TYSONS CORNER, Va., March 12, 2014 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today announced that the Company has prepaid the balance of an outstanding convertible promissory note with a principal amount of $40,000.
The convertible note was issued by Hyde Park LLC on September 18, 2013 and has a one-year term with a 12% interest rate per annum. On March 18, 2014, $42,400 due under the note becomes convertible into shares of ScripsAmerica's common stock at a specified discount. The Company's cash payment has rendered the note paid in full prior to its conversion eligibility date.
CEO of ScripsAmerica, Bob Schneiderman, commented, "ScripsAmerica remains strongly committed to maximizing shareholder value in every possible way. Now that we are entering a period of significant revenue growth, it is critical to remove any potential for stock dilution that could undermine the corresponding increase in our share price necessary to move to a higher exchange in the future."
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 firstname.lastname@example.orgSource:ScripsAmerica, Inc.