NEW CASTLE, Del., Nov. 14, 2012 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today announced that Marlex Pharmaceuticals, which the Company has signed a Letter of Intent to acquire, has renewed its pharmaceutical supply contract with national nursing home chain, GeriMed.
The new agreement extends through September 2014 and can potentially generate $2 million in revenue for Marlex Pharmaceuticals, which ScripsAmerica plans to operate as a wholly owned subsidiary upon its acquisition being finalized. Prior to this renewal, GeriMed and Marlex were engaged in a two year pharmaceutical packaging and distribution agreement.
ScripsAmerica's CEO, Bob Schneiderman, commented, "The renewal of Marlex's pharmaceutical supply contract by GeriMed's national chain of nursing homes is an expected, yet very positive development for the company. This is a testament to the top quality packaging services that Marlex provides to its customers by offering very competitive pricing, tremendous flexibility and timeliness. I firmly believe that the company can reach the contract's maximum potential which would generate $2 million over the next two years."
About GeriMed
GeriMed services hundreds of thousands of long term care beds through hundreds of pharmacies nationwide. The company also maintains several hundred exclusive memberships for members who use GeriMed's high-level service to provide for their patients. In total, GeriMed currently has relationships with more than 600 member pharmacies representing more than 300 corporations or pharmacy systems nationwide.
For more information, visit www.gerimedgso.com.
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.