TYSONS CORNER, Va., Aug. 18, 2015 (GLOBE NEWSWIRE) -- Management of ScripsAmerica, Inc. (OTCBB:SCRC) today provided a corporate update for its shareholders and the investment community. Brian Ettinger, the Company's Interim CEO said the following:
"Management would like to update our shareholders on our multiple lines of business and comment on the Company's growth strategy moving forward. It is critical for Scrips to maintain the diversity of our revenue streams to build a strong financial foundation and help ensure a consistent, long term increase in shareholder value. We also want to reiterate our commitment to and assure our shareholders that the Company is working hard and very well with our new accounting firm to become current with our financials as expeditiously as possible.
Looking ahead, the primary focus of our growth strategy will be in the specialty pharmacy market as we plan to continue adding new states to our distribution network and evaluating strategic acquisitions of new pharmacies.
ScripsAmerica is currently licensed to distribute specialty pharmaceutical products in 21 states throughout the United States and the Company has applied for licenses in 10 more. With the recent addition of James Buchanan as our Medical Director, Scrips has never been better positioned to effectively navigate the pharmaceutical market dynamic regulatory environment in order to maximize our growth and success.
Scrips' diabetes patient supply program is also a source of revenue growth as it now has enrolled 1,500 patients to date, a figure that has tripled since February of this year. Through this program, ScripsAmerica's wholly owned Main Avenue Pharmacy, provides diabetes patients in designated US states with medical supplies that are available through a physician's prescription and usually covered by medical insurance and Medicare.
Another area of our business that possesses tremendous growth potential is PIMD International LLC (PIMD), a Florida-based pharmaceutical wholesale distributor of which the Company has 90% ownership. PIMD is currently licensed in 19 states nationwide and provides ScripsAmerica's customers and end users with access to specific medications, serving pharmacies, hospitals, and physician's offices in the US.
Within the past three months, the Company has added 15 physicians to our dispensing program whereby these doctors order their pharmaceuticals and medical supplies from PIMD. With the projected growth of our dispensing network and plans to begin selling medical supplies in other healthcare settings through PIMD's website, this is a very exciting time for this part of Scrip's business."
The Company's Interim President, Adam Brosius, added, "All of ScripsAmerica's employees and management team are working hard to maintain our current base of business while expanding the company's future footprint and revenue model."
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 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.