HOLLYWOOD, Calif., March 15, 2013 /PRNewswire/ -- Medbox, Inc. (OTC Markets: MDBX) ( www.medboxinc.com), a leader in providing industry specific consulting services and patented systems to the medical and retail industries worldwide, announced acquiring a 50% partnership stake in MedVend, LLC ( www.medvendonline.com), a Michigan based bio-tech company that developed a patented automated medicine dispensing machine used for traditional prescription pharmaceutical dispensing. The deal involved cash and a restricted stock component totaling up to $5,150,000. The amount includes a $300,000 capital infusion and additional loans if needed for operating expenses into a jointly controlled new corporation (MedVend, Inc.) that will operate the business on a going forward basis. Besides infusion capital and other such loans, any equity payments included within the deal may be paid in cash or issuance of restricted MDBX common stock, at Medbox's sole discretion, after one year from execution.
MedVend's Automated Medication Dispenser (AMD) is a remote pharmacy that dispenses medication. Each AMD is located in convenient locations such as the lobby of a physician's office, urgent-cares, hospitals and pharmacies. The AMD uses state-of-the-art video and e-scripting technologies to provide patients with remote, face-to-face consultation with a pharmacist and to have their prescription medications filled in less than one minute. A patient simply touches the display monitor, enters their date of birth and a unique four-digit code issued to them at the point of care. The AMD provides the patient with their bottled medication interaction report, prescription and receipt all in less than one minute. If a patient has questions regarding their medication they can simply pick up the phone located on the AMD and they will be immediately connected with the pharmacist who appears on screen via two-way video conferencing.