HOLLYWOOD, Calif., Feb. 13, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) ( www.medboxinc.com), announced that it has acquired an equity stake in and entered into a licensing agreement with Bio-Tech Medical Software, Inc. (Bio-Tech). The agreements allow for Medbox to record earnings of 25% at a minimum and 50% at a maximum depending on Medbox's level of involvement in the revenue generating deals for Bio-Tech. Bio-Tech is an innovative corporation that has developed BioTrackTHC, the nation's only true marijuana seed-to-sale tracking system as well as the HIPAA compliant, SAS70 approved biometric e-prescribing technology, BioScriptRx, that can prevent "doctor shopping" in pharmacies and pain management clinics nationwide. Their patented technology is also capable of tracking Pseudoephedrine, an OTC medication commonly purchased for the explicit purpose of methamphetamine production. The industry leading patents that are the subject of the agreements are U.S. Patent numbers 8,086,470 and 8,335,697.
The transaction involved a combination of cash and stock wherein the restricted stock component has a mandatory 24 month lock-up period. Medbox will take possession of the ownership stake in Bio-Tech, which shall remain in escrow, after its Form 10 is filed with the SEC in early March 2013.
"Our company is growing by leaps and bounds and as a result can target companies that are emerging and have relevance for mutually beneficial partnerships," stated Dr. Bruce Bedrick, CEO of Medbox. "Bringing value to our company and its shareholders is our number one priority."
Prior to this transaction, Medbox provided patented tracking and dispensing technologies at the point of sale at licensed marijuana dispensaries. Now Medbox technologies can be used to track every aspect of marijuana cultivation, inventory management, all the way to the point of dispensing. The company reports that this was a missing piece of the puzzle that will allow for a complete all-in-one solution the company can market to operators in medical and recreational marijuana states. This powerful compliance tool will also be showcased for educational and demonstration purposes for state officials looking to learn how to implement and track state adopted medical and recreational marijuana programs in their respective states.