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Safescript Pharmacies, Inc. Files to Reorganize Under Chapter
1 Bankruptcy Protection ( PRNewswire-FirstCall )
B: Safescript Pharmacies, Inc. Files to Reorganize Under Chapter 11 Bankruptcy P
otection ( PRNewswire-FirstCall )
LONGVIEW, Texas, Mar 22, 2004 /PRNewswire-FirstCall via COMTEX/ -- Safescript
Pharmacies, Inc. (OTC Pink Sheets: SAFS) announced that its board of directors
filed a petition late Friday, March 19, 2004 in the Federal Bankruptcy Court for
protection under Chapter 11 of the United States Bankruptcy Code on behalf of
Safescript Pharmacies, Inc. The Company's onerous debt structure, created by its
previous management, coupled with numerous judgments and pending legal action
against the Company, jeopardized the much-needed funding negotiations, thereby
prompting the board's decision.

Plans for reorganization are currently under development and it is Safescript
management's intention to position the Company to emerge from bankruptcy as
quickly as possible. Plans will include retaining the ten pharmacies that are
either currently generating or will soon generate positive cash flow. The ten
pharmacies that will represent the core of Safescript's operations are located
in Longview, TX; Texarkana, TX; Alexandria, LA; Baton Rouge, LA; Bossier City,
LA; two location in Shreveport, LA; and two locations in New Orleans, LA.
Corporate overhead will continue to be streamlined and the sales effort will be
integrated into the field operations for better and more efficient
communication.

"We expect this reorganization to provide Safescript with a fresh start. We
expect to emerge a leaner and more efficient organization," commented Ed
Dmytryk, Safescript's recently appointed CEO. "We intend to expeditiously create
a reorganization plan that will provide a solid foundation to grow this unique
business model, attract additional working capital and regain value for our
shareholders."

About Safescript Pharmacies, Inc.

Safescript Pharmacies, Inc. is a public holding company with four operating
subsidiaries, Safe Med Systems, Inc., Safescript Holdings, Inc., Pegasus
Pharmacies, Inc. and Advanced Pharmacy Solutions, Inc. Safe Med Systems, Inc. is
a medical communications/technology company that provides state-of-the-art,
prescription units loaded with patent-pending software and secure, broadband
wireless technology. Safescript Holdings, Inc. and Pegasus Pharmacies, Inc.
operate the preferred retail pharmacy providers that specialize in filling
prescriptions generated by the Safe Med Systems technology. Advanced Pharmacy
Solutions, Inc. is a closed specialty pharmacy system that delivers psychotropic
drugs to community and mental health centers. For additional information please
visit our websites at www.safescriptinc.com .

Certain statements in this news release may constitute "forward-looking"
statements within the meaning of section 21E of the Securities and Exchange Act
of 1934. The Company believes that its expectations, as expressed in these
statements are based on reasonable assumptions regarding the risks and
uncertainties inherent in achieving those expectations. These statements are
not, however, guarantees of future performance and actual results may differ
materially. Some of the factors that may affect the forward looking statements
in this news release are the rate of acceptance of new versions of proprietary
software, the availability of personnel to present new software to users and the
availability and functionality of competitive systems. Other risk factors are
listed in the most recent Annual Report on Form 10-KSB and Quarterly Report on
Form 10-QSB filed with the Securities and Exchange Commission. Such
forward-looking statements involve risks, uncertainties, which may cause the
actual results, performance, or achievement expressed or implied to differ.

Contact: Ed Dmytryk
Chief Executive Officer
Safescript Pharmacies, Inc.
903-295-6800
[e-mail]

SOURCE Safescript Pharmacies, Inc.

CONTACT: Ed Dmytryk, Chief Executive Officer of Safescript Pharmacies,
Inc., [phone], or investorrelations@safescriptpharmac
es.com

URL: http://www.safescriptinc.com
http://www.prnewswire.com