HOLLYWOOD, Calif., April 15, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), a leader in providing industry specific consulting services and patented systems to various medical and retail related industries worldwide, seeks to be the standard bearer of corporate governance and transparency in the mushrooming legal marijuana industry and has issued a progress report to its shareholders concerning the status of past, present, and future projects.
Company CEO, Dr. Bruce Bedrick , added, "Without a doubt the filing of our Form 10 is the most significant milestone for the company since its acquisition of Medicine Dispensing Systems and its related patent. In less than 60 days, our filing will be deemed effective and Medbox, Inc. will be a fully reporting company, subject to both the burdens and benefits thereof." Bedrick added, "Management welcomes the increased scrutiny and accountability that comes with our share registration. Doing so sets us apart from some of the more questionable groups in our industry, both in the minds of the investment community and the public at large."
The company has generated considerable public goodwill from hosting free educational seminars to discuss community concerns about marijuana dispensaries, to meeting with state legislators and regulators on how best to achieve legal compliance in new medical marijuana territories, to being an outspoken opponent of other companies offering consumer accessed marijuana vending machines, which Medbox feels is not a proper use of the medicine dispensing technology the company has developed. The company has compared its technology as the equivalent of the equipment hospitals use to track sensitive medications. In addition, Medbox has achieved its success and leadership role in the legal marijuana industry while deriving no direct revenue from the cultivation or sale of marijuana.
Dr. Bruce Bedrick explained, "The very same capacity for creating transparency that has made Medbox the gold standard in terms of tracking inventory from seed-to-sale and dispensing in real time is the same level of transparency that will now be implemented internally. Going forward, Medbox will literally be an open book, with verifiable contracts, revenue, and share count information, in stark contrast to other companies in our sector.
"Our new status as the sole fully-reporting company in the 'Green Rush' solidifies our role as an industry leader. Medbox investors now have the security of knowing management has voluntarily put the company in the position of demonstrating the highest level of transparency in the industry. Moving to fully-reporting status was a natural step in our evolution as a company. It will afford us access to the capital we need to grow Medbox to the next level. Wall Street wisely wants in on the legal marijuana boom, through a safe and reliable conduit. As a fully-reporting SEC-registered company, we will be in a unique position to fill that role."
The company also has issued a progress report on any and all outstanding matters. The following is a summary as reported by the company:
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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