634 0 Kommentare Medbox Founder Votes to 'Lean-Out' Director and Officer Compensation

LOS ANGELES, CA--(Marketwired - Jan 9, 2015) - P. Vincent Mehdizadeh - Founder and Majority Shareholder of Medbox, Inc. (OTCQB: MDBX) filed a written consent action with the Securities and Exchange Commission that added 4 new directors with key industry experience in the disciplines of consulting, technology, and security. In addition, the company unveiled its Board Advisory Committee.

"We are taking the company back to what made us successful in the first place, keeping a lean budget, capitalizing on our industry best patents, targeting key endeavors, communicating with shareholders, and being able to react quickly to regulatory changes as new opportunities present themselves," stated Vincent Mehdizadeh, Founder and Majority Shareholder, at Medbox. "The action taken today will allow the company the freedom to operate again with all hands on deck."

Mehdizadeh clarified that the prior independent board members have all been asked to return, at their discretion, either on the board of directors at their regular salaries or on the board advisory committee at a far reduced fee. The existing CEO and CFO, Guy Marsala and Doug Mitchell, have been asked to return as consultants to the company to make the transition as seamless as possible. The company's former Vice-President, Matthew Feinstein, shall be interim President until a replacement can be sourced. Feinstein will then return to his role as Vice-President.

"We spent millions last year in director and officer compensation and while their impressive backgrounds in combination with the risk factors inherent to the industry we operate in might warrant such compensation, the company is better off reducing overhead and making a push this year to get profitable again. We have one newly elected independent director at present and have confirmed at least another independent joining the company by the end of January along with any of the prior independent directors looking to return to the company in that capacity."

The new look board is as follows:

Matthew Feinstein

Matthew Feinstein began consulting for Medbox in June 2013, and was promoted to Vice President in February 2014. He also served as a director of the Company from April 2014 until October 2014. Mr. Feinstein was Operational Supervisor at Redbox from 2009 until 2011. He was subsequently recruited to become Director of Operations at minuteKEY, a self-service key duplicating kiosk company from 2011 to 2012. Mr. Feinstein earned an undergraduate degree in Political Science at the University of California, Berkeley.