|By Marketwired .||
|June 23, 2014 09:15 AM EDT||
TYSONS CORNER, VA -- (Marketwired) -- 06/23/14 -- ScripsAmerica, Inc. (OTCBB: SCRC) today announced that the Company has completed the prepayment of its outstanding convertible debt.
ScripsAmerica prepaid the remaining balance of an outstanding convertible promissory note issued by Typenex Co-Investment, LLC with a principal amount of $71,432. The Company prepaid $36,459 due under the one-year note, which includes principal and interest and becomes convertible into shares of ScripsAmerica's common stock at a specified discount on June 21, 2014. The Company's cash payment has rendered its outstanding promissory note paid in full.
"ScripsAmerica is very pleased to announce that consistently increasing revenues have enabled the company to prepay its convertible notes, leaving any remaining convertible debt in the hands of company insiders. This policy has prevented any potential dilution of Scrips' stock as a result of these notes' conversion into stock, continually safeguarding our shareholder value. Moving forward, we believe this milestone will provide a very strong foundation for an increase in the price of our stock as we continue to grow and diversify our revenue streams," ScripsAmerica's CEO, Bob Schneiderman, commented.
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.
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