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Medbox unveils new directors, advisory committee

Founder and majority shareholder P. Vincent Mehdizadeh of Los Angeles-based pharmacy kiosk company Medbox Inc. filed a written consent action with the Securities and Exchange Commission to add four new directors to the company with experience in consulting, technology and security.

January 13, 2015

The founder and majority shareholder of Los Angeles-based pharmacy kiosk company Medbox Inc., P. Vincent Mehdizadeh, has filed a written consent action with the Securities and Exchange Commission to add four new directors to the company with experience in consulting, technology and security. Additionally, the company announced 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," Mehdizadeh said in a statement. "The action taken today will allow the company the freedom to operate again with all hands on deck." 

Mehdizadeh said prior independent board members have all been asked to return to function on the board of directors at their regular salaries or on the board advisory committee at a reduced fee. The company asked current CEO Guy Marsala and CFO Doug Mitchell to return as consultants to ensure a seamless transition. Former Vice President Matthew Feinstein will function as interim president until a replacement is found, when he will return to VP.

"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," Mehdizadeh said. "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."