MIAMI, Dec. 21, 2018 (GLOBE NEWSWIRE) — Progressive Care Inc. (OTCQB: RXMD) (the “Company”) a personalized healthcare services and technology company, announced today that, through its wholly-owned subsidiary, PharmCo, LLC, the Company closed on the purchase agreement with 400 Ansin, LLC (the “Seller”) for the purchase of two condominium units in Hallandale Beach, Florida. The Company paid the aggregate amount of $1,860,000 for the condominium units.
The Company issued a convertible promissory note (the “Note”) in the amount of $300,000 to the Seller to fund a portion of the price for such purchase. The Note bears interest at the rate of 10% per annum and is payable in full 27 months from the date of issuance. The outstanding principal and interest then payable under the Note is convertible into shares of the Company’s common stock 12 months after the date of issuance at the price per share equal to the average trading-price for the common stock during the three (3) trading day period ending on the latest complete trading day prior to the conversion date. The Company also executed a mortgage in the amount of $1,530,000 bearing interest at a rate of 4.75% per annum which is payable over the course of 119 months. The Company will pay a 3% real-estate commission, which can be paid in cash or stock at the Company’s discretion.
The Company plans to relocate pharmacy operations, administrative offices, telepharmacy and long-term care services from its current leased space in North Miami Beach to the purchased facility. The company will begin the process of securing constructions permits for the buildout of the space, and upon completion will apply for all necessary pharmacy licenses and contracts.
For more information about Progressive Care, please visit the company’s website.
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About Progressive Care
Progressive Care Inc. (OTCQB:RXMD), through its wholly owned subsidiary, PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, and health practice risk management.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Kathleen Gonzales, CMW Media
kathleen@cmwmedia.com
www.cmwmedia.com
Web and Application Development Contact:
Marcello Jaspan, Mass Ventures Corp
Marcello@massventurescorp.com
www.massventurescorp.com
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Forward-looking Statements – This website contains forward-looking statements about our business. These forward-looking statements do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability, our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. You should not put undue reliance on these forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those reflected in such statements including: risks associated with current and potential future healthcare reforms; risks relating to technology failures or breaches; aspects of our business which are outside, risks relating to management and key personnel changes including attracting and retaining key personnel; failure to comply with legal and regulatory requirements; risks relating to access to capital and credit markets; risks related to indebtedness; exposure to claims and liabilities; changes in industry pricing benchmarks; and other risks and uncertainties that are described in the Risk Factors section of our recently filed Form 10-12G, including the presentation of financial statements and notes thereto, and other reports we have filed with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov or by calling our Investor Relations department at (888) 919-7411 ext. 221. Forward-looking statements speak only as of the date they are posted to this website, unless an earlier date is indicated, and we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP FinancialMeasures–This presentationincludes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934. Schedules are attached that reconcile the non-GAAP financial measures included in this presentation to the most directly comparable financial measures calculatedand presentedin accordancewith Generally Accepted Accounting Principles in the United States. You should carefully read Progressive Care’s periodic and currentfilings on the OTCQB website for definitions and further explanation and disclosure regarding our use of non-GAAP financial measures and such filings should be read in conjunction with this presentation.
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