MIAMI, April 2, 2018 (GLOBE NEWSWIRE) — Progressive Care Inc. (OTCQB: RXMD), a healthcare services and technology company, announced today that it has entered into definitive agreements with the pharmacy in Palm Beach County that was previously under LOI.
On March 30, 2018, the Company executed a definitive agreement to purchase the pharmacy in Palm Beach County. The Company completed necessary due diligence and released $40,000 that was held in escrow pursuant to the previously issued letter of intent. The agreement calls for a stratified payment structure for the total purchase price of $300,000 USD. To date $150,000 has been released to the sellers, $75,000 has been placed in escrow to be released along with an additional $75,000 (not in escrow) upon completion of the Change of Ownership process with relevant regulatory authorities and insurance carriers. This process is expected to take 60 to 120 days following the filing of all necessary paperwork and applications. Upon receipt of all required approvals from regulatory agencies and completion of all notification periods, the Company will close on the transaction.
On March 30, 2018, PharmCo, LLC entered into an interim management agreement with the subject pharmacy. Under this agreement, PharmCo will assume all day-to-day management of the pharmacy, which includes assumption of all revenue and expenses. The agreement will remain in effect until completion of the Change of Ownership process, at which time the subject pharmacy will become the wholly owned subsidiary of Progressive Care Inc.
“This is a momentous day for the Company,” stated S. Parikh Mars, CEO. “We are excited to enter the next phase of this transaction. While there is still more work to do, we believe that adding this second location is going to facilitate many of our growth objectives including tele-pharmacy, long term care, and expanded delivery radius.”
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About Progressive Care
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.
Senior Advisor Business Development