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medbox inc (MDBX) Details

Medbox, Inc., through its subsidiaries, provides patented biometrically controlled medicine storage and dispensing systems to the medical and retail industries. The company offers Medbox, a biometric medicine dispensing machine that dispenses herbal and prescription medications to individuals based on biometric identification primarily for pharmacies, assisted living facilities, prisons, hospitals, and doctors’ offices. Its products also include Safe Access Storage Lockers that are used by medium to large mail-order chains; Medbox medicine storage machines; and Lockbox Rx, a storage/retrieval system that is used for prescription medication, over-the-counter medicines, and other pharmacy products. In addition, the company provides Sample-Safe, a wall-mounted unit for use in doctor’s offices; sells the point-of-sale system that includes a monitor, keyboard, credit card reader, and computer with interface; and offers Medbox OTC machines, a non-biometric machine for over-the-counter items, as well as sells various vaporizer and accessory products, such as miVape, through online and distribution partners. Further, it offers turnkey consulting services, including site selection, permitting, design, full build-out, and licensing to individuals and pharmaceutical industries; merchant and armored transport services for cash deposits, cannabidiol research and development, and real estate acquisitions; and lease programs to alternative medicine dispensaries, as well as offers alternative medicine dispensary management services. The company was formerly known as MindfulEye Inc. and changed its name to Medbox, Inc. in October 2011. Medbox, Inc. was incorporated in 1977 and is headquartered in West Hollywood, California.

7 Employees
Last Reported Date: 05/13/14
Founded in 1977

medbox inc (MDBX) Top Compensated Officers

Founder, Senior Advisor and Consultant
Total Annual Compensation: --
Total Annual Compensation: $134.0K
Compensation as of Fiscal Year 2013.

medbox inc (MDBX) Key Developments

Medbox, Inc. Announces Executive Changes

Medbox, Inc. announced the appointment of Mr. Doug Mitchell as its Chief Financial Officer. Mr. Mitchell is replacing Thomas Iwanski who served Medbox as a part time CFO, and resigned to facilitate the continued development of the company with the addition of a full time CFO. Mr. Mitchell is a senior financial executive with over 25 years of experience in public and corporate financial executive positions with expertise in SEC compliance, mergers & acquisitions, accounting controls and process improvement. Mr. Mitchell's previous positions have included CFO for Chicago Pizza & Brewery, Inc., now renamed BJ's Restaurants, Inc.; V.P. Finance for Borland Software Corporation, where he raised $200 million through a convertible debt offering; and CFO for Commerce Energy Group, Inc., where he helped to successfully sell the company to another industry participant during the 2008 credit crisis.

Medbox, Inc. Announces Executive Changes

On October 13, 2014, Mr. Vincent Mehdizadeh resigned as an officer of Medbox, Inc. Mr. Mehdizadeh will continue to serve as a consultant to the company. In his new role, Mr. Mehdizadeh will provide consulting on strategic partnerships and will have the title of Founder and Senior Advisor.

Medbox, Inc. Secures Additional Capital from Current Lender

Medbox, Inc. announced that it has secured an additional $0.5 million in capital from a current lender. The additional financing closed on 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 company's S-1 filing which is expected to be filed with the Securities and Exchange Commission this week. The company 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.


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