LOS ANGELES, July 24, 2014 /PRNewswire/ -- Medbox, Inc. (OTCQB:MDBX) (www.medbox.com), a leading dispensary infrastructure/licensing specialist, patented technology provider, and partner to the cannabis industry, today announced the appointment of Mr. Guy Marsala as its CEO, President and Board Chairman.
Mr. Marsala will also immediately become the CEO and President of the Company's two primary operating subsidiaries of Medicine Dispensing Systems and Vaporfection International, Inc.
Mr. Marsala has a track record of driving exceptional results in both public and private companies by implementing Fortune 500 company best practices at early stage and middle market companies. As an example, in 2010 he was recruited by Goldman Sachs to become CEO of EZ Lube, LLC, a California-based quick lube retailer and Goldman Sachs private equity portfolio company, to re-launch and revitalize the company and position it for sale. In less than 2 years and ahead of schedule, Mr. Marsala drove a 2x increase in the value of the company and executed a successful sale to a strategic buyer. At Aramark, a $10 billion global leader in food and facility managed services, he managed all aspects of a $200M, stand-alone manufacturer and distributor with one million customers. During his tenure, Mr. Marsala increased revenue by 13%, cash flow by 67% and profits by 12%.
Mr. Marsala graduated from the United States Military Academy at West Point with a Bachelor of Science degree, and received his MBA from the University of Dallas.
Medbox Director Mitch Lowe, stated, "We are proud to have Mr. Marsala leading our team as we move forward in the rapidly expanding and evolving markets which we serve. Guy's experience in both midsize and Fortune 500 companies will be put to good use as we continue our growth and fortify our leadership position." He added, "I also want to thank Dr. Bedrick for his valuable contributions to the company, and am pleased that he will continue to play a vital role in our organization."
Mr. Marsala commented, "I'm very excited to be joining the team at Medbox. This company is uniquely positioned in an industry that is experiencing rapid growth and expansion. Matching my executive leadership experience with the industry-leading services and technology that Medbox already provides should drive real value for the Company and its shareholders."
"From day one, the company's founder and I have set out to attract top notch executive and director talent," stated Dr. Bruce Bedrick, Director at Medbox. "I can confidently say we have recruited the best and brightest at these positions. Vince and I remain poised to help the company on a continued basis as we expand."
About Medbox, Inc.
Medbox (http://www.medbox.com) is the leading dispensary infrastructure and licensing specialist, patented technology provider, and partner to the cannabis industry. Headquartered in Los Angeles, CA, Medbox, through its wholly owned subsidiary, Medicine Dispensing Systems, offers its patented systems, software and consulting services to pharmacies, alternative medicine 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. Medbox, through its newly established subsidiaries, is in development of the following ancillary services tailored to the alternative medicine industry: merchant services and armored transport for cash deposits, cannabidiol research and development, real estate acquisitions and subsequent lease programs to alternative medicine dispensaries, and alternative medicine dispensary management services.
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 undertake 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 call (800) 762-1452.
SOURCE Medbox, Inc.