Motion for Asset Sale Filed by ScripsAmerica, Inc.
March 10, 2017 at 12:00 am EST
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ScripsAmerica, Inc. filed a motion in the US Bankruptcy Court for the sale of its subsidiary on March 10, 2017. The debtor seeks the Court’s approval for the sale of its subsidiary to AEM Medical Group, LLC, for a purchase price of $0.03 million, pursuant to the stock purchase agreement dated March 8, 2017. The debtor’s assets include 90% equity interest P.I.M.D. International LLC. To qualify as a qualified bidder, interested parties should submit their bids by March 24, 2017. The initial minimum overbid should be in the amount of at least $0.04 million. The debtor has scheduled an auction on March 27, 2017. At the auction, the subsequent bids would be in increments of $5,000. The sale hearing is scheduled for March 31, 2017. In the event that buyer fails to close the deal by such date, the seller may close the transaction with the next highest bidder and retain 10% of the original purchase price from the buyer. Transaction is expected to close by March 31, 2017.
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. 
