Progressive Care Pays Down
Chicago Venture Partners Note in Second Installment
MIAMI, FL -- October 26, 2017 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTC
PINK:RXMD), through its subsidiaries Smart Medical Alliance,
Inc. and PharmCo, LLC, is a South Florida health services
organization and provider of prescription pharmaceuticals,
compounded medications, the sale of anti-retroviral medications,
medication therapy management (MTM), the supply of prescription
medications to long term care facilities, administration and
practice management, utilization management, quality assurance, EHR
Implementation, billing and coding, and health practice risk
management, remitted its second installment of $130,000 to Chicago
Venture Partners.
On October 24, 2017, Progressive Care and Chicago Venture agreed
to a second installment payment of $100,000 in cash and $30,000
converted into shares of the Company's common stock. Chicago
Venture submitted a conversion notice to Progressive Care for
3,313,819 shares. Chicago Venture has also agreed to a leak out
provision of 15% of the average weekly trading volume or $10,000,
whichever is greater. The balance remaining on the note is equal to
approximately $156,000.
"Chicago Venture Partners has proved to be a valuable ally for
us." stated S. Parikh Mars, CEO. "They have worked with us to
maintain shareholder value as we pay down the note and they stand
ready to fund us again when the time comes."
About Progressive Care
Progressive Care Inc. (OTC
PINK:RXMD), through its subsidiaries Smart Medical Alliance,
Inc. and PharmCo, LLC, is a South Florida health services
organization and provider of prescription pharmaceuticals,
compounded medications, the sale of anti-retroviral medications,
medication therapy management (MTM), the supply of prescription
medications to long term care facilities, administration and
practice management, utilization management, quality assurance, EHR
Implementation, billing and coding, 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.
Contact
Armen Karapetyan
Senior Advisor Business Development
armen@progressivecareus.com