LOS ANGELES, Calif., Feb. 14, 2015 (GLOBE NEWSWIRE) -- via PRWEB - P. Vincent Mehdizadeh – Founder and Majority Shareholder of Medbox, Inc. (OTCQB:MDBX) commented on recent sales by company affiliates.
According to Mehdizadeh, within the last 18 months he secured a credit line through a financial institution by pledging Medbox stock and used a large portion of the funds to loan to the public company. Since that point in time, a margin call occurred on the loan when the share price decreased to under $3 per share, causing a forced liquidation of shares to repay the credit line.
"Medbox was not in a position to pay back my note so these involuntary sales were transacted by my bank to recoup the loan, stated Vincent Mehdizadeh, Founder and Majority Shareholder of Medbox, Inc. "The credit line has been fully satisfied as of today's date. In addition, I have ceased any and all trading activity on my regularly scheduled trading plans until further notice. I am also looking into re-investing into the company to recoup some of the shares I was forced to liquidate over the last couple weeks. I am still a long-term believer in this company and feel Medbox is positioned perfectly to be a leader in this new industry."
About P. Vincent Mehdizadeh, Founder and Majority Shareholder of 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.
Media Contact:
Innovation Agency
310-571-5592
Source: P. Vincent Mehdizadeh
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2015/02/prweb12518505.htm