WEST HOLLYWOOD, Calif., Nov. 25, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing consulting services and patented systems to the medical and retail industries, issued a status update to its shareholders on past, present, and future projects.
The following is a summary of key projects currently pending or have been completed by the company within the past quarter:
- Medbox posted record revenue figures for YTD 2013, amassing more than $5 million in consulting and equipment sales revenue through 9 months.
- On November 13, 2013, Medbox filed an amendment to the initial registration statement filed with the SEC. The company expects to file an additional amendment in the coming weeks with the Q3 2013 financials that were recently posted. The amendment will offer additional financial commentary and analysis regarding the 2012 and 2013 revenue figures in the MD&A section of the document as well as focus on revenue recognition explanations, to further address SEC comments. Company executives predict effectiveness of the registration within 6 weeks.
- Medbox successfully filed medical marijuana dispensary applications in the states of Connecticut and Massachusetts for the company's consulting clients. In all, Medbox filed between 5-10% of the total applications submitted in the states of Connecticut and Massachusetts. The grueling filing criteria in those states required thousands of pages of security plans, in-depth financial analysis, and inventory accountability protocols that are graded against other applicants, which are all competing for a limited number of licenses. Medbox executives estimate that because of their industry knowledge, unparalleled use of technology to promote transparency, and strategic advantages they implement within the applications, their clients have a better chance of being awarded dispensary licenses in those states. The Company will now transition to submitting license applications in Washington, Colorado, Illinois, Oregon, and Nevada, for its existing and newly signed consulting clients in the coming months.
"We have the roadmap to successfully navigating the complex regulations governing the medical marijuana licensing process for state approved programs," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "With Nevada, Illinois, Washington, Colorado, and Oregon on the horizon, we have a good indication that our revenues will continue to increase in 2014 and beyond."
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, Florida, 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. 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.
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: 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, political conditions and economic conditions in the states considering such legislation. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
SOURCE Medbox, Inc.