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® 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.
About Global Emerging Markets ("GEM")
Global Emerging Markets Group, www.gemny.com, was founded in 1991 and is an alternative investment group that manages a diverse set of investment vehicles across the world.
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: ScripsAmerica, Inc. 888-959-7095Source:ScripsAmerica, Inc.