NEW CASTLE, Del., April 29, 2013 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today announced that the Company has prepaid an outstanding convertible promissory note with a principal amount of $52,750, held by Auctus Private Equity Fund LLC.
The convertible note has an 8% interest rate per annum and was issued in October 2012 as part of a securities purchase agreement between ScripsAmerica and Auctus. The Note has a maturity date of July 22, 2013, however on or after April 20, 2013, the principal and all accrued but unpaid interest and any other amounts due under the Note are convertible into shares of the Company's common stock at a specified discount.
ScripsAmerica's CEO, Bob Schneiderman, commented, "We are pleased to announce that, due to the company reporting record revenues to begin 2013, we are financially able to prepay this convertible note in addition to a note from Asher Enterprises that was prepaid in February. These actions demonstrate the fact that ScripsAmerica remains committed to protecting and maximizing our shareholder value while we experience significant revenue growth now and moving forward."
About ScripsAmerica, Inc.
ScripsAmerica, Inc. delivers pharmaceutical products to a wide range of end users across the health care industry through the largest pharmaceutical distributor in North America, McKesson Corporation. End users include retail pharmacies, hospitals, long-term care facilities and government and home care agencies. Current therapeutic categories serviced by the Company include pain, arthritis, prenatal, urinary, and hormonal replacement drugs. Other customers of ScripsAmerica include Cardinal Health, CutisPharma, Inc., MedVet and the United States Veterans Administration.
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: 888-959-7095Source:ScripsAmerica, Inc.