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Medbox Inc Acquires 50% Of MedVend And Patented Technologies

Friday, 15 Mar 2013 08:45am EDT 

Medbox Inc announced that acquiring a 50% partnership stake in MedVend, LLC 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. The Company has exclusive rights to Patent Number US7689318, an asset jointly owned by Medbox. 

Company Quote

-0.6 -7.64%
19 Dec 2014