NEW CASTLE, Del., June 6, 2013 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today announced that the Company has prepaid the balance of an outstanding convertible promissory note held by Continental Equities LLC with a principal amount of $114,700.
The convertible note was issued on April 15th, 2013 and has an 8% interest rate per annum as outlined in the securities purchase agreement between ScripsAmerica and Continental Equities LLC. The note's maturity date is April 15, 2014; however on June 7, 2013, the remaining 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. The Company's final payment rendered the convertible note paid in full prior to its eligibility for conversion into shares.
"As has been the case with two other convertible notes this year, ScripsAmerica has decided to prepay its note with Continental Equity in order to prevent any potential dilutive effect it could have on our stock if converted into common shares. This action will simplify our capital structure as well as protect the interests of our company and its shareholders," commented Bob Schneiderman, CEO of ScripsAmerica.
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, 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.