LOS ANGELES, Sept. 23, 2014 /PRNewswire/ -- Medbox, Inc.
(OTCQB: MDBX) (www.medbox.com), the leading dispensary
infrastructure and licensing specialist, patented technology
provider, and partner to the cannabis industry, commented on recent
selling activity which resulted from the grants of stock and
restricted stock units through the Company's recently adopted
equity incentive program and the programmed sales by the Company's
independent directors and the Company's founders. As recently
appointed independent directors, Ambassador Ned L. Siegel and Mr. Mitch Lowe each was granted Medbox common stock
through the Company's Equity Incentive Plan that was registered
under Form S-8 and an attached prospectus as part of their
incentive compensation package. For tax planning purposes,
each director set up a trading plan under Rule 10b5-1 that allows
them to sell a predetermined number of shares at a predetermined
time. In addition, both of the Company's founders also set up
trading plans under Rule 10b5-1 in order to meet their respective
tax planning objectives.
Mr. Mitch Lowe, co-founder of
Netflix and former President of Redbox, commented, "Rule10b5-1
plans are used by many corporate executives for tax planning
purposes. As a Medbox board member I remain committed to
Medbox's growth and excited about the Company's prospects."
Ambassador Ned L. Siegel stated,
"Medbox is building what I believe is the most professionally
managed and best governed public company in the cannabis sector,
and I am as excited about the positioning and future of the Company
as I was when I first joined the Medbox Board of Directors in April
of this year."
Medbox Founder and Senior Strategist, Vincent Mehdizadeh, commented, "It has always
been Medbox's goal to give superior transparency to the investment
community which is why Bruce and I decided long ago that Medbox was
destined to be a fully reporting SEC filer. In doing so, we subject
ourselves to the burdens and benefits of the reporting
requirements. Communication to the investment community is
what sets the good companies apart. My 10b5-1 program is set at 500
shares per day and is meant to support my tax liabilities on a
going forward basis. Bruce and I remain committed to helping this
Company exceed the expectations of our clients and
shareholders."
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.