TYSONS CORNER, Va., Feb. 12, 2014 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), today announced that during the month of January, the Company's equity venture, Wholesale Rx "WRx," received and processed $268,696 in orders, setting a second consecutive monthly revenue record.
ScripsAmerica's equity venture increased its revenue by 62% over the last month and 326% over the last five months since its formation in August 2013, increasing its run rate from $2 million to $3.2 million. Due to the rapid growth and success of the equity venture and its access to WRx's network of independent pharmacies, the Company decided to take an equity position in WRx last November with plans of expanding this area of its business.
"ScripsAmerica is very pleased to not only report another record month for our pharmaceutical distribution equity venture, but also to note the significant percentage revenue increase over December. This demonstrates the high level of growth that we have projected and expect to see throughout 2014 in this area of business, particularly as WRx expands by obtaining licenses to distribute pharmaceuticals in additional states. Even without this expanded territory, we have seen this equity venture already cause a sizeable increase in Scrips' overall revenue and shareholder value," commented Bob Schneiderman, CEO of ScripsAmerica.
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.
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