LOS ANGELES, Oct. 1, 2014 /PRNewswire/ -- Medbox, Inc.,
(MDBX), the leading licensing, infrastructure and security
specialist, patented technology provider, and partner to the
cannabis industry, is pleased to announce that it has secured an
additional $0.5 million in capital
from a current lender. The additional financing closed on
Friday, September 26, 2014. The
remaining $1.0 million commitment
from the original agreement is expected to close in two
$0.5 million increments within 2 days
and 5 days, respectively of the effectiveness of Medbox's S-1
filing which is expected to be filed with the Securities and
Exchange Commission this week.
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 amendment 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 a follow-on capital raise from
an existing lender to our Company, as this demonstrates confidence
and commitment from our partner. This new capital will be used to
continue developing our robust pipeline and expanding our business
in other key target markets. Medbox is building what we believe is
the best positioned and best managed company in the industry. By
properly capitalizing our 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 licensing,
infrastructure and security 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: cannabidiol research and development, real
estate acquisitions and subsequent lease programs and management
services to alternative medicine dispensaries and cultivation
centers.
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.