Progressive Care Enters
Into Definitive Agreements to Purchase the Pharmacy in Palm Beach
County
Miami, FL -- April
02, 2018
-- InvestorsHub 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."
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
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.
Contact
Armen
Karapetyan
Senior Advisor
Business Development
armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com