NEW CASTLE, Del., Aug. 15, 2012 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today reported that the company strengthened its liquidity and financial position during the second quarter of 2012.
During the second quarter, the Company reduced its short term-debt obligations, converted $250,000 of debt into equity, and reduced the annualized interest on its debt from 24% to 12%. As a result of these and other activities, ScripsAmerica increased its quick ratio by nearly 60% from 2.4% to 3.8%. The quick ratio is an indicator of a company's short-term liquidity, measuring its ability to meet short-term obligations with its most liquid assets where the higher the ratio, the better the financial position of the company.
"We are very pleased with our second quarter results, regarding the improved financial position and liquidity of the company. Management has made a concerted effort to reduce, refinance and restructure the company's debt in order to optimally position us moving forward. Our ability to convert debt to equity shows the confidence that our shareholders have in our technology and products and we were able to refinance existing debt as well this quarter, reducing our interest expenses," commented CFO of ScripsAmerica, Jeff Andrews.
"Looking ahead to the coming quarters, we will continue to strengthen the financial position of the company and plan to increase revenues and shareholder value as we launch our initial RapiMed product line," continued Andrews.
For more information please 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.