MIAMI– January 11, 2019 – Progressive Care Inc. (OTCQB:RXMD), a personalized healthcareservices and technology company, today announced that it has entered into a newsecurities purchase agreement.
Progressive Care has agreed to a secured promissory noteproviding $2.5 million in capital facility to the company, $1 million of which wasfunded on January 7, 2019 and $1.5 million will be available in tranches thereafter.The note supersedes the terms of the securities purchase agreement entered intoin July 2016 which is no longer in force and effect.
Due to the Company’s performance and growth trajectory, termswere negotiated to be significantly more favorable than were previouslyavailable. The Company has secured this capital in advance of an ambitious 2019agenda which includes logistical implementation of the Company’s unique serviceofferings (DischargeRx, TelePharmacy, Full Service 340B Program), developmentof new product lines and digital technologies, expanded sales efforts of thecore business, build-out of the recently acquired property, and acquisitionsupport.
“We have a long-standing relationship with Chicago VenturePartners. They have played an instrumental role in allowing Progressive Care tomove forward with its goals in improving the healthcare system,” said S. ParikhMars, CEO of Progressive Care. “Today, we are endeavoring to make big dreams areality and this capital is the fuel we need for what will be a fast-paced andexciting year.”
The Benchmark Company, LLC advised Progressive Care on thetransaction.
Progressive Care recentlyannounced its plan to relocate pharmacy operations, administrativeoffices, tele pharmacy and long-term care services from North Miami Beach tothe recently purchased facility in Hallandale Beach, Florida. The Company alsoplans to provide an update on the company’s recent progress and upcoming productdevelopments.
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PharmCo, LLC
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AboutProgressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its PharmCo,LLC, is a South Florida health services organization and provider ofprescription pharmaceuticals, compounded medications, provider of tele-pharmacyservices, the sale of anti-retroviral medications, medication therapymanagement (MTM), the supply of prescription medications to long term care facilities,and health practice risk management.
Cautionary Statement RegardingForward Looking Statements
Statementscontained herein that are not based upon current or historical fact areforward-looking in nature and constitute forward-looking statements within themeaning of Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934. Such forward-looking statements reflect theCompany’s expectations about its future operating results, performance andopportunities that involve substantial risks and uncertainties. Thesestatements include but are not limited to statements regarding the intendedterms of the offering, closing of the offering and use of any proceeds from theoffering. When used herein, the words “anticipate,” “believe,” “estimate,”“upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, asthey relate to Progressive Care Inc., its subsidiaries, or its management, areintended to identify such forward-looking statements. These forward-lookingstatements are based on information currently available to the Company and aresubject to a number of risks, uncertainties, and other factors that could causethe Company's actual results, performance, prospects, and opportunities todiffer materially from those expressed in, or implied by, these forward-lookingstatements.
KathleenGonzales, CMW Media
kathleen@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
ArmenKarapetyan, Progressive Care
SeniorAdvisor Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Copyright 2022 © Progressive care inc.
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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