Medbox Appoints Mitch Lowe to Board of Directors Netflix Co-Founder and Former Redbox President Appointed as First Independent Director; Proven Executive Brings Deep Industry Relationships and Strategic Experience
WEST HOLLYWOOD, Calif., March 3, 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 elected Mitch Lowe, co-founder of Netflix and former Redbox president, to its Board of Directors, effective immediately. Mr. Lowe will be the first independent director of Medbox and thanks to his diverse background and wide-ranging expertise, he will assist the Company with various aspects, including strategy development and implementation, executive recruiting and corporate governance matters.
"Mitch Lowe has been a groundbreaking leader in the home entertainment and tech industries since the 1980s when he started Video Droid, a rental movie vending machine and store," commented Vincent Mehdizadeh, Founder and Board Chairman at Medbox, Inc. "He has significant industry background, strategic expertise, and long-term relationships. We look forward to tapping into his skills and experience as a proven executive who has built brand-name companies as we position Medbox for growth in our large addressable markets. While Medbox offers solutions that are not comparable to kiosks per se, the fact that he has successfully directed large companies roll out cutting-edge technology adds immense value to our company. We will also take advantage of his corporate governance experience as we grow and evolve as a public company."
After starting Video Droid and spending years crafting websites for video stores, Mr. Lowe was asked to help in the formation of Netflix in partnership with Marc Randolph and Reed Hastings. He served as vice president of business development and strategic alliances for Netflix from 1998 to 2003 departing just after the IPO to join a small team from McDonald's to form what became Redbox DVD Rental Kiosks, a subsidiary of Outerwall. At Redbox, Mr. Lowe began as chief operating officer, becoming president in early 2009, and playing a pivotal role in scaling Redbox from a handful of rental kiosks to nearly 32,000 kiosks and over $1.5 billion in annual revenue. Since leaving Redbox in late 2011, he has served as an independent consultant for entrepreneurs and startups. He is currently CEO of Quarterly Co.
"We stand at the cusp of a momentous change in the industry, as legalization and normalization of marijuana continues around the world," added Mr. Lowe. "Medbox technology represents an ideal way to facilitate safe, secure, and legally compliant dispensing of sensitive medications, creating a significant opportunity for the Company. I have participated in previous campaigns to transition an industry from inefficient retail operations to more modern, profitable business models, and I am excited to leverage this experience in the legal marijuana industry. In addition, the disruptive technology Medbox has created has significant applications beyond medical marijuana and I look forward to helping the Company exploit these potentially huge markets. Opportunities in areas such as traditional pharma, retail, and hospitality have the potential to exponentially add to the Company's addressable market, and I am excited to help leverage the technology and the brand to create significant, lasting shareholder value."
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 provides 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.