TYSONS CORNER, Va., March 5, 2014 (GLOBE NEWSWIRE) -- ScripsAmerica, Inc. (OTCBB:SCRC) today announced that the Company has entered into a sublicensing agreement for the marketing and distribution of RapiMed® in Canada. ScripsAmerica will now have access to the growing Canadian OTC drug market, which was valued at over $3.1 Billion in 2012.
ScripsAmerica's joint venture partner, Global Pharma Hub, entered into this agreement with Jestaw Pharmaceuticals, Inc. in Canada, giving the company the exclusive sublicensing right to market and distribute RapiMed® Children's pain reliever and fever reducer in Canada for a term of three years.
Jestaw Pharmaceuticals has over 14 years experience in the Canadian pharmaceutical and OTC market, providing medication procurement and distribution services to hospitals, clinic chains and both independent and large pharmacy brands. The company has a wide network of relationships in the Canadian pharmaceutical market as a result of operating across various levels of the country's pharmacy management and logistics chain areas. ScripsAmerica intends to leverage these relationships to aggressively introduce RapiMed into multiple distribution channels.
Jestaw Pharmaceuticals is headed by Wilson A Odijie, Bsc Pharm. Rph., a seasoned executive with nearly 15 years of industry experience. Mr. Odijie has served as Medical Director of Eaglesmed Group, Inc., Field Operations Manager for Nigerian pharmaceutical companies, Supreme Pharmaceuticals and Olpham Ltd, a clinical and hospital pharmacist and an entrepreneur in the pharmacy industry. He is a certified member of several organizations, including the Pharmacy Examining Board Of Canada, Alberta College Of Pharmacy, Pharmacists Association Of Alberta and the Royal College of Surgeons and Physicians in Glasgow, UK.
Bob Schneiderman, ScripsAmerica CEO, stated, "We are very excited to enter the Canadian OTC drug market and advance our goal of developing RapiMed into a global brand. We're currently in distribution negotiations in Hong Kong, applying for RapiMed's approval for mainland China and with this agreement, positioning Scrips to penetrate the booming Canadian OTC market."
"ScripsAmerica is committed to aggressive growth and maximizing shareholder value. The company has been steadily laying the foundation for an international network of partners to introduce RapiMed into foreign markets and believe that these efforts will translate into major revenue growth and a breakout year for Scrips in 2014," Schneiderman concluded.
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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