Medbox Founder & Majority Shareholder Retires 13 Million MDBX Shares for the Benefit of the Shareholders
(Thomson Reuters ONE) -
Founder Retires 2 Million Preferred Shares and 3 Million Common MDBX Shares
Totaling 13 Million Shares and Also Announces New Venture Branded 'Pineapple
Express' Within Globestar Industries, Inc.
LOS ANGELES, Aug. 26, 2015 (GLOBE NEWSWIRE) -- P. Vincent Mehdizadeh, Founder
and now former majority shareholder of Medbox, Inc. (OTCQB:MDBX) announced
retiring 13 million shares of MDBX, including all 2 million preferred shares in
his possession, carrying 5 to 1 conversion to common shares and super voting
rights, along with an additional 3 million common shares. The shares have been
retired, or in effect cancelled, resulting in 13 million less shares issued and
outstanding on a fully diluted basis.
Mehdizadeh remains with approximately 11,778,746 common shares of MDBX, of which
he has transferred 1 million shares each to Marijuana Policy Project (MPP) and
Law Enforcement Against Prohibition (LEAP). He has also pledged 3 million shares
to a charity Mehdizadeh founded called Self-Made Foundation, Inc. That transfer
will occur after that nonprofit receives 501(c)(3) designation by the IRS. As a
condition for receiving the gifts, the recipients have all agreed not to sell
the gifted shares for a period of one year and after the one year has elapsed,
not to sell more than 40,000 shares per month.
"This share retirement is a token of my appreciation to the shareholders that
made me proud to be associated with Medbox when it was a leader in the cannabis
sector," stated Vincent Mehdizadeh, Founder and former majority shareholder of
Medbox. "I am focused on a new venture now in 'Pineapple Express' (currently
known as Globestar Industries, Inc.), where I've taken my experiences at Medbox,
which I haven't been a part of for over a year now, and applied that knowledge
to the new company. Pineapple Express is laying a firm foundation in its
development stage by recruiting reputable accountancy advisors, top-tier legal
counsel, top-tier auditing support, and superior SEC compliance and advisory
talent at the board and officer level within the new company. I am the Founder
and Technology Advisor within that company, which allows me to get back to my
roots as an inventor of compliance technology for the cannabis sector. I have
placed my stock in that new venture, which represents the majority in that
public company's issued and outstanding shares, in a trust which will be
professionally managed by a licensed fiduciary as Trustee. This strategy allows
me to focus on creating new technology without the riggers and responsibilities
that majority shareholders have in managing company matters. I'm excited about
the new venture and look forward to bringing long-term value to Pineapple
Express shareholders through my creative inventions for many years to come."
About P. Vincent Mehdizadeh, Founder and Former Majority Shareholder at Medbox,
Inc.
Mr. Mehdizadeh has been actively involved in the cannabis industry since
2008. Mr. Mehdizadeh is the founder of MJ Business Consultants, which is a
subsidiary of 'Pineapple Express' - Globestar Industries, Inc. (Pending name
change to Pineapple Express, Inc.) At MJ Business Consultants Mr. Mehdizadeh
serves as a senior advisor of technology development.
Mr. Mehdizadeh is considered an expert in the medical cannabis industry and is
the inventor of two patents concerning the automated delivery of cannabis
through a dispensing machine using biometric identification (Patent #US7844363)
and a seed to sale POS system that tracks inventory and transactions occurring
at cannabis dispensaries and cultivation facilities (Patent #US8818820). He is
also the inventor of the patent-pending "Top-Shelf" System exclusively being
developed for MJ Business Consultants. He has been interviewed and featured in
news outlets including, the Wall Street Journal, CNBC, FOX News, Bloomberg
Businessweek, BBC, and many others.
Mr. Mehdizadeh was responsible for funding and the creation of the Marijuana
Policy Project "Consume Responsibly" campaign, as well as the Americans For Safe
Access "Medicate Responsibly" campaign aimed at educating medical and
recreational cannabis users in the states that allow consumption of cannabis
about its health effects and dosage information. Mehdizadeh has donated over $2
million dollars to Americans for Safe Access (ASA), Marijuana Policy Project
(MPP), Drug Policy Alliance (DPA), Law Enforcement Against Prohibition (LEAP),
and St. Jude Children's Research Hospital. Mehdizadeh has recently established a
non-profit charitable foundation called Self-Made Foundation, Inc. and will
continue his charitable contributions through that entity with his first project
being an autobiography with all proceeds going to various charities.
CONTACT: Vincent(at)MJBusinessconsultants.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: P. Vincent Mehdizadeh via GlobeNewswire
[HUG#1947525]
Datum: 26.08.2015 - 14:30 Uhr
Sprache: Deutsch
News-ID 416037
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"Medbox Founder & Majority Shareholder Retires 13 Million MDBX Shares for the Benefit of the Shareholders"
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