kiosks. He was subsequently recruited to become Director of Operations at minuteKEY, the self-service key duplicating kiosk company with more than 2,000 locations nationwide.
Thomas Iwanski is a Certified Public Accountant and has more than 23 years of executive management, corporate governance and financial experience; including 18 years with publicly traded companies. Mr. Iwanski has been a Chief Financial Officer, Director or other Officer of a number of publicly traded companies including: Wahlco Environmental Systems, Computer Marketplace, NetVantage, Prolong International Corp. and Pacific Health Care Organization. Since 2001, Mr. Iwanski has been a consultant specializing in the development and implementation of business and financial strategies for growing technology start-up companies and increasing value in corporate turnarounds. Mr. Iwanski has approximately 10 years of public accounting experience with the Big 4 firm of KPMG LLP.
Dr. Bruce Bedrick, Medbox Chief Executive Officer, added, "Matt Feinstein has proven his skill at the Company these past eight months as he added processes and procedures that have culminated in increased revenues. We believe that Matt brings skills and expertise that will benefit us in the area of franchising and larger-scale deployments of our technology and our brand. Tom has been instrumental in implementing our financial operations and managing our public company reporting processes. We are extremely fortunate to have attracted this kind of talent to Medbox. In the coming months, we expect to add additional senior executive and public company management depth, including a President/Director of Operations."
Mr. Feinstein commented, "This is an exciting time for the Company, and I believe this is an unique opportunity to join a company in the early days when it is poised to take tremendous strides in this exploding industry. I look forward to helping Medbox take the next step in developing its market leadership position in the medical, pharma, and retail industries and leveraging its growth opportunities in a huge addressable market."
Mr. Iwanski commented, "Medbox has built a compelling business model in an amazing industry and I look forward to sharing my background and experience with the senior management team as we continue to create value for all stakeholders."
About Medbox, Inc.:
Medbox is a leader in the development, sales and service of automated, biometrically controlled dispensing and storage systems for medicine and merchandise. Medbox has offices throughout the world, including New York, Arizona, Connecticut, Massachusetts, Florida, and Vancouver, BC, and has their corporate headquarters in Los Angeles.
Medbox offers their patented systems, software and consulting services to pharmacies, dispensaries, urgent care centers, drug rehab clinics, hospitals, prison systems, hospice facilities, and medical groups worldwide. In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (www.vaporfection.com), the Company offers an industry award winning medical vaporizer product.
Medbox, Inc. is a publicly traded company, and is quoted on the OTC Markets, ticker symbol MDBX.
Forward-Looking Statements: The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information on Medbox, please contact us at (800) 762-1452 or go online to www.medboxinc.com.
SOURCE Medbox, Inc.