Medbox Signs Ad Deal With Entrepreneur Magazine
"This marks the first time any marijuana related business, albeit a passive relation as is the case with Medbox, will be featured in a mainstream investment periodical of this magnitude," said Dr. Bruce Bedrick, CEO of Medbox, Inc. "The advertisement is the most significant promotion vehicle the company has ever pursued and we are elated that Entrepreneur is fostering a working relationship with Medbox."
The company also issued a shareholder update via email to its certificate holders of record. Pursuant to regulations, the company is making the information contained in the email public via press release. The email contained the following highlights achieved by the company over the last few months:
- Highest revenue generating month in the company's history occurring in January of 2013 at $900,000
- Commenced audit of prior 2-years financials in order to become fully reporting with the SEC (target completion this month)
- Confirmed a total of over $4.5m revenue booked for the 2012 calendar year
- Acquired an interest in Bio-Tech Medical Software, Inc. (business has 2 patents that are instrumental in stopping prescription pill abuse through the use of biometric technology at pharmacies)
- Commenced acquisition discussions with 4 additional targets in related businesses to Medbox
- Recorded first balance sheet with over $1 million in cash reserve on hand
- Recorded 34% EBITDA margin in 2012 financials
- Appeared live on Fox Business Channel, Bloomberg, Huffington Post Live, and CNBC
- Commenced building up to 30 dispensaries in San Diego for new and existing consulting clients
- Began consulting and technology sales in Massachusetts, Connecticut, Colorado, and Washington regarding new canna-business setups.
- Secured a $6 million equity transaction with a private investment company ( $1 million paid to date and another $5 million to be paid by May 2013).
- Founder and majority shareholder, Vincent Mehdizadeh, caused a board resolution to be signed allowing for 612,000 in common shares and a 3,000,000 preferred shares to be placed back to treasury for the company. These shares, which were in Mr. Mehdizadeh's possession, were given back to the company and cancelled to assist with acquisition activity without diluting existing shareholders.
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