TYSONS CORNER, Va., Nov. 11, 2013 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), today announced that it has agreed to invest in Wholesale Rx "WRx" in exchange for an equity position in the company.
ScripsAmerica and WRx, a Tennessee-based pharmaceutical distributor, entered into a sales and financing agreement in August of this year to provide independent pharmacies with prescription drugs. The endeavor has generated $318,026 during its initial three months, demonstrating faster revenue growth than expected. The funds from ScripsAmerica's investment will be used to expand WRx's business by obtaining licenses that will permit the company to distribute pharmaceuticals in additional states.
"We are very pleased to announce this positive development to our shareholders. The rapid revenue growth and tremendous potential of WRx's pharmaceutical distribution business have caused Scrips' decision to increase our investment in their operation. By obtaining licenses to distribute prescription drugs in additional states, we believe we can quickly replicate our current success and significantly accelerate revenue growth in this area of our business," stated CEO of ScripsAmerica, Bob Schneiderman.
About ScripsAmerica, Inc.
ScripsAmerica, Inc. is a supplier of prescription, OTC and nutraceutical drugs, delivering pharmaceutical products to a wide range of end users across the health care industry. End users include retail pharmacies, hospitals, long-term care facilities and government and home care agencies. For more information, visit www.ScripsAmerica.com .
