MIAMI – March 12, 2019 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, announced today the execution of a purchase agreement to acquire a Florida pharmacy with two locations.
On March 8, 2019, Progressive Care Inc. executed an agreement to purchase 100% of the stock in Family Physicians RX, Inc. aka Five Star RX, a Florida corporation (FPRX). FPRX has 2 locations in Florida: Davie and Orlando. FPRX has approximately $18 million in annual revenues and $500,000 in net income as of December 2018, the integration of which would yield $40 million in annual operating revenues for the Company.
The Company has completed phase one of acquiring FPRX through executing a definitive purchase agreement and funding escrow. It anticipates the closing and consolidation into Progressive Care’s financial statements to be in the second quarter of 2019. Per state Medicaid rules, the Company has begun the 60 day advance notification regulatory process with the Agency for Health Care Administration (AHCA). Upon receipt of acceptance from AHCA, the Company will effectuate the closing. During this period the Company will prepare and submit paperwork for the change of ownership to the DEA, Insurance Carriers, PBM’s, and other associated entities.
“This is the Company’s biggest milestone to date,” said S. Parikh Mars, CEO of Progressive Care. “In a few months’ time, the Company will double in size, move corporate offices into the new building, and begin an exciting new chapter in our story. This acquisition will fundamentally change our reach, status, and longevity in this industry and we 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 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 Statements
Statements 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 Care
Senior Advisor Business Development
Public Relations Contact:
Kathleen Gonzales, CMW Media
Web and Application Development Contact:
Marcello Jaspan, Mass Ventures Corp