ScripsAmerica, Inc. cancelled the acquisition of 90% stake of P.I.M.D. International, LLC from Vanessa Gonzalez.
December 31, 2013 at 09:30 am IST
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ScripsAmerica, Inc. (OTCBB:SCRC) signed an agreement to acquire 90% stake of P.I.M.D. International, LLC from Vanessa Gonzalez for $0.26 million on September 30, 2013. ScripsAmerica deposited $37,000 as a part of purchase price of which (i) $25,000 is non-refundable unless ScripsAmerica terminates the purchase agreement as a result of a material breach by Vanessa and (ii) $12,000 is refundable if Vanessa terminates the purchase agreement or refuses or neglects to close. The balance of the purchase price will be paid at closing. The closing will take place upon (a) Vanessa entering into an employment agreement and (b) PMID has received governmental licenses from the U.S. Drug Enforcement Agency, Florida Department of Business and Professional Regulation and Florida Department of Health. ScripsAmerica expects that it will take 12 weeks to secure these licenses. The transaction's closing is expected to happen in January 2014. Richard Fox acted as legal advisor to ScripsAmerica. Bernard M. Cassidy of Lubell Rosen acted as legal advisor to Vanessa Gonzalez.
ScripsAmerica, Inc. (OTCBB:SCRC) cancelled the acquisition of 90% stake of P.I.M.D. International, LLC from Vanessa Gonzalez in December, 2013. The funds already advanced by ScripsAmerica to PIMD were converted to a loan and the relationship between PIMD and ScripsAmerica became a Sourcing and Marketing Agreement.
ScripsAmerica, Inc. is engaged in the distribution of prescription and over the counter pharmaceuticals. The Company's subsidiaries include Main Avenue Pharmacy Inc. (Main Avenue), DispenseDoc Inc. (DispenseDoc) and Pharmacy Administration, Inc. (Pharmacy Administration). It also holds interests in P.I.M.D. International LLC (PIMD). Its operations consist of the sale and compounding of non-sterile topical and transdermal pain creams through Main Avenue; wholesale sales to independent pharmacies and other medical providers through PIMD; pharmacy dispensing services for individual doctors through DispenseDoc, and billing and administrative services through Pharmacy Administration. Main Avenue's prescription pain creams incorporate approximately eight active pharmaceutical ingredients for application on the skin and in localized areas. As of December 31, 2014, PIMD held licenses in over 20 states to receive, store and ship Schedule 3 through Schedule 5 formulary pharmaceuticals.
SCRIPSAMERICA, INC. 
