Progressive Care Inc. Executes
Agreement to Purchase Florida Pharmacies
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."
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.
Investor Relations Contact:
Armen
Karapetyan, Progressive Care
Senior Advisor
Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Kathleen
Gonzales, CMW
Media
Kathleen@cmwmedia.com
www.cmwmedia.com
Web and Application Development Contact:
Marcello Jaspan,
Mass Ventures Corp
Marcello@massventurescorp.com
www.massventurescorp.com
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