MIAMI, FL -- September 06, 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
successfully completed a recapitalization of its debt and a
strategic investment by NextPlat Corp. (“NextPlat”) (NASDAQ:NXPL).
Dawson James Securities Inc. (“Dawson”) served as the placement
agent for this transaction.
Under the agreement, Progressive Care received an aggregate
gross proceeds 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, NextPlat’s Executive Chairman and CEO, Charles
M. Fernandez, board member, Rodney Barreto, and certain other
investors purchased approximately $2.8 million of outstanding
convertible debt in Progressive Care. Progressive Care and the
other purchasers of the debt agreed to modify the debt so as to fix
the conversion price of the debt at $0.02 per share, to reduce the
interest rate from 10% to 5% per annum, and to extend the maturity
date to August 31, 2027.
In addition, Charles Fernandez, NextPlat’s CEO and Chairman of
the Board, will be appointed as the Chairman of Progressive Care’s
Board of Directors joined by Rodney Barreto, Director of NextPlat,
as Co-Vice-Chairman. Alan Jay Weisberg, CEO, and Chairman of the
Board of Progressive Care, will assume the position of
Co-Vice-Chairman of the Board while continuing to serve as the CEO
of the company.
“Today marks an incredibly exciting day in Progressive Care’s
history. At a transformational time for the healthcare industry,
the successful completion of the strategic transaction makes our
company’s balance sheet stronger and will enable us to capitalize
on significant opportunities for growth. We are now positioned to
leverage our infrastructure, expand, and diversify our services
while building our distribution capabilities across the country. We
welcome Charlie and Rodney to our leadership team and are excited
to partner with NextPlat to help enhance the digital transformation
of Progressive Care business into a market leader in medication
therapy management, remote patient monitoring, and e-health," said
Alan Jay Weisberg, CEO of Progressive Care Inc.
Charles M. Fernandez, CEO and Chairman of NextPlat, said, “I am
extremely excited about the future of Progressive Care and NextPlat
partnership. This much-needed recapitalization, and our team’s
unique abilities to innovate and develop leading-edge technologies,
will help the company grow faster, meeting the needs of the complex
healthcare space. Together, we will continue to reinforce our
dedication to patients, providers, and technologies that will
deliver improved customer service, cost savings and enhanced
outcomes for patients nationwide. I would like to thank both teams
for their efforts in getting us to successful completion of the
transaction and looking forward to working together towards the
stellar growth ahead.”
Rodney Barreto, NextPlat Director, added, “The coming together
of NextPlat and Progressive is a powerful combination. Our
technologies and resources will bring meaningful improvement for
Floridians and the healthcare system countrywide by significantly
improving patient care and management systems. I am excited to be a
part of this process.”
Lucosky Brookman served as counsel to Progressive Care in
connection with the transaction, and ArentFox Schiff LLP served as
counsel to NextPlat.
For more information about Progressive Care, please visit the
Company’s website.
Connect and stay in touch with us on social media:
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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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