Pharmagen Announces Shift In Growth Strategy
SILVER SPRING, Md., Oct. 31, 2013 /PRNewswire/ -- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or "Pharmagen") announces that it will shift its near-term focus to developing and deploying a business plan to build a solid foundation for revenue and EBITDA growth. Pharmagen's multi-solution driven model and access to public markets are an attractive platform to build a significant national competitor in the fight against drug shortages.
"We have been listening to our advisors and the street. Before we can implement on our bigger vision, we have to get back to the basics," says Mackie Barch, Pharmagen's CEO. "The plan is already underway and we expect to start implementing on it by the end of the year. The plan has two parts: One, to build organically off the foundation and platform we already have; and Two, to use that platform to support a comprehensive acquisition strategy. We have already identified a list of target acquisitions and are currently seeking advice from investment banks, healthcare advisory/investment firms and/or family offices," Mackie continued.
Pharmagen's goal is to engage the support needed to implement the plan, which includes financial partners and/or consultants that have experience and a proven track record in roll-up and consolidation plans. Pharmagen has set a goal of acquiring three to four potential targets in the coming year.
Pharmagen, Inc. ("Pharmagen"), and wholly owned subsidiaries and operating divisions Pharmagen Laboratories, Inc., Pharmagen Distribution, LLC and Pharmagen Nutraceuticals, Inc. offers innovative solutions to the nations sterile pharmaceutical crisis. With a multi-solution approach, Pharmagen is helping to meet the demand of the health provider market through independent wholesale, compounding, and IT solutions. Nationally focused, Pharmagen is a distributor of specialty drugs, compounding and admix pharmacy and producer of over-the-counter ("OTC") branded multivitamins. Pharmagen currently functions as a just-in-time source of supply for hospitals for those products that are hard-to-find due to drug manufacturers' production shortages.
Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Pharmagen actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Pharmagen's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Pharmagen herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Pharmagen disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
SOURCE Pharmagen, Inc.