Medbox Acquires Vaporfection as a Wholly Owned Subsidiary
HOLLYWOOD, Calif., March 25, 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 worldwide, announced acquiring 100% of Vaporfection International Inc. (www.vaporfection.com), manufacturer of the award winning Vaporfection vaporizers - recognized as the world's most advanced herbal delivery systems. The deal involved issuance of 260,864 MDBX stock warrants that can be exercised at a later date at the election of the prior operating company, Vapor Systems International, LLC.
Vaporfection's patented designs using Vapor Glass (TM) and Vapor Touch (TM) technology, featuring a laboratory grade "glass on glass" heating element, heating chamber airway, and touch screen temperature control to provide a directed stream of pure heated air into the herb, which causes it to release its medicinal ingredient into the vapor. The process virtually eliminates impurities and carcinogens from the medicating process, and creates a vapor of pure and virtually odorless medical ingredient directly into the patient's respiratory system. Vaporfection owns both national and international patents on its unique design and heating assembly.
Vaporfection's commitment of providing the best herbal delivery has won worldwide recognition and praise, winning the "Best Vaporizer in Product of the Year" at the Cannabis Cup Amsterdam 2011, and "Best Vaporizer" at the Kush Expo LA 2012.
Vaporfection, created by Amir Yomtov in 2006, became a highly respected handmade herbal vaporizer. In 2011, the company was purchased by well-known entrepreneur Herb Postma. Mr. Postma anticipated the growth of the medical marijuana ancillary products and services industry, and recognized the need for a healthier herbal delivery method.
In the fall of 2011, Vaporfection launched the redesigned, contemporary styled, Vaporfection viVape™ 1 & 2 table top series. The product's consumer friendly appearance and ease of operation have won fans and thousands of customers around the world. Since 2011, Vaporfection has been in design and preproduction testing of its pocket portable unit, miVape™, which is now ready to begin manufacturing. The miVape will provide portability - along with the same medical grade commitment to vapor purity as the viVape - to Vaporfection customers around the world.
Herb Postma, who will continue to manage Vaporfection, has expressed his enthusiasm for the Medbox relationship. "After 2 years of development and fine tuning our best in class Vaporfection products, we realized we needed a strategic partner within the industry, to help us better execute and maximize our plans for the future," he stated. "After researching many public companies in the medical marijuana space, we found only one that we could trust to ensure the future of our company's growth and the needs of customers," he added. "We were impressed by the Medbox executive team, their professionalism, their history of successful business experiences, their many support skills and resources, and their commitment and dedication to the needs of the alternative medicine industry and patients. As a Medbox company, we will be able to rapidly reach our business goals, and are projecting Vaporfection revenues to exceed $4 million, with EBITDA exceeding $1.5 million over the next 12 month period."
In other matters, Medbox is in the final stages of its internal audit of prior year's financials, in anticipation of filing its Form 10 in the latter part of March or first week of April.
"While the company is prioritizing the audit and Form 10 filing, and that process is in motion, closing the MedVend and Vaporfection deals have taken much of management's time over the last 14 days," stated Dr. Bruce Bedrick, CEO of Medbox, Inc. "Our VP of Sales and Director of Acquisitions, William Smith, and I have spent much of this month traveling to bring these acquisitions to closure."
The company also announced it was featured on the cover of the Los Angeles Times Business Section last Sunday. William Smith, VP of Sales and Director of Acquisitions, was pictured, and the Company's founder was quoted in regard to Wall Street's interest in the medical marijuana industry.
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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, 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.
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.
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