Progressive
Care Inc. Completes
Acquisition of Family Physicians Rx
MIAMI
– June
4,
2019 -- InvestorsHub NewsWire -- Progressive
Care Inc. (OTCQB:
RXMD), a
personalized healthcare services and technology company, announced
today that
it has closed on the acquisition of
Family Physicians RX, Inc.,
dba
Five Star RX and Florida corporation (FSRX)
on
June 1, 2019.
On
June 1, 2019, FSRX became the wholly owned subsidiary of
Progressive Care Inc. The Company conducted auditor observed
inventory counts on June 2nd
and
June 3rd
for
the
location
in Davie and Orlando, FL respectively. The
next phase of the process includes
formal change of ownership notifications to all major insurance
payors, vendors, and certain agencies that require post-closing
documentation. Upon full update of all systems with new ownership
information, the Company will release the second tranche of funds
from escrow.
The
consummation of the acquisition allows for the Company to begin
consolidating financial results from FSRX occurring
after June 1st
into
disclosure reports and news releases. In
the month prior to closing,
FSRX filled approximately 18,000 prescriptions servicing 7,500
patients. With the addition of the Davie, FL and Orlando locations,
Progressive Care now boasts 4 physical pharmacy locations with 5
star performance ratings and nearly 125 employees from which to
launch further expansion and sales growth.
On
June 3, 2019 $1,000,000
of the $2.3 million held in escrow was released to the selling
shareholders of FSRX. The Company will issue 10,000,000 shares of
common stock pursuant to the terms of the purchase agreement,
valued at $0.07 per share for a total purchase price of $3
million.
"This
is our biggest accomplishment to date," said S. Parikh Mars, CEO of
Progressive Care. "Now that FSRX is part of
the
Progressive Care
family of pharmacies, we can focus on getting to next level as an
organization. I am honored to have this group of talented
individuals join our team and to take our collective strength to
bring about change and results in this industry."
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 and
Five
Star
Rx branded
pharmacies, 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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