TYSONS CORNER, VA--(Marketwired - Dec 10, 2014) - ScripsAmerica, Inc. (OTCBB: SCRC) today announced that the Company has secured a $4 million line of credit from Triumph Healthcare Finance. The line of credit will be used by ScripsAmerica to fund the expansion of its specialty pharmacy operations in the US and pay off its current high interest debt.
"We view our collaboration with ScripsAmerica not just as a loan, but as the beginning of a value-added relationship," stated Jennifer Sheasgreen, President of Triumph Healthcare Finance. "Triumph looks forward to developing a lasting bond with Jeff, Bob and the entire Scrips team as the Company continues its growth in the pharmaceutical and healthcare industries," continued Sheasgreen.
Bob Schneiderman, CEO of ScripsAmerica, added, "Given our specialty pharmacy division's tremendously successful year and ScripsAmerica's plan to sustain this growth in 2015, it is a positive and logical step to partner with a leading financial institution and gain access to additional working capital to fund our expansion efforts. Working with Jennifer and Triumph Healthcare Finance has been an enjoyable and satisfying experience and we at ScripsAmerica look forward to having a long and mutually beneficial working relationship with Triumph Healthcare Finance," commented Bob Schneiderman, Scrips CEO.
About Triumph Healthcare Finance
Triumph Healthcare Finance specializes in helping smaller middle-market healthcare companies and other service providers that would benefit from revolving lines of credit secured by insurance, government or contract accounts receivable. Funds may be used for a variety of purposes, including turnarounds, restructurings, M&A financing or general working capital. For more information, visit www.triumphhf.com. Triumph Community Bank, N.A. d/b/a Triumph Healthcare Finance.
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.