Medbox Explains Recent Trading Volatility and Announces Appearance on Bloomberg TV
HOLLYWOOD, Calif., Nov. 20, 2012 /PRNewswire/ -- Medbox, Inc. (Ticker: MDBX) (www.medboxinc.com), announced that they have received many inquiries from the investment community asking for insight as to why the company's stock had catapulted to record highs last week, and continues to see rises and falls of 150% per day and more.
Dr. Bruce Bedrick, CEO of Medbox, Inc., stated that most of the company's stock is still company owned. Accordingly, the publicly-held shares are thinly traded, and since the supply is low and demand has been high, relatively low trading volume has resulted in large price swings.
The company's market cap was as high as $2.4 billion last week when the market price of the stock rose rapidly in response to a news article in the Wall Street Journal that suggested that Medbox was an opportune investment.
However, company management issued statements cautioning stockholders and potential investors that the rapid rise in their stock price was unwarranted by business conditions and urged caution.
On Monday, Dr. Bedrick appeared on Fox Business Channel to discuss the company's stock and proprietary technologies. "The problem is that we don't have a large float," Bedrick commented. "We are not a $2.4 billion dollar company, but we are uniquely positioned as the leader in the industry and have some powerful technologies that enable medicine to be inventory controlled, stored and dispensed in the safest way possible."
Bedrick also noted that the company is poised to offer products and services to the traditional retail pharmaceutical industry. "Anytime you can validate, verify, be transparent, and control inventory and substances, you need to be seriously considered."
Dr. Bedrick will also be making an appearance on Bloomberg TV today at 4:45 pm EST to further discuss the medical marijuana industry, the company's stock, as well as the company's other plans in the traditional prescription dispensing markets.
For more information, contact Medbox Investor Relations at: (800) 762-1452.
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, Tokyo, London and Toronto, and has their corporate headquarters 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.
Medbox, Inc.'s common stock is quoted on the OTC Bulletin Board, ticker symbol MDBX.
For more information on Medbox, please contact the Medbox Investor Relations Department at (800) 762-1452 or go online to www.thedispensingsolution.com
SOURCE Medbox, Inc.