CLIFTON, N.J., June 14, 2016 (GLOBE NEWSWIRE) -- ScripsAmerica, Inc. (OTCBB:SCRC) today provided an update regarding the revenue growth and recent expansion efforts of its subsidiary PIMD International LLC (“PIMD”), a pharmaceutical wholesale distributor that serves a wide range of health care providers.
ScripsAmerica announced that PIMD has recently entered into a shared marketing agreement with a 3PL (Third Party Logistics) provider based in the Northeast which enables the company to provide pharmaceutical products, including prescription drugs, to customers in all 50 states of the US. Previously, PIMD was able to ship to approximately 20 states.
In addition to expanding its sales territory and potential customer base, this agreement will provide cost-savings for PIMD as its new partner will now streamline and manage key components of the supply chain management process including, warehousing, fulfillment and logistics, according to management of ScripsAmerica.
The Company also highlighted that PIMD has recently completed a move from its previous headquarters in Doral, FL to a new distribution facility based in Pooler, GA, a suburb of Savannah. The new facility provides ScripsAmerica with a reduction in costs in addition to providing better access to new markets for its wholesale pharmaceutical products.
President of ScripsAmerica, Adam Brosius, commented, “We are pleased to inform our shareholders that PIMD International has become a profitable division of Scrips based on its strong, multi-faceted growth in recent months. We have formed several new manufacturer and national distribution agreements that provide key pricing advantages over our competitors."
He added, “Also, as stated in the Company’s last press release, new product additions and regulation changes in the compound pharmacy industry allowing for single National Drug Code (NDC) sales have fueled an increase in PIMD’s overall sales volume as well as an expansion of our overall customer base in early 2016.”
“PIMD’s new relationship with a 3PL provider has expanded its domestic geographic territory even more to include the entire nation. Recently, the company has begun quoting its products for potential new customers internationally as well, having given proposals for products to officials in Vietnam, Mexico and other foreign entities. With PIMD’s new streamlined logistical process and distribution facility factored in, the revenue growth potential of this branch of our business looks very promising and we believe will play an integral part in increasing ScripsAmerica’s long term earnings and shareholder value moving forward,” concluded Mr. Brosius.
Brian Ettinger, the Company’s CEO added, “ScripsAmerica would like to address any concerns of our shareholders or the investment community regarding its recent 8K filing. As stated in this filing, management is fully cooperating in the investigation of Main Avenue Pharmacy and cannot predict the eventual scope, duration or outcome of the investigation at this time.”
About PIMD International LLC
ScripsAmerica holds 90% ownership of PIMD International LLC (“PIMD”), a pharmaceutical wholesaler to pharmacies, hospitals, and physician's offices in the US that provides the Company’s customers with access to specific medications through its fulfillment services. PIMD also sells medical supplies in all healthcare settings and online through its website www.pimdintl.com.
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.