Medbox Appoints Former U.S. Ambassador Ned L. Siegel to Board of Directors U.S Ambassador and Real Estate Entrepreneur Appointed as Second Independent Director; Proven Executive Strengthens Corporate Governance
LOS ANGELES, April 10, 2014 /PRNewswire/ -- Medbox, Inc. (OTCQB: MDBX) (www.medbox.com), a leader in providing consulting services and patented medicine storage and dispensing systems to the medical and retail industries, announced today that it has elected Ned L. Siegel, former U.S. Ambassador, to its Board of Directors, effective immediately. Ambassador Siegel will be the second independent director of Medbox bringing over 30 years of entrepreneurial experience as a developer, owner, and manager of vast and diverse holdings to assist the company with capitalizing on current market opportunities as well as finding and developing new investments and implementing strategies.
"Ned L. Siegel has an extensive history of creating, developing, and managing business enterprises from the ground up, with a proven track record of success, which will be invaluable to Medbox," commented Vincent Mehdizadeh, Founder and Senior Strategist at Medbox, Inc. "His broad experience in corporate directorships and government service, along with a vast network of relationships formed over many years in the business and political community enhance his ability to add value and create return-driven opportunities. We look forward to leveraging his skills and experience to assist in the future growth and success of Medbox. We also look to take advantage of his considerable corporate governance experience in healthcare, technology, financial services, and other industries as we continue to evolve as a public company. Adding Ned as the second independent director is yet another step we have taken to strengthen our corporate governance and promote shareholder confidence."
In 1997, Ambassador Siegel founded The Siegel Group, Inc., an international business management advisory firm, specializing in real estate, energy, utilities, infrastructure, financial services, oil & gas, and technology with its primary focus on the United States, Israel, the Caribbean and Latin America markets. The firm has an unprecedented track record of acquiring and developing successful master plan residential communities, corporate office developments, industrial parks, and retail centers.
After demonstrating his success in the private sector, Ambassador Siegel was appointed by Florida Governor Jeb Bush to serve as a Member of the Board of Directors of Enterprise Florida, Inc. (EFI), the state's primary organization promoting statewide economic development through its public-private partnership. He served in this role for several years before being appointed by President George W. Bush to serve as a Member of the Board of Directors of the Overseas Private Investment Corporation (OPIC), a development agency of the U.S Government to help U.S. businesses invest overseas. OPIC's mission is to foster economic development in new and emerging markets, complement the private sector in managing the risks associated with foreign direct investment, and support U.S Foreign Policy. Subsequently, Ambassador Siegel was again honored by President Bush and appointed to serve with Ambassador John R. Bolton at the United Nations in New York as Senior Advisor to the U.S. Mission and Representative of the United States to the 61st Session of the United Nations General Assembly.
In October 2007, President George W. Bush once more sought out the service of Ambassador Siegel, appointing him to serve as the U.S. Ambassador to the Commonwealth of The Bahamas where Ned served as the Chief of Mission and was responsible for all operations of the U.S. Embassy Nassau. His responsibilities included oversight and management of over 200 U.S. Department of State employees located in five separate locations throughout Bahamas, representing seven different government agencies.
"As the marijuana industry continues to rapidly change and evolve, Medbox's consulting solutions and technology provide a much needed vehicle for the dispensing of medications in a safe, secure and legally compliant way," added Ambassador Siegel. "I have spent much of my career advising and consulting across various industries to improve efficiencies, expand and grow businesses and create new opportunities. I look forward to bringing my experience to bear for the team at Medbox as they take advantage of the many opportunities that lie ahead as this industry expands and matures from its infancy stages."
In addition to Siegel, Medbox's board of directors consists of Matthew Feinstein, Vice-President of Medbox; Dr. Bruce Bedrick, Chief Executive Officer of Medbox; and Mitchell Lowe, our First Independent Director, Netflix Co-Founder and Former Redbox President.
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. Headquartered in Los Angeles, Medbox, through its wholly owned subsidiary, Medicine Dispensing Systems, offers their patented systems, software and consulting services to pharmacies, medical dispensaries and local governments in the U.S. In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (www.vaporfection.com), the company offers an industry award winning medical vaporizer product.
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. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
Medbox, Inc. is a publicly traded company, and is quoted on the OTC Markets, ticker symbol MDBX.
For more information on Medbox, please contact (800) 762-1452 or go online to: http://www.medbox.com.
SOURCE Medbox, Inc.