TYSONS CORNER, Va., March 17, 2014 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today announced that the Company has prepaid the entire balance of an outstanding convertible promissory note with a principal amount of $50,000.
The one-year convertible note was issued by Redwood Management, LLC on October 4, 2013 with an interest rate of 10% per annum. On April 4, 2014, $55,000 due under the note becomes convertible into shares of ScripsAmerica's common stock at a specified discount. The Company's cash payment has rendered its outstanding promissory note to Redwood Management paid in full prior to its eligibility date for conversion into common stock.
"ScripsAmerica's increasing revenues allow us to continue paying all outstanding convertible notes prior to their conversion dates. These recent prepayments are in accordance with the company's promise to our shareholders that we will prevent any stock dilution when in a position to do so and moving forward, we do not intend to issue any more convertible debt," commented ScripsAmerica's CEO, Bob Schneiderman.
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.