MIAMI, FL -- August 31, 2022 -- InvestorsHub NewsWire
-- Progressive Care Inc. (OTCQB:RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, is excited to announce that it has
entered into an agreement for a recapitalization of its current
debt and a strategic investment by NextPlat Corp. (NASDAQ: NXPL)
(“NextPlat”).
Under the agreement, Progressive Care will receive an aggregate
of $6 million from NextPlat in exchange for the issuance to
NextPlat of 3,000 units of Series B Preferred Stock as well as
warrants to purchase up to 3,000 shares of Series B Preferred Stock
at an exercise price of $2,000 per share. In addition, NextPlat’s
Executive Chairman and CEO, Charles M. Fernandez, board member,
Rodney Barreto, and certain other investors will purchase
approximately $2.8 million of outstanding convertible debt in
Progressive Care at an agreed fixed conversion price of $0.02 per
share. Progressive Care and NextPlat agreed to reduce the interest
rate on the purchased debt from 10% to 5% per annum and extend the
maturity date to August 30, 2027.
NextPlat’s management team and select members of its Board of
Directors will provide Progressive Care with their market-proven
experience in healthcare and digital technology including the
development of new healthcare and lifestyle products to be sold via
NextPlat’s global e-commerce marketplaces. As part of this
transaction, Mr. Fernandez will be appointed as Chairman of
Progressive Care’s Board of Directors (the “Board”) replacing Alan
Jay Weisberg who will step down from this position to assume the
new role of Vice Chairman, remaining on the Board, while also
continuing to serve as Progressive Care’s CEO. Mr. Barreto will
also be joining the Board as Vice Chairman. Dawson James Securities
Inc. (“Dawson”) served as the placement agent for this transaction.
Progressive Care intends to utilize a portion of the growth capital
to further fund the deployment of its digital platforms and the
development and sale of new health, fitness, and beauty
products.
Over the past 30 years, Mr. Fernandez has successfully
identified profitable start-up and dislocation opportunities, and
built significant shareholder value, executing both private and
public exits. Mr. Fernandez’s expertise in technology and
healthcare includes co-founding Lakeview Health Systems (acquired
by a private equity firm for approximately $70 million) and
Continucare Corporation (acquired by Metropolitan Health Networks,
Inc. for approximately $400 million) where he served as chairman,
president and CEO. He also served as an investor, director, and
Chairman of the Audit Committee of IVAX Corporation for nearly a
decade prior to its purchase by Teva Pharmaceuticals for $8.7
billion.
Charles M. Fernandez said, ”Progressive Care has built a vibrant
and rapidly growing healthcare services and technology company
currently serving tens of thousands of customers who rely on its
PharmcoRx platform and services every day. As a technology and
healthcare entrepreneur, I see tremendous value in Progressive
Care’s capabilities which is why I am personally investing
alongside NextPlat. I believe we can leverage our expertise,
industry know-how, and global e-commerce platforms to accelerate
their continued growth domestically as well as internationally. As
long-term investors, we are committed to harnessing the power of
digital technologies including Web3, to capitalize on the ongoing
digital transformation of Progressive Care and the entire
healthcare industry.”
Alan Jay Weisberg commented, “Progressive Care has pursued a
vision of being able to transform the healthcare industry by
creating data-driven tools and technology. Charlie and the team at
NextPlat have extensive knowledge and experience in utilizing
digital technology and we believe will help Progressive Care build
significant value for all stakeholders including patients, payors,
practitioners, and investors. We are excited to have this team of
industry leaders as our new long-term investors and partners, and
look forward to working together to advance our vision for modern
healthcare.”
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.
Progressivecareus.com
PharmCoRx Pharmacy
Pharmcorx.com
ClearMetrx
Clearmetrx.com
About Progressive Care
Progressive Care Inc. (OTCQB:
RXMD), through its subsidiaries, is a 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.
About NextPlat
NextPlat is a global e-commerce platform company created to
capitalize on multiple high-growth sectors and markets for physical
and digital assets. The Company intends to collaborate with
businesses, optimizing their ability to sell their goods online,
domestically, and internationally, and enabling customers and
partners to optimize their e-commerce presence and revenue.
NextPlat currently operates an e-commerce communications services
division through its Global Telesat Communications Ltd and Orbital
Satcom Corp business units that offer voice, data, tracking, and
IoT services to customers worldwide through multiple global
storefronts.
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 departure of the company’s CEO. 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:
Carlos Rangel
carlosr@pharmcorx.com
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