CAVE CREEK, Ariz., Aug. 7, 2013 /PRNewswire/ -- Endexx Corporation OTC: EDXC Endexx is proud to announce the acquisition of Dispense Labs LLC., the innovator and developer of Autospense™ dispense technologies. This acquisition is a core technology in the M3hub™ technology platform. Autospense™ is a fully secured, pharmaceutical grade dispensing platform. The inventory control, tracking system, supply chain management, and security features provide a multi-point medical marijuana management platform. From seed to sale, the system fortifies the industry with a reliable and compliant tracking and inventory control system. The software system operates both internally and external to the system and is capable of integrating with multiple operating systems and specialty functions.
Under terms of the acquisition agreement, Endexx has issued ten million shares of restricted stock for the purchase of Dispense Labs LLC., with an additional 5 million shares to be issued upon Dispense Labs achieving specific performance criteria. Endexx has also assumed two hundred and thirty five thousand dollars of long term debt. There are five machines fully built with sales pending. Dispense Labs and Endexx has received multiple indications of interest for this technology solution. Joe DeRobbio will maintain his position as President of Dispense Labs. Mr. DeRobbio stated, "With the completion of the sale to Endexx, Dispense Labs is excited to enter the next phase of business. We now have the horsepower to aggressively market the machines in those states where it is legal. Furthermore Dispense Labs is currently consulting with several clients to provide a complete seed to sale solution and management platform for their business."
Todd Davis, CEO of Endexx, stated, " Autospense™ provides the critical infrastructure component needed to help standardize solid operating systems in the management of medical marijuana and cannabis based products in general." During the due diligence phase, Endexx has identified in excess of sixty thousand unique sites in the United States and Canada where the Autospense™ machine is applicable. Endexx, in collaboration with Dispense Labs, has fully researched the current market solutions offered and the competition and believes the Autospense™ system is the only total technology solution in the medical marijuana industry. The Autospense™ solution can easily be integrated with external software and service solutions as well, allowing for other market alliances and business partners to utilize this core technology to support other industry related ancillary services.
Endexx Corporation is a micro-cap publicly traded company, representing the interest of its shareholders and collaborating with independent software developers, scientists, engineers, and other companies to build businesses that can thrive collectively in the equity markets. Endexx's team recognizes that individually small companies with new technologies have an extremely difficult time sustaining themselves as stand-alone companies. Through our collaborative practices, individual and group skill sets are better utilized to develop technology and grow the business, while centralizing costs and eliminating redundancies.
The Endexx management team and its advisory group each have at minimum 10-50 years of experience in their respective fields. The business professionals associated with the direction of the company all have experience growing businesses, developing and implementing new technologies and running publicly traded corporations.
Endexx Corporation is ultimately structured to provide a platform for entrepreneurs to thrive, offering maximum return on investment through equity ownership in the parent corporation. Each individual is a shareholder and is encouraged and self-driven to be successful and contribute to the overall objective of increasing shareholder value.
About Dispense Labs
Dispense Labs LLC., has spent several years investing in the research, design and development, and beta testing of Autospense™, a one-of-a-kind technologically driven smart system that allows for the automated dispensing of medical marijuana along with precise inventory control, utilizing predictive analytic algorithm and tracking software.
Autospense is a uniquely designed, high-tech automated dispensing system that exceeds industry standards. The software used is specifically designed to properly control transactions and manage inventory. This will significantly improve profitability, accountability, security tracking and customer satisfaction.
Contact Endexx via email to receive corporate news and updates at Endexx@endexx.com
Safe Harbor Statement
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Endexx to differ materially from those implied or expressed by such forward-looking statements. This press release speaks as of the date first set forth above, and Endexx assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customer to pay for ordered products, and political and economic risks inherent in international trade.
SOURCE Endexx Corporation