NEW CASTLE, Del., Sept. 24, 2012 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (SCRC), a leading supplier of prescription, OTC and nutraceutical drugs, today announced that Marlex Pharmaceuticals, Inc., which the Company has signed a Letter of Intent to acquire, has secured a $25 million pharmaceutical distribution contract with the Office of Health Affairs, a branch of the U.S. Department of Homeland Security, in conjunction with the Defense Logistics Agency (DLA).
Marlex Pharmaceuticals Inc. will supply pharmaceuticals to the DLA over the next 2-3 years at a cost of $25 million, as outlined in the agreement. The DLA has awarded Marlex Pharmaceuticals the contract based on the company's ability to provide specified pharmaceuticals at competitive prices. ScripsAmerica, upon the finalization of its acquisition of Marlex Pharmaceuticals, will gain 100% ownership of the pharmaceutical distribution contract and its subsequent revenues. The Company expects to complete the acquisition by December 2012.
ScripsAmerica's CEO, Bob Schneiderman, commented, "Being awarded this contract by the DLA worth $25 million dollars in revenue is a tremendous accomplishment for Marlex and subsequently a very exciting development for us. Upon the closing of our pending acquisition, this agreement will substantially increase ScripsAmerica's revenue and shareholder value."
"This development showcases Marlex's ability to work and contract with various government agencies, which is a unique ability. We believe that this ability, combined with very competitive pricing, will enable ScripsAmerica to secure more contracts of this size and scope in the future," added Schneiderman.
About the Defense Logistics Agency
The Defense Logistics Agency (DLA) provides United States armed services members with food, clothing, textiles, medicines, medical equipment, and construction supplies as well as supports U.S. humanitarian and disaster relief efforts. Each year, DLA supplies and manages over $13.4 billion worth of food, clothing and textiles, pharmaceuticals, medical supplies, and construction and equipment supplies in support of America's warfighters worldwide and their eligible dependents. For more information visit www.dla.mil.
About ScripsAmerica, Inc.
ScripsAmerica, Inc. delivers pharmaceutical products to a wide range of end users across the health care industry, including physicians' offices, retail pharmacies, long-term care sites, hospitals, and Government and home care agencies through the largest pharmaceutical distributor in North America, McKesson Corporation. Current therapeutic categories serviced by the Company include pain, arthritis, prenatal, urinary, and hormonal replacement drugs. Other customers of ScripsAmerica include Cardinal Health, Curtis Pharmaceuticals, MedVet and the United States Veterans Administration.
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.