MIAMI – June 4, 2019 –Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, announced today that it has closed on the acquisition of Family Physicians RX, Inc., dba Five Star RX and Florida corporation (FSRX) on June 1, 2019.On June 1, 2019, FSRX became the wholly owned subsidiary of Progressive Care Inc. The Company conducted auditor observed inventory counts on June 2nd and June 3rd for the location in Davie and Orlando, FL respectively. The next phase of the process includes formal change of ownership notifications to all major insurance payors, vendors, and certain agencies that require post-closing documentation. Upon full update of all systems with new ownership information, the Company will release the second tranche of funds from escrow.The consummation of the acquisition allows for the Company to begin consolidating financial results from FSRX occurring after June 1st into disclosure reports and news releases. In the month prior to closing, FSRX filled approximately 18,000 prescriptions servicing 7,500 patients. With the addition of the Davie, FL and Orlando locations, Progressive Care now boasts 4 physical pharmacy locations with 5 star performance ratings and nearly 125 employees from which to launch further expansion and sales growth.On June 3, 2019 $1,000,000 of the $2.3 million held in escrow was released to the selling shareholders of FSRX. The Company will issue 10,000,000 shares of common stock pursuant to the terms of the purchase agreement, valued at $0.07 per share for a total purchase price of $3 million.“This is our biggest accomplishment to date,” said S. Parikh Mars, CEO of Progressive Care. “Now that FSRX is part of the Progressive Care family of pharmacies, we can focus on getting to next level as an organization. I am honored to have this group of talented individuals join our team and to take our collective strength to bring about change and results in this industry.”For more information about Progressive Care, please visit the company’s website.Connect and stay in touch with us on social media:Progressive Care Inc.https://www.facebook.com/ProgressiveCareUS/https://twitter.com/ProgressCareUSPharmCo, LLChttps://www.facebook.com/pharmcorx/https://twitter.com/PharmCoRxAbout Progressive Care Inc.Progressive Care Inc. (OTCQB: RXMD), through its PharmCo and Five Star Rx branded pharmacies, 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 StatementsStatements 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 CareSenior Advisor Business DevelopmentArmen@progressivecareus.comwww.progressivecareus.comwww.pharmcopharmacy.comPublic Relations Contact:Kathleen Gonzales, CMW MediaKathleen@cmwmedia.comwww.cmwmedia.comWeb and Application Development Contact:Marcello Jaspan, Mass Ventures CorpMarcello@massventurescorp.comwww.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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