Medbox Responds to Critics and Issues Status Update to Company Shareholders
WEST HOLLYWOOD, Calif., Oct. 16, 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. Company executives also responded to what they describe as a reckless attempt at investigative journalism.
The following is a summary of key events and projects in recent weeks:
- Medbox received its first round of comments from the SEC relative to the S-1 filing of July 2013. The company will include answers to the SEC comments as well as auditor reviewed Q2 2013 financials in its amended S-1, on pace to be filed within the next 10 days.
- Medbox will be reporting a record revenue quarter in Q3 2013. The company also announced a restatement of Q2 2013 revenues, which shall demonstrate a marked improvement based on positive revenue recognition adjustments for that quarter. Medbox executives project finishing the year at over $6 million in revenue, which is almost double the revenue figures for 2012.
- Medbox continues to accept dispensary licensing clients in Nevada, Illinois, Colorado, Washington, and Oregon. The company is in process of finalizing applications in Massachusetts and Connecticut for its many clients.
"We have a busy few months ahead of us to finish off the year strong," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "We have the roadmap to successfully navigating the complex regulations governing the medical marijuana licensing process for state approved programs. With Nevada and Illinois passing their laws approving dispensaries, we are going to have our hands full in helping clients achieve their goal of licensure. We look forward to the challenge as we feel our services are unmatched in the industry, and we enjoy bringing value to our clients."
Company executives caution company shareholders that while the media has been extremely supportive of Medbox as one of the only viable medical marijuana related public companies, with success there will always be detractors that publish deceptive and misleading articles about the company and its executives.
"I have witnessed a person calling himself a professional journalist resort to defamatory statements, the majority of which are in most cases half-truths and in some cases a complete fabrication of events that purportedly transpired in my life before I founded Medbox," stated Vincent Mehdizadeh, Chief Operations Officer of Medbox, Inc.
Mehdizadeh states that he will not be using company funds to seek legal recourse against the reporter in question.
"I'd rather spend company funds on further developing our business," said Mehdizadeh. "I will self-fund any recourse I have planned regarding this particular journalist. When confronted, this journalist initially denied having any ties to short interest players in MDBX stock, but upon further inquiry admitted the relationships in an email. I look forward to seeing just how deep that rabbit hole goes."
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, 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.