SILVER SPRING, Md.,
Dec. 17, 2013 /PRNewswire/
-- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or
"Pharmagen") announces that is has executed an agreement with Bagel
Boy Equity Group II, LLC, whereby its Managing Partner,
Richard A. Wolpow will become
Chairman of the Board of Directors and interim Chief Operating
Officer ("COO"). Wolpow will work closely with Pharmagen's
CEO, Mackie Barch, and the rest of
its executive team using the Company as the platform for deploying
a roll-up consolidation plan in the hard-to-find secondary
wholesale and sterile compounding market. Pharmagen's goal
will be to build a fully integrated state-of-the-art distribution
and supply chain that will drive revenue and EBITDA growth for
shareholders.
"We have been looking at this space for the past year and
believe Pharmagen has the right platform for the overall success of
the plan," says Richard A. Wolpow,
managing partner of Bagel Boy Equity Group II LLC, a private family
office he controls. As a component to the deal Bagel Boy
Equity Group will lead a Bridge Financing that will help kick-off
the plan that has been in development for the past months including
a detailed capital restructure plan.
The market is made of a lot of quality smaller secondary
wholesale companies and compounding laboratories that are all
running into similar problems; regulations are getting tighter,
supply chain is shrinking along with revenues and profits.
Without change, many of these companies may not survive and/or have
an exit strategy in the future. "Pharmagen has made
significant investments across the board; from its focus to become
a cGMP complaint laboratory, industry changing IT platform,
and drug productions models, the Company is poised to become a
best-in-class provider" continued Wolpow.
"This is all very exciting stuff; working together we created an
acquisition class of preferred stock that represents a
non-dilutable interest in the Company. It provides offerings
of cash and stock, executive management positions, performance
bonuses and seats on the Board of Directors. There are a lot
of talented competitors out there that we are confident understand
what is going on in this market and that change is needed to adapt
to the times. We have already identified a handful of
acquisition targets that would like to join us on this journey,"
Wolpow continued.
"We are really fortunate to have Richard on the team. It
validates all the work we've been doing behind the scenes for the
last two years to build a strong foundation for the future.
We have a lot of work ahead of us, but are very exciting about what
2014 will bring," said Mackie A.
Barch, CEO of Pharmagen.
About Pharmagen
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.
Contact: 888-264-4597 or info@pharmagenrx.com
Follow Us on Twitter: @pharmagenrx or
The Drug Shortage
Report http://drugshortagereport.blogspot.com/
About Bagel Boy Equity Group II, LLC
Bagel Boy Equity Group II, LLC, was founded it Managing Partner,
Richard A. Wolpow. Mr Wolpow
has been advising and operating small to mid-size private and
public companies for over 20 years. He is or has been founder
and chief operator of a number of company's primarily in the
Healthcare industry. Currently, Mr. Wolpow is on the Board of
Directors or three companies, is an operating partner of a
healthcare specific private equity firm and is the Trustee for a
private charitable trust.
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.
