TYSONS CORNER, Va., Aug. 6, 2013 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today announced that the Company has paid $26,380.09 in cash to settle a portion of an outstanding convertible promissory note with a total principal amount of $131,170.
The note was issued on April 9, 2013 and has an 8% interest rate per annum with a maturity date of April 8, 2014. On August 9, 2013, an installment of $26,380.09 due under the note becomes convertible into shares of the Company's common stock at a specified discount. ScripsAmerica's cash payment has rendered the note's installment paid in full prior to its conversion eligibility date. ScripsAmerica has already paid an installment of $26,959.31 in cash on the note prior to June 9, 2013 to avoid any possibility of conversion into shares of the Company's stock.
"Following suit with our announcement and initial prepayment in June, ScripsAmerica has paid in cash the next installment on this note and will continue doing so to protect our stock from any potential dilution. Now, more than ever, it is very important to maintain and continue to increase our share value as ScripsAmerica actively works toward becoming listed on a higher exchange like the NYSE, AMEX, or NASDAQ," stated CEO of ScripsAmerica, Bob Schneiderman.
About ScripsAmerica, Inc.
ScripsAmerica, Inc. delivers pharmaceutical products to a wide range of end users across the health care industry through the pharmaceutical distributors in North America. End users include retail, 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: 888-959-7095Source:ScripsAmerica, Inc.