LOS ANGELES, May 16, 2014 Medbox, Inc. (OTCQB: MDBX)
(www.medbox.com), a leader in providing ancillary services to the
alternative medicine industry, dispensary consulting services, and
patented medicine dispensing systems to medical and retail
industries, today announced that the US Patent and Trademark Office
(USPTO) has issued a notice of allowance on what company executives
describe as the first "Seed-to-Sale" patent the marijuana industry
has ever seen.
The patent application that was allowed by the USPTO describes a
system used to:
- Verify the identity of a patient/consumer receiving
medication;
- Monitor the dispensing of medication/product to the
patient/consumer;
- Monitor the development of the medication/product, including
tracking the location from which the seeds are obtained,
cultivation and harvesting of the plant, and conversion into
medication/product;
- Support a complete biometric chain of custody seed to sale
system from cultivation facility to dispensary where dispensing can
occur through Medbox's patented "Secure-Safe" technology for added
security and transparency.
According to company executives, the patent has broad
implications in the medical and recreational markets in
the United States and will provide
substantial opportunities in other countries in need of systems to
control and track the distribution of medical marijuana. The
company has engaged a patent litigation expert attorney to file for
foreign patent protection in countries the company deems to be
relevant, examine enforceability of the allowed claims, discuss
weaknesses present within the allowed claims, and file a
continuation application strengthening existing claims and adding
new ones before the company requests the final patent to be
issued.
"This is a significant and wide-ranging patent covering
'Seed-to-Sale' verification and monitoring," commented Matthew Feinstein, Vice President at Medbox.
"From the start, our Medbox system was designed to provide
comprehensive tracking and inventory management to help operators
of cultivation facilities and dispensaries maintain stringent
compliance with all state regulations, and this patent reinforces
that Medbox is the first-mover and leader in this industry.
Company Founder and Senior Strategist Vincent Mehdizadeh added,
"When I filed this patent in February of 2011, I envisioned that
the content of the application would one day be an absolute
necessity in the marijuana industry. As the majority shareholder
and visionary behind Medbox, I am elated that my intuition paid off
for the company and its investors. This patent will change the way
we market our suite of services to individual clients, cities,
states, and countries grappling with complex marijuana industry
oversight. As documented in the licensing agreement filed with our
registration statement with the SEC, all proprietary technology I
have created, both pending and issued, has been granted exclusively
to Medbox to bring added value to the company and its shareholders.
As I transition into more of a 'Founder's Role' and let our
seasoned professionals run the company, it is nice to see the
fruits of my labor turn into a big score for the company."
About Medbox, Inc:
Medbox is a leader in the development, sales and service of
automated, biometrically controlled dispensing and storage systems
for medicine and merchandise. Headquartered in Los Angeles, Medbox, through its wholly owned
subsidiary, Medicine Dispensing Systems, offers their patented
systems, software and consulting services to pharmacies,
alternative medicine dispensaries and local governments in the U.S.
In addition, through its wholly owned subsidiary, Vaporfection
International, Inc. (www.vaporfection.com), the company offers an
industry award winning medical vaporizer product. Medbox, through
its newly established subsidiaries, is in development of the
following ancillary services catered to the alternative medicine
industry: merchant services and armored transport for cash
deposits, cannabidiol research and development, real estate
acquisitions and subsequent lease programs to alternative medicine
dispensaries, and alternative medicine dispensary management
services.
Forward-Looking Statements: The statements in this press
release constitute forward-looking statements within the meaning of
federal securities laws. Such statements are based on our current
beliefs and expectations and are inherently subject to significant
business, economic and competitive uncertainties and contingencies,
many of which are beyond our control. In addition, such
forward-looking statements are subject to assumptions with respect
to future business strategies and decisions that are subject to
change. Potential risks and uncertainties include, but are not
limited to, technical advances in the industry, the enforceability
of the patent covering the intellectual property discussed herein,
as well as political and economic conditions present within the
industry. We do not take any obligation to update any
forward-looking statement to reflect events or developments after a
forward-looking statement was made.
Medbox, Inc. is a publicly traded company, and is quoted on the
OTCQB, ticker symbol MDBX.
For more information on Medbox, please contact (800) 762-1452 or
go online to: http://www.medbox.com.
Contacts:
Investor Relations:
Stephen Hart
Hayden IR
+1- 917-658-7878
hart@haydenir.com
SOURCE Medbox, Inc.