Todor Pichurov

Medbox, Inc. (OTCMKTS:MDBX) Slides Back to Fifty Cents

by Todor Pichurov May 26, 2015

After a brief attempt at recovery, the share price of Medbox, Inc. (OTCMKTS:MDBX) took another slap and landed at a new low. MDBX parked itself back at $0.50 per share, just a notch lower than its previous 52-week lowest close. Ahead of the long weekend the stock shifted 398 million shares and stopped 12% down by the closing bell.

MDBX recently announced the addition of Mr. Clinton Pyatt to the company's team. Mr. Pyatt will work as Medbox's Senior VP, Operations and Govt Relations. The press release introduced him as the former CEO of a certain publicly traded company named 'CorGreen Technologies, Inc.' As a matter of fact, the company's officially named 'CorGreen Technologies Holding Corp.', ticker symbol CGRT, at least as per OTC Markets and the official website of the SEC.

CGRT was trading as Gold Ridge Resources, Inc. until early 2015. The company switched to operating as a “grow and retail solution manager”, servicing the ever popular marijuana sector. Mr. Pyatt started work at CGRT back in 2012. In the past two months, CGRT traded a total of 805 shares in total and is currently delinquent with its SEC filings due to missing the extended deadline for its due quarterly report. The previous available quarterly reveals that CGRT had $21 thousand in cash as of December 2014. The MDBX press release hailed Mr. Pyatt as a “respected leader in our industry”.

The market's reaction on the day the news was less than enthused, with MDBX closing less than a percent in the green. On Friday, a new Form 4 filing cropped up in Medbox' feed. It informed that former CEO Bruce Bedrick sold 25,000 shares on the open market. Mr. Bedrick still holds 2.95 million MDBX shares so it's hardly a dramatic event but still one that should be noted, considering he sold another 25,000 a couple of weeks ago.

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