Miami,FL – May 11, 2023 – Progressive CareInc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology provider, today announced that it has successfully completed a transaction of $1 million investment from NextPlatCorp (NASDAQ: NXPL, NXPLW) (“NextPlat”), a global e-commerce provider.
Inconnection with the $1 million investment, the Company sold to NextPlat 455,000newly issued Units, with each Unit comprised of one share of the Company’scommon stock and one Warrant to purchase a share of common stock and a per Unitpurchase price of $2.20. In addition, Charles M. Fernandez, who serves asChairman and CEO of both Progressive Care and Nextplat, Rodney Barreto,Vice-Chairman of Progressive Care and Director of the Board of NextPlat andcertain other holders of convertible note issued by Progressive Care agreed toconvert the approximately $2.9 million of outstanding principal and accrued andunpaid interest under the note to shares of Progressive Care’s Common Stock ata conversion price of $2.20 per share. Dawson James Securities Inc. (“Dawson”)served as an advisor for this transaction. Lucosky Brookman, New York, NY,acted as counsel to the Company in connection with the transaction, andArentFox Schiff LLP, Washington, DC, served as counsel to NextPlat.
Followingthe closing of the Unit Purchase and the Debt Conversion, the Progressive Carepreferred and common stock owned by NextPlat represents approximately 38.4% ofProgressive Care’s total outstanding voting securities.
AboutProgressive Care
ProgressiveCare Inc., through its subsidiaries, is a Florida health services organizationand provider of Third-Party Administration (TPA), data management, COVID-19related diagnostics and vaccinations, 340B contracted pharmacy services,prescription pharmaceuticals, compounded medications, provider of tele-pharmacyservices, the sale of anti-retroviral medications, medication therapymanagement (MTM), the supply of prescription medications to long-term carefacilities, and health practice risk management.
Forward-LookingStatements
Forward-LookingStatements contained herein that are not based upon current or historical factare forward-looking in nature and constitute forward-looking statements withinthe meaning 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. When usedherein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,”“target,” “intend” and “expect” and similar expressions, as they relate toProgressive Care Inc., its subsidiaries, or its management, are intended to identifysuch forward-looking statements. These forward-looking statements are based oninformation currently available to the Company and are subject to a number ofrisks, uncertainties, and other factors discussed in our Annual Report on Form10-K for the year ended December 31, 2022 that could cause the Company’s actualresults, performance, prospects, and opportunities to differ materially fromthose expressed in, or implied by, these forward-looking statements.
PublicRelations Contact
Carlos Rangel
carlosr@pharmcorx.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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