LOS ANGELES, July 28, 2014 /PRNewswire/ -- Medbox, Inc.
(OTCQB:MDBX) (www.medbox.com) (the "Company"), a leading dispensary
infrastructure/licensing specialist, patented technology provider,
and partner to the cannabis industry, announced today that it has
entered into a securities purchase agreement with accredited
investors pursuant to which the Company agreed to sell, and the
investors agreed to purchase, in a private placement transaction,
convertible debentures in the aggregate principal amount of
$3,000,000, in three tranches, each
in the amount of $1,000,000. The
initial closing under the Purchase Agreement, for Debentures in the
aggregate principal amount of $1,000,000, occurred on July 21, 2014.
Medbox intends to use the net proceeds to accelerate the
development and growth of its current business pipeline in key
target markets within the U.S. In addition, the Company intends to
apply a portion of the net proceeds for general corporate purposes,
which may include working capital, continued investment in
geographic expansion, as well as research and development.
For transaction details please see the Company's 8-K filing by
clicking on the link below.
Medbox 8-K Filing
Mr. Guy Marsala, Medbox CEO,
commented, "I am excited to announce this financing which will be
used to turn our robust pipeline into revenue, and to continue
expanding our business in other key target markets. Medbox is
building what we believe to be the best positioned and managed
company in the industry, and by properly capitalizing the business
we can truly reward our shareholders."
The securities sold by the Company in the private placement were
not registered under the Securities Act of 1933, as amended (the
"Securities Act"), and were sold in reliance upon exemptions from
the registration requirements of the Securities Act pursuant to
Regulation D promulgated under the Securities Act. Therefore, such
securities may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act of 1933 and any applicable state securities laws.
This press release does not constitute an offer to sell any
securities or a solicitation of an offer to purchase any
securities.
About Medbox, Inc.
Medbox, Inc. ("MDBX" or the "Company") is the leading dispensary
infrastructure and licensing specialist, patented technology
provider, and partner to the cannabis industry. Headquartered in
Los Angeles, CA, Medbox, through
its wholly owned subsidiary, Medicine Dispensing Systems, offers
its patented systems, software and consulting services to
pharmacies, alternative medicine dispensaries and local governments
in the U.S. In addition, through its wholly owned subsidiary,
Vaporfection International, Inc. (www.vaporfection.com), the
company offers an industry award winning medical vaporizer product.
Medbox, through its newly established subsidiaries, is developing
the following ancillary services tailored to the alternative
medicine industry: merchant services and armored transport for cash
deposits, cannabidiol research and development, real estate
acquisitions and subsequent lease programs to alternative medicine
dispensaries, and alternative medicine dispensary management
services.
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 as well as
political and economic conditions present within the industry. We
do not take any obligation to update any forward-looking statement
to reflect events or developments after a forward looking statement
was made.
Contact Information
Investor Relations:
Stephen Hart
Hayden IR
+1- 917-658-7878
hart@haydenir.com
Medbox:
For more information on Medbox, please call (800)
762-1452.
SOURCE Medbox, Inc.