ScripsAmerica Closes Equity Transaction With Institutional Investor Ironridge Consumer Co.
Date : 11/20/2013 @ 8:30AM
Source : GlobeNewswire Inc.
Stock : Scripsamerica (QB) (SCRC)
Quote : 0.152 0.0 (0.00%) @ 5:32AM
ScripsAmerica Closes Equity Transaction With Institutional Investor Ironridge Consumer Co.
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Scripsamerica (QB) (OTCBB:SCRC)
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Today : Wednesday 20 November 2013
ScripsAmerica Inc. (OTCBB:SCRC), today announced that the Company has satisfied $686,962 in trade payables and outstanding convertible notes in exchange for the issuance of shares of its common stock to Ironridge Consumer Co., a division of institutional investor Ironridge Global IV, Ltd. ("Ironridge") which specializes in direct equity investments in consumer product companies.
With $686,962 removed from its balance sheet as a result of this transaction, the financing has paid for ScripsAmerica's cost of goods to supply its RapiMed® Children's Pain and Fever Reducer product to retail outlets in China as well as to pay outstanding promissory notes.
"China is the world's second largest economy and has been among the world's fastest growing economies for three decades," commented John C. Kirkland, Managing Director of Ironridge Global Partners, LLC. "I have personally seen the increasing demand for U.S. manufactured pharmaceuticals in Beijing, Shanghai and throughout China. According to researchers in the September 2013 Journal of the American Medical Association, poor nutrition in utero and in early life may be a contributing factor. ScripsAmerica's management team has done an excellent job of increasing sales and driving growth in different areas of their business and we are very pleased to provide funding that will enable the rollout of new products in a large new market."
"Ironridge is one of the best investment partners we've ever dealt with. Their support comes at an optimal time as our business development team is currently securing RapiMed's distribution channels and ensuring our presence in the Chinese consumer market," explained Bob Schneiderman, ScripsAmerica's Founder and CEO.
"This strategic partnership with Ironridge allows us to pay down debt and aggressively rollout RapiMed accounts in China while also implementing effective in-store marketing campaigns that will help ensure a successful product launch," added Jeff Andrews, CFO of ScripsAmerica.
About Ironridge
Ironridge Consumer Co. is a division of Ironridge Global IV, Ltd., an institutional investor, making direct equity investments in micro-cap public companies. Its Liability for Equity program allows public companies to satisfy trade payables, debts and other liabilities in exchange for unregistered common stock utilizing a Section 3(a)(10) fairness hearing.
Ironridge Global is the industry leader in this innovative financing structure, which substantially reduces the transactional costs and time necessary to complete a deal. The fund has entered into more than 50 equity financing transactions since 2011, ranging from under a quarter million to over $15 million each. Ironridge Global seeks to be a long-term financial partner, assisting public companies in financing growth and expansion by supplying innovative funding solutions and flexible capital. For more information on Ironridge Global Partners, please visit www.ironridgeglobal.com.
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.
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