Alleyba says...............
Below is a copy of the 8-K which in my opinion is very explosive and states, in my opinion, the direction in which CEO intends to take this company. First of all, the closing conditions are not unusual and SCRC must be confident that they will obtain the licenses in Paragraph 2 which clearly indicates to me the financial positive impact this will have on the company. Shareholders we are talking about more than Rapimeds here. We are talking about drugs that are "controlled substances" as well. This is a potential mind blowing stream of revenue for this company once license is received domestically and abroad.
Personally I was happy this stock gave back a little today because today presented itself with a good opportunity to get back in for the long term play particularly if this all comes to fruition. We do not want to go straight up and why shouldn't some shareholders take a gain from .10 to .30 which is a 3 bagger. They made a mistake in getting out because I think long term this is a 20-30 bagger or much higher. This is just my opinion and everyone has their interpretation of the 8-K. To me it is a real positive. There was no stock involved, we now have a plant positioned perfectly for shipping purposes and the most important aspect was that I did not see any stock dilution. Again, great job by CEO and great job and thank you to CELTIC who recommended I buy this stock! Again I am just stating the facts as I see them but can anyone argue with me if PIMD now does $1,000,000 to $5,000,000 in revenues they will not do 10X as much now? There must be more explosive news to follow and I am anxious to hear China update, etc. I think all shareholders should do their own research but that is my take on 8-K. Moreover, those who were bashing CEO when stock was .10 or less owe him an apology now because he never buckled and went for a toxic deal when this company needed financing. It was clearly evident at the time that pressure was coming in at the end of every day to paint the stock down on down ticks to get people to sell hoping Bob would take their toxic deal. THe GEM deal is exactly the right word , A GEM OF A DEAL
Item 1.01 Entry into a Material Definitive Agreement.
On October 18, 2013, the Registrant entered into a purchase agreement with P.I.M.D. International, LLC ("PIMD") and Vanessa Gonzalez, the sole member of PIMD (the "Seller"), pursuant to which the Registrant agreed to purchase 90% of the outstanding membership units from the Seller for a purchase price of $262,000. Upon the execution of the purchase agreement, the Registrant paid a deposit of $37,000 on the purchase price, of which (i) $25,000 is non-refundable unless the Registrant terminates the purchase agreement as a result of a material breach by the Seller or PIMD and (ii) $12,000 is refundable if the Seller terminates the purchase agreement or refuses or neglects to close. The balance of the purchase price of $225,000 will be paid at closing.
The closing will take place promptly upon the (a) Seller entering into an employment agreement satisfactory to the Registrant (which occurred on October 18, 2013) and (b) PMID (with the Registrant as the 90% owner) has received governmental licenses from the (i) U.S. Drug Enforcement Agency (Controlled Substances Registration Certificate), (ii) Florida Department of Business and Professional Regulation (Prescription Drug Wholesale Distributor license) and
(iii) the Florida Department of Health (acknowledgement of Seller as Certified Designated Representative). The Registrant expects that it will take 12 weeks to secure these licenses.
To the extent that the Registrant is able to secure the issuance of all three government licenses in less than 12 weeks, the Seller shall credit to the balance of the purchase price $1,000 for each week that such licenses were obtained prior to the 12th week.
The Registrant expects the closing of this transaction to occur in January 2014
