Medbox announces Bio-Tech acquisition
The agreements allow for Medbox to record earnings of 25% at a minimum and 50% at a maximum depending on Medbox’s level of involvement in the revenue generating deals for Bio-Tech. Bio-Tech is an innovative corporation that has developed BioTrackTHC, the nation’s only true marijuana seed-to-sale tracking system as well as the HIPAA compliant, SAS70 approved biometric e-prescribing technology, BioScriptRX, that can prevent “doctor shopping” in pharmacies and pain management clinics nationwide.
This most recent transaction involved a combination of cash and stock. The restricted stock component has a mandatory two-year lock-up period. Medbox will take possession of the ownership stake in Bio-Tech, which shall remain in escrow, once its Form 10 is filed with the SEC in early March of this year.
“Our company is growing by leaps and bounds and as a result can target companies that are emerging and have relevance for mutually beneficial partnerships,” Br Bruce Bedrick, CEO of Medbox said. “Bringing value to our company and its shareholders is our number one priority.”
Recently, Medbox’s founder and senior consultant, Vincent Mehdizadeh announced that he will fund the necessary capital to expand operations and close identified target acquisitions for a total target infusion into the company of $30 million of a 12-month period.
Since then, the company has revised its financial projections for the period through 2016. The revised projections show over $6 million in increased revenue for fiscal year end 2013, with subsequent increases throughout the next 3 years, culminating in a leap from initial projections of $48.6 million by end of fiscal year 2016 – up to a hefty $72.7 million.