HOLLYWOOD, Calif., Aug. 27, 2012 /PRNewswire/ -- Medbox, Inc. (Pinksheets: MDBX) (www.medboxinc.com) announced today that it is taking steps to become a fully reporting company in order to achieve an upgrade to NASDAQ's OTC Bulletin Board, and to provide shareholders with more detailed information on a quarterly and annual basis.
"Achieving fully reporting status is a key milestone and important event to move ahead in regards to attracting new investment and funding on-going production," Dr. Bruce Bedrick, CEO of Medbox stated. "Furthermore, the ability to uplist our shares and move to more visible marketplaces is achievable with these filings."
The company has completed a preliminary audit and is preparing the necessary forms to become recognized as a fully reporting company beginning in First Quarter, 2013.
"Our entire company and the products and services we offer revolve around transparent business operations. Thus, it is fitting that we honor that policy of transparency and provide complete disclosure of our financials to the public markets. This process is therefore mandatory for us if we are to achieve our goals," Bedrick stated. "I believe that a listing on the OTCBB will enhance investor interest and confidence, lower our cost of capital, and make our stock more attractive to institutional investors. As the Company continues to progress toward this listing we will update our shareholders accordingly."
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, Tokyo, Connecticut, Arizona and Toronto, and has their corporate headquarters in Los Angeles.
Medbox provides their patented systems, software and consulting services to pharmacies, urgent care centers, clinics, hospitals, and medical groups worldwide.
Medbox, Inc. is a publicly traded company, and is listed on the OTC 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.medboxinc.com.
Forward-Looking Statements Disclosure
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "will," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
SOURCE Medbox, Inc.