HOLLYWOOD, Calif., Aug. 16, 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 signing of a deal with
X-Change Corporation (OTC Markets: XCHC), to provide consulting
services in the legal marijuana markets of Nevada, California, Arizona, Washington
State, Massachusetts, and
Illinois.
The contract, worth $5.3 million
dollars, is to be paid in increments based on performance
criteria being met by Medbox. The project consists of formation of
corporate entities, application assistance in the target states,
build-out of physical dispensaries and cultivation facilities in
those states, and also securing management relationships between
the formed entities and X-Change Corporation.
"This agreement allows for an up-and-coming company like
X-Change to showcase their formulations in state approved medical
marijuana dispensaries," stated Dr. Bruce
Bedrick, CEO of Medbox, Inc. "The licensing agreements that
they will be entering into in these target markets will set them
apart as the leader in their market segment of cannabinoid based
research formulation development."
According to management, the project once again sets Medbox on a
different orbit than any other company in the legalized marijuana
ancillary services sector. The company has announced unveiling a
"platinum consulting" package for its high-end clientele that
demand performance in achieving licensing for medical marijuana
dispensaries in competitive markets. The company will still accept
traditional consulting engagements but will also offer 5-10
platinum packages per newly adopted medical marijuana state. As was
the policy in Arizona, the company
will only be accepting a limited number of clientele in new target
states and assign each client to a particular territory in that
state, to prevent competition between Medbox
clients.
"As new states adopt regulations and licensing programs for
dispensaries, the limits placed on those licenses create a "golden
ticket" type of environment," stated Vincent Mehdizadeh, COO of Medbox, Inc. "In
Arizona, we successfully obtained 20 licenses for our consulting
clients. We helped make their dreams a reality in that market and
handled every nuance you can imagine, from legal challenges to
program implementation to zoning issues with local municipalities.
We were there every step of the way for our clients and the same
will hold true in new target states in which we offer our
services."
Management acknowledges that X-Change is a development stage
public company. As a result, the contract was structured in a
manner to allow X-Change to pay for services over a period of many
months, and as assets are achieved.
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.