Medbox Inc (OTCMKTS:MDBX) was a massive decliner during Thursday’s trading session plummeting by close to 16% on relative high volumes, which were 4 times the daily average. The stock has been trending lower ever since it broke below the important support level at $0.051. Medbox currently trades below all daily moving averages considered a negative. The indicator measuring relative strength provided a fresh sell signal indicative of the strong selling interest. The oscillator for momentum is showing no signs of strong bullish reversal. The stock hit a fresh 52 week low during the trading session, which is a bearish sign.
Medbox Inc (OTCMKTS:MDBX), better known for dispensary infrastructure, patent technology services and offerings in cannabis industry, announced changes in its board of directors. As per the reports, Ambassador Ned L. Siegel was appointed as the new board of director chairman.
Road So Far
Siegel comes with over three decades of experience in corporate and matters important for national security. Previously, he worked as the U.S. Ambassador to the Commonwealth between 2007 and 2009. As per the reports, he was chosen by none other than former American President George W. Bush. Before his stint as country’s ambassador, Siegel also worked under Ambassador John R. Bolton as his Senior Advisor to gain the required knowledge and experience to advance to the higher level.
Prior accepting the ambassadorship with U.S. government, Siegel was the member of Overseas Private Investment Corporation’s board of directors. His experience as an entrepreneur and corporate executive is about 30 years or so, which makes him one of the most sought after leaders in the industry.
At present he is the chairman of Siegel Group’s board of directors. Siegel Group is an international business management advisory firm and offers specialized services in real-estate, infrastructure, ports, utilities, energy, financial services and technology fields.
The senior management team of Medbox is delighted to announce him as the chairman of board of directors and hopes that he will utilize his knowledge and experience to take Medbox to newer heights.
According to Mr. Guy Marsala, CEO, Medbox Inc (OTCMKTS:MDBX), the evolution of Medbox from an entrepreneurial firm to a well-managed corporate entity over the past few months has been an amazing journey so far. It has hard-working employees, long-term vision and world-class technology in place to attain objectives. The presence of Mr. Siegel in the board room will keep the spirits of everyone high. Medbox looks forward to working under his guidance in the coming months.