CLIFTON, N.J., May 11, 2016 (GLOBE NEWSWIRE) -- ScripsAmerica, Inc. (OTCBB:SCRC) today provided a shareholder update regarding the recent expansion of its specialty pharmacy operations and revenue growth of its subsidiary, PIMD International LLC.
Specialty Pharmacy Expansion
ScripsAmerica’s management division, “Pharmacy Administration” has recently taken over the full management and operations of a new compound pharmacy which is currently licensed to distribute prescription drugs in over 30 states throughout the US with all major insurance carriers.
The Company reports that sales and revenues generated by its newly managed pharmacy have increased dramatically during the second month of business operations and anticipates future growth based on its management experience and streamlining of the new compound pharmacy’s business operations.
PIMD International LLC Revenue Growth
ScripsAmerica also reported that business revenues generated by its subsidiary PIMD International LLC (“PIMD”) have increased to record highs during its last three months of operation. Management attributes this growth to several factors including an increase in its client base, new product additions and regulation changes within the compound pharmacy industry that allow for single National Drug Code (NDC) sales.
“Pharmaceutical regulations that govern our pharmacy operations have recently changed to allow for the sale of single NDC products, where in the past these consisted of several compounded pharmaceutical products. This has enhanced the ability of our managed specialty pharmacies to introduce new products and grow their client base, resulting in revenue growth for ScripsAmerica,” commented Adam Brosius, the Company’s President.
ScripsAmerica acquired 90% ownership of Florida-based PIMD International LLC (“PIMD”) in December 2014. PIMD serves as a pharmaceutical wholesaler to pharmacies, hospitals, and physician's offices in the US and 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.
Financial Statement Audit Update
The Company’s management would like to inform shareholders that it continues to work closely with ScripsAmerica’s new auditing firm, KMJ Corbin & Company LLP (“KMJ”), to become current with the filing of its 2015 and 2016 financial reports with the SEC.
ScripsAmerica began working with KMJ in August 2015 and has subsequently completed the audit and filing of 10K Annual Report for 2014 and recently filed its 10Q Quarterly Report for the first quarter of 2015. The Company’s Board of Directors would like to again thank shareholders for their patience in allowing these matters to be addressed accurately and as expeditiously as possible.
“Scrips is pleased to report the recent expansion and revenue growth of our specialty pharmacy operations. We are very confident this growth will continue due to our diligent and consistent sales efforts which have resulted in the management of a new pharmacy and a notable increase in PIMD’s sales. The Company believes that the positive operational results experienced thus far in 2016 have established a firm foundation from which our Company will continue to increase its revenues and profits on our way to reporting positive earnings and increasing value for our shareholders,” commented Brian Ettinger, CEO of ScripsAmerica.
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.