TYSONS CORNER, Va., Feb. 3, 2014 (GLOBE NEWSWIRE) -- ScripsAmerica, Inc. (OTCBB:SCRC) today announced that the Company has entered into a joint venture with Global Pharma Hub, an international pharmaceutical marketing and distribution company, to license, market and distribute its RapiMed® Children's pain reliever and fever reducer.
Global Pharma Hub has an exclusive license to market and distribute RapiMed® worldwide with the exception of the United States. Additionally, Global Pharma Hub has the ability enter sub-license agreements in the interest of market expansion and revenue generation for RapiMed® and has provided a sub-license to NYJJ, a Hong Kong-based company, to generate initial and ongoing orders for the product following its registration approval by the Hong Kong government. These agreements are the necessary final steps in securing the product's registration approval.
"We feel confident that Global Pharma Hub will quickly secure orders and facilitate the delivery of our RapiMed products in Hong Kong through their network. With this agreement we can hit the ground running and expect initial success and steady growth moving forward in the Asian market once we receive government approval. Following our launch in Hong Kong, we believe that Global Pharma Hub will continue to add tremendous value by expanding our worldwide market penetration with Scrips' current and future rapid melt technology products. This is a very exciting time for ScripsAmerica and its shareholders," stated Bob Schneiderman, ScripsAmerica's CEO.
Management of ScripsAmerica would like to reiterate to its shareholders that RapiMed® is an over-the-counter (OTC) medication, therefore does not require FDA approval in order to be sold in Hong Kong, China due to the fact that RapiMed®'s manufacturer is CGMP (Current Good Manufacturing Practices) certified. Because this is the case, RapiMed®'s manufacturer needs only to follow the monograph for the product's active ingredient.
About ScripsAmerica, Inc.
ScripsAmerica, Inc. is a supplier of prescription, OTC and nutraceutical drugs, delivering pharmaceutical products to a wide range of end users across the health care industry. End users include retail pharmacies, 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 reflect 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.