LOS ANGELES, Sept. 25, 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, is pleased to
announce that it has completed a second capital raise in a private
placement transaction of convertible debentures for $2.5 million, convertible into common stock at a
conversion price of $11.75 per share,
subject to certain adjustments under Medbox's
control. The financing will take place in two tranches,
with the initial $1.0 million closed
on Friday, September 19,
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 further information regarding this private placement
transaction, 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 the second financing we have
closed in the last three months, which we believe shows continued
investor interest and confidence in our company. This new
capital will be used to develop our robust pipeline, 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 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 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.