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Monday morning! First and foremost, let me clear up the many misconceptions here. First, I am the founder of the company that was purchased by what used to be a public company named Mindful Eye and was renamed Medbox, after the machine I invented and patented in 2007. I still operate the subsidiary that was purchased by the public company (Prescription Vending Machines, Inc. DBA Medicine Dispensing Systems). I am not a board member of the public company but I am an affiliate as I am an officer of the holding company that holds all the restricted preferred and common stock in the company. No one, whether an officer, board member, other affiliate, employee, company janitor, company security guard, or even anyone that knows any of the foregoing, ever traded during the rise in price. None of the affiliates has any free trading stock anyway... It's all restricted! Furthermore, if any of this was somehow engineered by Medbox in some nefarious way, you would have seen 500,000 shares traded and not a total of 5000 for the entire week. Then, on top of it all we warn investors to make informed decisions about buying stock at over $200 while the company is obviously showing a lot of promise but no where near a $2.5 billion dollar company and somehow that makes us bad for trying to protect traders from buying overpriced stock. The allegations on this board are obnoxious. We welcome an inquiry by the SEC if they deem it necessary. Our closet is squeaky clean and the allegations on this board would be EASY to prove if they were true.
We obtained 20 License approvals of the total of 98 for the state of Arizona. After approval the dispensaries have to file for pre-inspection, which that first one you mentioned in your post did. We have 20 that are going to be going through pre-inspection within 6 weeks for our clients.
Thanks. Anytime!
If that's the case, then call us and give us your information. The sign of a solid company is protecting all shareholders regardless of whether or not the company is at fault for losses... which we absolutely are not, in any way.
We announced negotiations with a company which according to both our securities attorneys, complies with the disclosure requirements. Simply stating that a company was looking to tank the stock is not in any way improper. In addition, it was speculative and it was further stated that I wasn't completely sure what happened.
Reported a year and a half ago in a press release
It didn't need to be. Someone tanking the stock is in violation of SEC regulations.
According to our SEC attorneys, yes. That is correct.
http://www.otcmarkets.com/financialReportViewer?symbol=MDBX&id=94187
Here it is specifically
http://www.otcmarkets.com/stock/MDBX/filings
It's all there.
Maybe I was unclear. "MMJ Consulting" is a revenue stream, meaning we consult for interested parties in the Medical Marijuana Industry focussed in states that have limits on dispensaries and strict regulations on those dispensaries.
Here. MMJ Business Daily expalins it perfectly. See below.
http://mmjbusinessdaily.com/2012/11/16/medbox-shares-soar-on-surge-in-demand-after-positive-article-cannabis-legalization/
Helping operators obtain state approved dispensary licenses in medical marijuana states.
The company's image is our job. We participated in this board with good intentions and we will not let an obviously motivated attack happen without setting the record straight.
This is getting absurd. Saying our company has no focus on medical marijuana is truly laughable as we are by far the most successful consulting firm in the space, with the majority of our $8 million in revenue coming from MMJ consulting. Not to mention the fact that we were awarded 20 dispensary licenses in Arizona on behalf of our clients. All you have to do is read the headlines of our press releases to see the truth. But obviously you are not interested in that, are you?
http://www.thedispensingsolution.com/news
Furthermore, we are a non-reporting company that chooses to post its financials, but as announced in one of our press releases of 2 months ago, we are in the midst of a public audit and will up list and fully report to the SEC by Q1 2013. Do your homework and stop wasting people's time on this board with misinformation.
FYI, the Wall Street Journal follow up posted on their site 3 hours ago and well before my statement on this board that I was referring to.
http://www.marketwatch.com/story/medbox-says-rally-not-based-on-business-economics-2012-11-16?link=MW_latest_news
That's fine. Everything stated on this board was already made public in acceptable and legally compliant formats.
It wasn't restitution at all and anyone reading the release can clearly understand that. We have already had a few people call in that were happy the company was so generous and compassionate.
I simply stated that buyers should be cautious at $34 a share. I believe the exact quote was I hope no one buys at that price.
Like I said, feel free to examine every post from us. Every single time we state what's already been discussed in Press Releases and we do so in a purely compliant manner.
Dear Sir/Madam:
You obviously have an interest in seeing this stock price plummet. People on this board are not stupid and they understand what you are trying to do.
You may look over every post on this board from us. Nothing stated is improper in any way.
You may contact the company's IR Department for further information. (800) 762-1452
It had already posted and was live on the internet before making that statement.
The Wall Street Journal will be posting another story about the company today as well. Your statements are laughable. Solid financials, a strong business model, and reasonable projections make us a real company. In addition, issuing stock bonuses to investors that might have lost money while the day-traders inflated our price disproves the statement you made in your post. In fact, giving people on this board an idea that at $35 a share it was inflated contradicts what you said in your post. That's what we did... because we do care.
Press Release tomorrow will cover all aspects of where the company is going from here. All I can say is that it happened all organically without a sleazy IR firm pumping our stock. It happened the old fashioned way, through solid financials, a solid business model, good projections, and a plug from the WSJ didn't hurt either.
I was happy to see something I created turn into a 2.3 Billion dollar market cap company, even if it is short lived, I took a screen-shot of the Yahoo finance page as a reminder. Maybe I can show it to my kids one day. LOL
Be well out there, and thanks for the support you guys give my company. It's appreciated.
Hi Guys, thanks for your continued support of our company. As far as the stock goes, supply is not meeting demand and it looks like supply just ran out. The stock price may be inflated as a result. More shares may hit the market soon and adjust the stock price. Medbox will reach out to the shareholders that bought our stock and give them bonus restricted shares to adjust for market volatility which is bound to happen. That's what classy companies should do and we are trying to reward the people that believe in us.
Don't be too hard on yourself guys. It was just 100 shares that sold at that price on 2 separate occassions. We suspect it was a party looking to tank the stock and buy more shares after panic ensued. Luckily our shareholders didn't flinch and trusted the market to correct itself.
There aren't many shareholders willing to trade shares in the marketplace at present and the company was recently written up in the WSJ and Marketwatch. Interest in the stock is at an all-time high and supply of the stock is limited to some shareholders that like the company and prefer to hold onto the shares. Some traders are taking advantage of that and making a good profit. We are now going to approach reputable broker/dealers about marketing our stock to their clients for purchase. That's all I can say about it. Much like the company's products, the company's decision makers are as transparent as possible.
Thanks Guys. While being written up in Market watch and WSJ over the last few days has obviously helped bring our stock awareness to an all time high, I hope no one buys at $35 per share, even as the founder of the company, I feel that's way inflated. A lot of shareholders in the company want to hold their shares and that is creating a lot of demand for them. My honest opinion would be to wait until the stock finds a nice range that makes sense. Just my .02.
http://www.marketwatch.com/story/how-to-invest-in-marijuana-2012-11-13?siteid=yhoof2
Thanks for all your comments guys. I like reaching out on this board because the posts are an education for me as well. I enjoy hearing what people are saying and take ideas whenever possible to better the company, even in very subtle ways. I have built the company from scratch and with $8 million in revenue since 2010 I feel very fortunate we were able to introduce new technology in volatile industries and during a down economy which is tough to say the least. Our new products are geared at many different industries.
As far as the stock goes, we went from 65 shareholders to over 100 within the last quarter alone. These shareholders are accredited investors. We are expanding our shareholder base before we up list to SEC fully reporting by Q1 2013. Currently we are a reporting Pink which is better than most Pinks but still not even close to where we want to take the company.
Again, many thanks for all the comments.
During talks of a possible merger with another company, we have reason to believe they purposely tried to tank the stock to have leverage or start a selling frenzy. A total of 200 shares were sold at .03. Those same shares were purchased the week prior for $3.00. The stock price had never been under $1 prior to that. You can draw your own conclusions.
Well, as the founder of the company, I feel that a company should announce its financial success during the prior quarter. How else are investors supposed to separate real companies from the ones that are all hype?
Trying to get a handle on what you mean. Can you explain?
Thanks for the comments. Yes, we have decided not to engage in public bashing of other companies online. We will always keep it classy. As for AZ and CA licensing deals, it's all fine. We just had our best quarter in history and have already toppled our $4m projection for the year. All this without ever even dealing with medicine sales. I realize that $4m doesn't sound like a large number but when you consider that we are a startup, introducing new technology in a volatile industry, in what many feel is a nationwide recession.... I'd say we are doing pretty good.
On the bid support topic, the reality is that we are now starting to promote our stock more and as a result I don't foresee a .05 bid ever being taken seriously again. Don't worry, we will never align ourselves with a sleazy IR firm. We are grooming the company for traditional banking institutions to promote an offering for us.
HiGuys: Thanks for the engouraging posts. As the founder of the company it's nice to see that there are some savvy investors out there that understand the diffrence between hype and a real company trying to do business the right way. I noticed this board sometime ago and have chimed in every once in a while just so the record can be clear on certain things.
The sales that occurred twice in the last 4 weeks at 100 shares for .05 cents were a calculated attack by another public company that had been in talks with Medbox as to a possible partnership. During the due diligence phase, we found out certain things about this company that made us not want to do the deal. Subsequently, there was activity where a trader purchased stock and apparently organized selling that stock a few days later at a 99% loss. This happened twice and we have already begun the steps through our SEC attorneys to look into the matter. In the meantime we have stepped up our efforts to have proper bid support so these issues would never happen again.
Vincent Mehdizadeh
CEO / Founder
Prescription Vending Machines, Inc.
DBA Medicine Dispensing Systems
A Subsidiary of Medbox, Inc. [MDBX]
www.medboxinc.com
From the founder of the company.... "Thank you!!!"
I've always believed in building the infrastructure first and hyping a company second. I guess I'm old school that way. All comments are welcomed so thank you for your input. We are working on placements of our equipment in traditional pharmacies and also correctional facilities for standard pharmaceuticals. Stay tuned and follow our PRs.
Your insight into this stuff is phenomenal. I'm an idea guy that is a leader and have had success running companies, but the public company aspect I'm still trying to wrap my head around. I'm a quick learner and have a good management team around me which of course helps. Anyways, thanks for the advice. It is sincerely appreciated.