Medbox Retains DelMorgan & Co. as Financial Advisor to Explore Strategic Alternatives
WEST HOLLYWOOD, Calif., Nov. 7, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing industry specific consulting services and patented systems to the medical and retail industries, announced today that it has retained DelMorgan & Co. (www.delmorganco.com), an internationally recognized investment banking firm, as its financial advisor to advise Medbox on its strategic alternatives, including potential acquisitions or divestitures, growth capital investments, joint ventures or other strategic alliances, and other initiatives to deliver shareholder value.
Dr. Bruce Bedrick, Medbox Chief Executive Officer, noted, "We are very excited about our engagement of DelMorgan & Co. Their experience and professionalism in capital raising and M&A will help us analyze Medbox's strategic options and pursue transactions that will benefit our company and our shareholders." Vincent Mehdizadeh, Medbox Chief Operating Officer, added, "We have so many opportunities for growth for our Medbox Dispensing System, and recent developments in the medical marijuana space have led to an exponential increase in the number of inquiries and possibilities for the application of Medbox's systems, software and consulting services throughout North America and overseas. By working closely with DelMorgan, we can do a more rigorous evaluation of our options and position the Company for growth to the next level."
Rob Delgado, Chairman of DelMorgan & Co., commented, "We are pleased to be working with Medbox. They are truly in the forefront of a rapidly growing industry, and they are unique in the technology and solutions that they offer to pharmacies and clinics worldwide." Neil Morganbesser, President & CEO of DelMorgan, added, "We are very much looking forward to engaging in Medbox and helping them capitalize on the truly revolutionary solutions they are offering to the marketplace. Medbox is ideally positioned for the emerging trends in healthcare, technology, customer convenience and protection, drug regulations and enforcement, and attitudes towards medical marijuana among voters, consumers and regulators. There is no other company out there with Medbox's vision for this future and the expertise they have developed in the space."
Medbox has not made any decision to enter into a transaction, and there can be no assurance that Medbox will enter into a transaction in the future. Medbox does not plan to disclose or comment on developments regarding the strategic alternatives review process until it is complete or until further disclosure is appropriate.
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.
About DelMorgan & Co.:
DelMorgan & Co. (www.delmorganco.com) is an internationally recognized investment bank and financial advisor. With over 150 years of combined experience and over $250 billion in successfully completed transactions, the professionals at DelMorgan provide world-class financial advice and assistance to companies, institutions, governments and individuals around the world.
For further information, contact Rob Delgado or Neil Morganbesser at DelMorgan & Co. at (310) 319-2000 or visit www.medboxinc.com.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Medbox's expectations with respect to strategic opportunities and possible future transactions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Readers of this press release are referred to the Company's filings with the Securities and Exchange Commission, including the Company's reports on Form 10-K and Forms 10-Q for further discussions of factors that could affect the Company's business and its future results. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. The Company assumes no obligation to update forward-looking statements if conditions or management's estimates or opinions should change.
SOURCE Medbox, Inc.