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thereafter.The note supersedes the terms of the securities purchase agreement entered intoin July 2016 which is no longer in force and effect.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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Progressive Care Inc.
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
Investor Relations Contact:
ArmenKarapetyan, Progressive Care
SeniorAdvisor Business Development
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