Medbox, Inc. Comments on Record Trading Day
HOLLYWOOD, Calif., Dec. 10, 2012 /PRNewswire/ — Medbox, Inc. (OTC Markets: MDBX) (www.medboxinc.com), commented on last Friday’s remarkable trading volume of 54,468 shares and finishing the day dramatically up in price at almost $30 per share.
On Friday, the company had announced formation of an internal committee to pursue select strategic acquisitions. The targeted market segments mentioned were: pharmaceutical packaging (prescription bags and vials), security and control (ability to implant RFID technology into packaging for unit tracking and security), mag-stripe card manufacturers, medical cannabis lab testing, and cannabinoid research and development companies. All market segments have seamless synergy with the company’s business model and provide a “low-hanging fruit” scenario that the company would be remiss if not pursued.
CNBC commented on the company’s Friday release, mid-day, while the stock price soared, up nearly 31% and $7.15 by day’s end on extremely heavy volume of shares traded. The company attributes the increased interest by shareholders to a myriad of factors including: a patent issued and several other patents pending; the company, through its wholly owned subsidiaries, has showed profit and growth in each year and over $8 million in revenue since beginning operations in 2010; a business model blending industry consulting and patented technology sales that is the first of its kind with extremely high barriers for entry for competitors; company’s technology had a positive mention in Colorado’s medical marijuana reform law (HB1043 – Page 10); National and International media exposure with over 50 news outlets dating back to 2008 when the founder of the company’s subsidiary debuted the technology for CNN; an increased awareness on a national scale as to the necessity to control, tax, and regulate medical marijuana, which is aiding medical marijuana states in balancing their state budgets; and the company’s Rx line of products geared at regulating prescription medicines in pharmacies, dispensaries, urgent care centers, drug rehab clinics, hospitals, prison systems, and hospice facilities.
“We have a tremendous upside as a newly emerging company – and investors are taking notice,” stated Dr. Bruce Bedrick, CEO of Medbox, Inc. “While we understand the tremendous expectations placed on us by the investment community, we have built a successful infrastructure from the ground up and continue to work hard to meet all of our objectives for the future. Medbox will always rise to the occasion.”
In other news, an entity calling itself, “The American Council for Patient Liberty” issued a press release Friday about their position on Medbox’s patented technology. The entity used Medbox’s recent media exposure for their own benefit by referencing the technology in their press release headline. The release also incorrectly commented on how the technology would force patients to be fingerprinted in order to use the system. The statement is false – as Medbox systems sit behind the counter in marijuana dispensaries as an inventory management and compliance tool for dispensary operators. Fingerprinting is the patient’s choice, as they can also show an ID to dispensary operators upon every visit if that is their choice. The fingerprinting option ensures the patient that no one else can access their account at the dispensary.
The entity’s website has no address or telephone number, but does ask for donations via credit card. Patient advocates and medical marijuana industry supporters are cautioned to only make donations to ASA, ACLU, and other credible sources.
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.
SOURCE Medbox, Inc.