Investment Expected to Significantly Increase Revenues by Expanding Pharmaceutical Distribution into New States
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 .
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: 888-959-7095
Source: Globe Newswire (November 11, 2013 - 8:30 AM EST)
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