LOS ANGELES, Nov. 13, 2014 (GLOBE NEWSWIRE) -- P. Vincent Mehdizadeh – Founder and Majority shareholder of Medbox, Inc. (OTCQB:MDBX) commented today that the company entered into stock sales restriction agreements with Medbox's two largest majority shareholders.
The company entered into an agreement with the second largest shareholder of the company and former consultant, Bruce Bedrick. By and through the agreement, Bedrick turned over the domain name of www.kindclinics.com to Medbox and also agreed to sales restrictions of Medbox stock for a period of 3 years. Specifically, Bedrick will be limited to 500 shares sold per trading day for the next two years and 1500 shares per trading day in year three, including private transactions.
In addition, Vincent Mehdizadeh, majority shareholder and founder, committed to a similar plan whereas he will be limiting each of his 2 beneficially owned companies that hold the majority of Medbox's stock to 500 shares per trading day for the next two years and 1500 shares per trading day in year three on all public share sales.
"I am thrilled that Bruce has been supportive and generous throughout this process and believes in the company," stated Medbox Founder, Vincent Mehdizadeh, "I will be taking a brief hiatus from the company in order to finish my autobiography set to be released in the latter part of January 2015. I have faith and confidence in allowing current management to 'carry the torch' so that Medbox can fulfill its destiny as one of the biggest and brightest companies that serves to secure the integrity of the burgeoning legal marijuana industry."
About P. Vincent Mehdizadeh, Founder at Medbox, Inc.
P. Vincent Mehdizadeh founded Medbox's main subsidiary, Medicine Dispensing Systems, in February 2008. He commenced operations for that company in 2010, and in December of 2011 sold that company to what became Medbox, Inc. Mr. Mehdizadeh served as senior consultant from December 2012 until May 10, 2013 for Medbox, Inc. and then transitioned to Chief Operations Officer and Board Chairman for Medbox, Inc. through May of 2014. Mr. Mehdizadeh was responsible for creating the 2 main patents behind the company's technology, helping to assemble the talented management team at Medbox, and also developing the concept behind the business models driving revenue for the company. Over the last two years, Mehdizadeh has donated over $2 million dollars to Americans for Safe Access, Drug Policy Alliance, Marijuana Policy Project, and St. Jude Children's Research Hospital and will be donating all proceeds of his upcoming autobiography to charity as well.
CONTACT: Media Contact: Innovation Agency 310-571-5592 Inov8.usSource:Medbox