Progressive
Care Executes New Capital Funding Facility
MIAMI, FL --
January 11, 2019 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:
RXMD),
a personalized
healthcare
services and technology company, today announced that it has
entered into a new securities purchase agreement.
Progressive
Care has agreed to a secured promissory note providing $2.5 million
in capital facility to the company, $1 million of which was funded
on January 7, 2019 and $1.5 million will be available in tranches
thereafter. The note supersedes the terms of the securities
purchase agreement entered into in July 2016 which is no longer in
force and effect.
Due
to the Company's
performance and growth trajectory, terms were negotiated to be
significantly more favorable than were previously available. The
Company has secured this capital in advance of an ambitious 2019
agenda which includes logistical implementation of the
Company's
unique service offerings (DischargeRx, TelePharmacy, Full Service
340B Program), development of new product lines and digital
technologies, expanded sales efforts of the core business,
build-out of the recently acquired property, and acquisition
support.
"We
have a long-standing relationship with Chicago Venture Partners.
They have played an instrumental role in allowing Progressive Care
to move forward with its goals in improving the healthcare
system,"
said
S. Parikh Mars, CEO of Progressive Care. "Today,
we are endeavoring to make big dreams a reality and this capital is
the fuel we need for what will be a fast-paced and exciting
year."
The
Benchmark Company, LLC advised Progressive Care on the
transaction.
Progressive
Care
recently announced its
plan to relocate pharmacy operations, administrative offices, tele
pharmacy and long-term care services from North Miami Beach to the
recently purchased facility in Hallandale Beach, Florida. The
Company also plans to provide an update on the
company's
recent progress and upcoming product developments.
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/ProgressCareUS
PharmCo,
LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
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.
Public
Relations Contact:
Kathleen Gonzales, CMW
Media
kathleen@cmwmedia.com
www.cmwmedia.com
Investor
Relations Contact:
Armen Karapetyan, Progressive
Care
Senior Advisor Business
Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com