MIAMI – March 12,2019 – Progressive Care Inc. (OTCQB:RXMD), a personalized healthcare services andtechnology company, announced today the execution of a purchase agreement toacquire a Florida pharmacy with two locations.
On March 8, 2019, ProgressiveCare Inc. executed an agreement to purchase 100% of the stock in FamilyPhysicians RX, Inc. aka Five Star RX, a Florida corporation (FPRX). FPRX has 2locations in Florida: Davie and Orlando. FPRX has approximately $18 million inannual revenues and $500,000 in net income as of December 2018, the integrationof which would yield $40 million in annual operating revenues for the Company.
The Company hascompleted phase one of acquiring FPRX through executing a definitive purchaseagreement and funding escrow. It anticipates the closing and consolidation intoProgressive Care’s financial statements to be in the second quarter of 2019. Perstate Medicaid rules, the Company has begun the 60 day advance notification regulatoryprocess with the Agency for Health Care Administration (AHCA). Upon receipt ofacceptance from AHCA, the Company will effectuate the closing. During thisperiod the Company will prepare and submit paperwork for the change ofownership to the DEA, Insurance Carriers, PBM’s, and other associated entities.
“This is the Company’s biggestmilestone to date,” said S. Parikh Mars, CEO of Progressive Care. “In a fewmonths’ time, the Company will double in size, move corporate offices into thenew building, and begin an exciting new chapter in our story. This acquisitionwill fundamentally change our reach, status, and longevity in this industry andwe look forward to expanding on our momentum and progress.”
About Progressive Care Inc.
Progressive Care Inc. (OTCQB:RXMD), through its PharmCo, LLC, is a South Florida health servicesorganization and provider of prescription pharmaceuticals, compoundedmedications, provider of tele-pharmacy services, the sale of anti-retroviralmedications, medication therapy management (MTM), the supply of prescriptionmedications to long-term care facilities, and health practice risk management.
Cautionary Statement RegardingForward-Looking Statements
Statements contained herein thatare not based upon current or historical fact are forward-looking in nature andconstitute forward-looking statements within the meaning of Section 27A of theSecurities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.Such forward-looking statements reflect the Company’s expectations about itsfuture operating results, performance, and opportunities that involvesubstantial risks and uncertainties. These statements include but are notlimited to statements regarding the intended terms of the offering, closing ofthe offering and use of any proceeds from the offering. When used herein, thewords “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,”“intend” and “expect” and similar expressions, as they relate to ProgressiveCare Inc., its subsidiaries, or its management, are intended to identify suchforward-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 that could cause the Company’s actualresults, performance, prospects, and opportunities to differ materially fromthose expressed in, or implied by, these forward-looking statements.
Investor Relations Contact:
Armen Karapetyan, ProgressiveCare
Senior Advisor BusinessDevelopment
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 DevelopmentContact:
Marcello Jaspan, Mass VenturesCorp
Marcello@massventurescorp.com
www.massventurescorp.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.
Type your name and email and we'll send you RXMD's investor's presentation in the next few minutes!
.png){kind=logo}
