Progressive Care Inc. Amends Family Physicians Stock Purchase
Agreement
MIAMI
– November 12, 2019 -- InvestorsHub NewsWire -- Progressive
Care Inc. (OTCQB:RXMD),
a personalized healthcare services and technology company, today
announced the Amendment to Stock Purchase Agreement for the
purchase of 100% of the equity interest of Family Physicians
Rx.
On November 8,
2019, the Company entered into an Amendment to Stock Purchase
Agreement with the Sellers, pursuant to which the Company, has
agreed to amend the terms of the Stock Purchase Agreement, which
includes modified terms and an adjusted purchase price of
$1,900,000 for 100% of the issued and outstanding shares of common
stock of Family Physicians Rx, Inc., a Florida corporation d/b/a
Five Star, RX. The closing of the Amendment to the Stock Purchase
Agreement shall occur on or before November 15, 2019.
Under the Amended
terms, the adjusted Purchase Price shall be paid to Sellers
immediately upon closing. The Company, released from escrow
$1,000,000 on June 1, 2019, leaving a remainder of $900,000 to be
released from escrow prior to November 15, 2019. The remaining
$400,000 held in escrow is to be returned to Iliad Research and
Trading, reducing the balance on the note without pre-payment
penalty.
In exchange for a
release of certain continued obligations between the Company and
the Sellers, the Sellers have agreed to modify the terms of their
employment agreements and to a rescission of the shares issued to
them (10,000,000 common shares). These shares are to be returned
and canceled by the Company. The Sellers have also agreed to forgo
payment for the value of net Accounts Receivable.
"We are pleased
that we have been able to resolve these combination issues so
amicably and quickly," said S. Parikh Mars, Chief Executive Officer
of Progressive Care Inc. "The Company and the Sellers both agreed
that expediting the closure of escrow and coming to a more
conducive workflow structure was in our best interests. To
accomplish this, together we made modifications to the Stock
Purchase Agreement that yielded the best result for all involved,
especially our current shareholders."
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
Five Star
RX
https://www.fivestarrx.com/
https://www.facebook.com/fivestarrx/
About
Progressive Care Inc.
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.
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:
Caitlin
Franscell, CMW Media
caitlin@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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