Progressive Care
Executes Letter of Intent to Purchase a
Pharmacy in Palm Beach
County
Miami, FL
-- March
2, 2018 --
InvestorsHub NewsWire -- Progressive Care Inc. (OTCQB:
RXMD),
a healthcare services and technology company, announces
that has executed
a letter of intent to purchase a pharmacy in Palm Beach
County.
On March 1,
2018, the Company signed a letter of intent to
purchase a
pharmacy Palm Beach County for $300,000. The Company is
beginning the due diligence process with anticipated closing to
occur in
the second quarter of 2018. The acquisition target is located close
to major highways in a 3,000 sq. ft facility. The operation has
experienced staff, all applicable
licenses, commensurate
PBM
contracts as
PharmCo, LLC, and a Parata PASS 500 unit
dose packaging system.
The
acquisition of this pharmacy in Palm Beach County will facilitate
growth by increasing the delivery radius into Martin County which
includes Jupiter and
Stuart. It
will also decrease costs of expansion and increase
prescription dispensing
efficiency. The
location has the adequate facility space to provide the opportunity
to develop new processes for long term care services, compounded
medications, and tele-pharmacy services.
In
anticipation of the acquisition, the Company drew
down just under $600,000 from its Chicago Ventures funding
facility. These funds will allow the Company to close the
transaction as well as provide working capital for
additional build out and
sales
ramp up of the
new Palm Beach location.
"We
believe this is
the opportunity we have been
waiting for," stated S. Parikh Mars, CEO.
"We have
been rapidly gaining ground in Palm Beach County and
this is the
missing piece to lasting success in the area. After an exhaustive search,
we think that this acquisition will be just the beginning of an
aggressive expansion agenda that allows the Company to reach
thousands of new doctors and patients who will benefit greatly from
the PharmCo pharmacy model."
Get
connected and stay in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCo, LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
About
Progressive Care
Progressive
Care Inc. (OTCQB:RXMD),
through its subsidiaries Smart Medical Alliance, Inc. and 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, administration and
practice management, utilization management, quality assurance, EHR
Implementation, billing and coding, 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.
Contact
Armen
Karapetyan
Senior Advisor
Business Development
armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com