WEST HOLLYWOOD, Calif., March 10, 2014 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing consulting services and patented medicine storage and dispensing systems to the medical and retail industries, today announced an update on pending projects, SEC reporting status, and other strategic items:
- The Company's Form 10 registration statement filed with the SEC will be effective as of March 22, 2014. The Company expects to respond to SEC comments and file audited 2013 year-end financials on a Form 10-K by the end of March.
- The Board of Directors is seeking to list Medbox with the NASDAQ Capital Markets or another national exchange by the end of 2014.
- The Company added public company experience with the additions of Thomas Iwanski at CFO, Matt Feinstein at Vice President, and also Mitch Lowe as the Company's first independent director.
- To help facilitate a national listing, the Board will work to identify and recruit additional independent directors with the goal of strengthening the Company's corporate governance and facilitating strategic partnerships and health care industry connections.
- The board has commenced development of corporate governance charters and a 2014 equity incentive program to attract executive and board talent. Once finalized, the charters and equity incentive programs will be posted on the Company's website.
- The Company is in the process of retaining a top executive recruitment firm to assist in the search for an experienced President to lead Medbox in all phases of growth for the future.
- The Company successfully resolved a trademark claim to its satisfaction and has been granted use of the domain www.medbox.com as of March 12, 2014. The Company's previous domain of www.medboxinc.com will be redirected to the new site.
- The Company has successfully completed and submitted an application to Health Canada for a consulting client to commence cultivation and sale in that country's regulatory framework. Initial indications are that licensing is imminent for that client. The Company stands to benefit from the license as consulting fees will be due from that client in perpetuity as a result of the Company's assistance in procuring said license and ongoing consulting support as the client conducts operations.
- The Company is in the process of expanding on current revenue streams as well as development of new revenue streams concerning additional support services to the medical marijuana industry including real estate applications as well as a focus on traditional prescriptions as it pertains to monitoring medications in hospice and methadone clinics.
"The last 90 days have been highly productive, and Medbox continues to lead this burgeoning new industry," stated Vincent Mehdizadeh, Board Chairman at Medbox, Inc. "We continue to take the steps to set Medbox apart from others in the industry, ensuring that we have the appropriate controls and resources in place and adding seasoned talent to lead future growth."
Dr. Bruce Bedrick, Medbox President and CEO, added, "With the effectiveness of our Form 10 later this month, Medbox will be a fully reporting company. Our pending status as a future SEC filer, as well as key additions to our management team, are important steps for strengthening the legitimacy of Medbox and increasing our ability to reach new investors and clients. We look forward to continuing to exceed expectations in the coming months."
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.
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. 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.
For more information on Medbox, please contact the company at (800) 762-1452 or go online to www.medboxinc.com.
SOURCE Medbox, Inc.