Funding. Up to $2M. Excellent news: ScripsAm
Post# of 7769
Posted On: 10/14/2013 11:06:20 AM
Funding. Up to $2M. Excellent news:
ScripsAmerica Enters Into a Financing Agreement With GEM to Receive Funding of Up to $2 Million
Company to Use the Funding to Manufacture and Market Its RapiMed(R) Children's Pain Reliever
TYSONS CORNER, Va., Oct. 14, 2013 (GLOBE NEWSWIRE) -- ScripsAmerica, Inc. (OTCBB:SCRC) today announced that it has entered into a financing agreement with GEM Global Yield Fund ("GEM Global"), a member of the Global Emerging Markets Group ("GEM"), to provide funding to the Company of up to $2 million.
Under the terms of the financing agreement, ScripsAmerica may sell shares of its restricted common stock to GEM Global, subject to the satisfaction of certain conditions. The Company will use the capital acquired primarily to fund the manufacturing and marketing of its RapiMed(R) children's pain reliever domestically and internationally, as well as for working capital.
Bob Schneiderman, ScripsAmerica's CEO, said, "We continue to be very encouraged by our financial and operating results in fiscal 2013 as a result of new revenue sources stemming from a joint venture with our new wholesaler partner and our independent pharmacy initiative. Having entered into this financing agreement with GEM, the Company can now maintain its focus on executing our pharmaceutical distribution and acquisition strategy to increase shareholder value."
The funding contemplated by the financing agreement will be subject to customary closing conditions.
ScripsAmerica Enters Into a Financing Agreement With GEM to Receive Funding of Up to $2 Million
Company to Use the Funding to Manufacture and Market Its RapiMed(R) Children's Pain Reliever
TYSONS CORNER, Va., Oct. 14, 2013 (GLOBE NEWSWIRE) -- ScripsAmerica, Inc. (OTCBB:SCRC) today announced that it has entered into a financing agreement with GEM Global Yield Fund ("GEM Global"), a member of the Global Emerging Markets Group ("GEM"), to provide funding to the Company of up to $2 million.
Under the terms of the financing agreement, ScripsAmerica may sell shares of its restricted common stock to GEM Global, subject to the satisfaction of certain conditions. The Company will use the capital acquired primarily to fund the manufacturing and marketing of its RapiMed(R) children's pain reliever domestically and internationally, as well as for working capital.
Bob Schneiderman, ScripsAmerica's CEO, said, "We continue to be very encouraged by our financial and operating results in fiscal 2013 as a result of new revenue sources stemming from a joint venture with our new wholesaler partner and our independent pharmacy initiative. Having entered into this financing agreement with GEM, the Company can now maintain its focus on executing our pharmaceutical distribution and acquisition strategy to increase shareholder value."
The funding contemplated by the financing agreement will be subject to customary closing conditions.
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