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Trxade Group, Inc. Reports Second Quarter Results

Companies mentioned in this article: Trxade Group, Inc.

TAMPA, FL -- (Marketwired) -- 08/07/14 -- Trxade Group, Inc. (PINKSHEETS: XCEL), a web-based pharmaceutical marketplace engaged in promoting and enabling trade among independent pharmacies and large pharmaceutical suppliers nationally, announced today its financial and operational results for second quarter 2014.

"The second quarter results reflect 51% growth from first quarter transactional volume for our supplier to supplier trade (S2P) and 12% growth from first quarter in sales volume for our pharmacy to pharmacy (P2P) trade.

"We have validated 360 new pharmacies in the second quarter, a 27% increase over our first quarter. New pharmacies are the driver of future revenues and growth. The rapid adoption of our platform is the key as the larger our network becomes, the greater the value to new and existing members becomes. These results prove our concept is getting wide acceptance from our members," said CEO Suren Ajjarapu.

"Our focus is on the accelerating growth of our technology platform. We have the potential to reach out to the nation's 24,000 independent pharmacies that have combined annual pharmaceutical purchases of $93 billion. We expect the revenue potential from S2P sales to ramp up rapidly going forward. We hope to monetize these testing opportunities into larger, multi-year contracts in the coming quarters," said Mr. Ajjarapu.

HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2014.

  • Revenue for the three-month period ended June 30, 2014 and 2013 was $287,717 and $254,626, respectfully.
  • Gross profit from the three-month period ended June 30, 2014 and 2013 was $236,531 compared to $132,335, respectfully.
  • The net operating loss for the three-month period ended June 30, 2014 and 2013 was $(301,021) and $(184,496), respectfully.

2014 OPERATION HIGHLIGHTS TO DATE:

  • Signed up directly with four manufacturers to supply pharmaceuticals on our platform, which gives us capabilities to inventory products with improved logistics.
  • Filed the Form 10 making us a fully reporting company, which will allow us to be listed on OTCBB.
  • Mr. Charles Pope has been appointed as Audit committee chiarman.
  • Mr. Donald Fell has been appointed as compensation committee chairman.
  • We have established an Advisory board with expanded no fudiciary responsibility board members to tap into their industry connections.

About Trxade Group, Inc.

Headquartered in Tampa, Florida, Trxade Group, Inc. is a web based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Please visit us at http://www.trxadegroup.com/

Forward-Looking Statements

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements.

Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. Except as may be required by applicable law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.


Contact:

Media Contact:
Carol Lucas
(800) 261-0281
carol@trxade.com

Investor and Analyst Contact:
Howard Doss
(941) 228-0162
hdoss@trxade.com

Investor Relations:
Capital Group Communications
Mark Bernhard
(415) 332-7200 Ext. 222
mark@cgcone.com