ScripsAmerica Pays Convertible Note Installment in Cash Prior to Its Eligibility for Conversion Into Stock
NEW CASTLE, Del., June 10, 2013 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today announced that the Company has paid $26,959.31 in cash to settle a portion of an outstanding convertible promissory note with a total principal amount of $131,170.
The note, which was issued on April 9th, 2013 and has an 8% interest rate per annum, has a maturity date of April 8, 2014. However, on June 9, 2013, an installment of $26,959.31 due under the note becomes convertible into shares of the Company's common stock at a specified discount as outlined in the securities purchase agreement. ScripsAmerica's cash payment has rendered the note's installment paid in full prior to its conversion eligibility date.
CEO of ScripsAmerica, Bob Schneiderman, commented, "ScripsAmerica has decided to pay in cash the installment of this note that could be converted into shares in order to prevent any potential dilutive effect on our stock. It is our intention to continue making cash payments due on any convertible notes and continue protecting our shareholders' investment in the company."
About ScripsAmerica, Inc.
ScripsAmerica, Inc. delivers pharmaceutical products to a wide range of endusers 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, and urinary drugs. Other customers of ScripsAmerica include Cardinal Health and the United States government.
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.