Progressive
Care Signs Letter of Intent to Purchase Florida Based Pharmacy with
$18 million in Annual Revenue
MIAMI, FL -- November
28, 2018 -- InvestorsHub NewsWire -- Progressive
Care Inc. (OTCQB:
RXMD), a
personalized healthcare services and technology company, today
announced that it has entered into a letter of intent to purchase a
Florida based pharmacy with 2 operating locations.
On
November 27, 2018, Progressive Care executed a letter of intent to
purchase a Florida based pharmacy with locations in Davie and
Orlando, Florida. The target pharmacy had just under $16 million in
revenue in 2017 and is projected to have approximately $18 million
for 2018. The agreement calls for a stratified payment structure
for the total purchase price of $3,000,000. $2.3 million in cash
spread over 2 years and $700,000 in stock valued at market price at
closing or $0.07 whichever is lower. The signing is expected to
take place no later than January 15, 2019 after the completion of a
45-day due diligence period.
"We
have devoted our efforts to grow the company and expand its
geographical coverage,"
said
S. Parikh Mars, Chief Executive Officer of Progressive Care
Inc. "This
LOI is a significant step towards our development and presence in
the industry. We are excited to add another pharmacy with its
exceptional team to our family and platform."
The
vast majority of the target pharmacy's
patient base is in Orlando, and they provide similar services to
PharmCo such as home delivery, MTM, medication synchronization,
full range inventory, etc. The target pharmacy is owned and managed
by an experienced team of pharmacists and operational staff that
provide expertise in healthcare management and
logistics.
Upon
signing of definitive agreements, the Company will initiate the
Change of Ownership process with relevant regulatory agencies and
pharmacy benefit managers. Upon completion of this process, the
target pharmacy will be the wholly owned subsidiary of Progressive
Care.
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, LLC, 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