MORE GREAT NEWS! ScripsAmerica Exercises Option
Post# of 7769
Posted On: 12/01/2014 8:25:00 AM
MORE GREAT NEWS!
ScripsAmerica Exercises Option to Acquire 90% of PIMD International, LLC
22 minutes ago - DJNF
ScripsAmerica Exercises Option to Acquire 90% of PIMD International, LLC
TYSONS CORNER, VA--(Marketwired - Dec 1, 2014) - ScripsAmerica Inc. (OTCBB: SCRC), today announced that it has exercised an option to acquire 90% of PIMD International, LLC, ("PIMD"
, a Florida-based pharmaceutical wholesaler that the Company has had a working relationship with since the fourth quarter of 2013.
In October 2013, ScripsAmerica initially entered a purchase agreement to acquire 90% of the membership units in PIMD, subject to certain conditions including PIMD's ability to obtain the necessary licenses from the DEA to distribute drugs in the state of Florida. In December 2013, it was determined that securing these licenses would require more time than originally anticipated leading to both parties amending the existing purchase agreement to become a sourcing and marketing agreement.
In April 2014, PIMD International received a license by the DEA to receive, store and ship Schedule 3 through Schedule 5 formulary pharmaceuticals as well as state licenses in Florida and Pennsylvania. The Company has since added licenses in Texas, Tennessee, Kentucky, New York, Alabama, Illinois, and Ohio and will continue to apply for additional state licenses throughout the US.
"Exercising Scrips' option to acquire 90% of PIMD International is a positive and logical next step in the progression of our working relationship. ScripsAmerica currently generates revenue through our sourcing agreement with PIMD which we expect to increase moving forward as our newly acquired business is well positioned to see significant growth in 2015," commented Bob Schneiderman, ScripsAmerica's CEO.
PIMD International serves as a pharmaceutical wholesaler to pharmacies, hospitals, and physician's offices in the US and provides ScripsAmerica's customers with access to specific medications for its end users. PIMD also sells medical supplies in all healthcare settings and online at www.pimdintl.com.
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 a result of new information, future events or otherwise.
ScripsAmerica Exercises Option to Acquire 90% of PIMD International, LLC
22 minutes ago - DJNF
ScripsAmerica Exercises Option to Acquire 90% of PIMD International, LLC
TYSONS CORNER, VA--(Marketwired - Dec 1, 2014) - ScripsAmerica Inc. (OTCBB: SCRC), today announced that it has exercised an option to acquire 90% of PIMD International, LLC, ("PIMD"
, a Florida-based pharmaceutical wholesaler that the Company has had a working relationship with since the fourth quarter of 2013. In October 2013, ScripsAmerica initially entered a purchase agreement to acquire 90% of the membership units in PIMD, subject to certain conditions including PIMD's ability to obtain the necessary licenses from the DEA to distribute drugs in the state of Florida. In December 2013, it was determined that securing these licenses would require more time than originally anticipated leading to both parties amending the existing purchase agreement to become a sourcing and marketing agreement.
In April 2014, PIMD International received a license by the DEA to receive, store and ship Schedule 3 through Schedule 5 formulary pharmaceuticals as well as state licenses in Florida and Pennsylvania. The Company has since added licenses in Texas, Tennessee, Kentucky, New York, Alabama, Illinois, and Ohio and will continue to apply for additional state licenses throughout the US.
"Exercising Scrips' option to acquire 90% of PIMD International is a positive and logical next step in the progression of our working relationship. ScripsAmerica currently generates revenue through our sourcing agreement with PIMD which we expect to increase moving forward as our newly acquired business is well positioned to see significant growth in 2015," commented Bob Schneiderman, ScripsAmerica's CEO.
PIMD International serves as a pharmaceutical wholesaler to pharmacies, hospitals, and physician's offices in the US and provides ScripsAmerica's customers with access to specific medications for its end users. PIMD also sells medical supplies in all healthcare settings and online at www.pimdintl.com.
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 a result of new information, future events or otherwise.
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