HOLLYWOOD, Calif., Feb. 19, 2013 /PRNewswire/ -- Medbox, Inc. (OTC
Markets: MDBX) (www.medboxinc.com), announced that the company has
executed a $6 million equity
transaction with a private investment firm involving a restricted
stock purchase directly from the company at market rate as of
January 17, 2013 for $5 million and the remaining $1 million stock purchase at a discount to
market. The shares issued are considered a long-term investment for
the firm that specializes in funding up-and-coming companies. The
investment firm has made an initial payment to Medbox and is
scheduled to complete funding of the transaction by May 2013.
The instant transaction, along with other opportunities
currently being investigated by Medbox management, provides
alternative acquisition funding sources in lieu of the company's
founder selling affiliate shares into the market in order to fund
expansion. To date, the company reports that the founder has not
liquidated any shares into the public market. In addition, based on
advice from counsel, affiliate shares cannot be sold publicly for
90 days after the company files its Form 10 with the SEC to become
fully reporting. With the Form 10 on pace to being filed next
month, the company has decided to seek out more traditional funding
sources in lieu of founder funded expansion.
"Although we have an aggressive acquisition schedule for this
year, the $6 million equity
transaction, other viable transactions that have been presented to
the company, and the company's earnings, will allow us the capital
we need to go after any viable acquisitions as well as explore
opportunities within our company to boost revenues in our existing
market segments," stated Dr. Bruce
Bedrick, CEO of Medbox.
The company also announced that it is on pace to have its best
financial performance quarter in company history in Q1 2013 and is
in the process of closing 4 acquisition targets within Q2 2013 that
have executed term sheets with Medbox.
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.
SOURCE Medbox, Inc.