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Progressive Care Enters into Definitive Agreements to Purchase Property for Third Pharmacy Location in South Florida
MIAMI, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, today announced that through its subsidiary Pharmco, LLC, it has entered into definitive agreement (the “Agreement”) to purchase a property in Broward County, Florida that will double as the new corporate headquarters and as a retail pharmacy. This third location will facilitate the Company’s growth by expanding the Company’s pharmacy operations in the South Florida region.
On October 25, 2018, Progressive Care executed the Agreement to purchase an 11,000 square foot property (the “Property”) in Hallandale Beach, Florida for $1,800,000 USD. The light distribution building has many of the necessary features including parking, zoning, structural integrity, and modern equipment necessary to accommodate the Company’s needs for continued growth. Upon closing (the “Closing”), the Company plans to procure architectural plans and apply for the necessary permits to begin restructuring the floor plan to be more conducive to an industrialized pharmacy workflow. The Closing is expected to occur pursuant to the satisfaction of customary closing conditions.
The Agreement calls for payments to be made at Closing to the sellers in the form of a convertible promissory note for $300,000 secured by the Property and $1.5 million in cash to be financed through a traditional commercial mortgage for the total purchase price of $1,800,000, which is in addition to mortgage origination fees, real estate commissions, and other costs associated with the purchase.
“This Agreement is a testament to the Company’s growth this year,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “We are about to embark on a new chapter of our development. As owners of our own space, we cement our standing in the Hallandale Beach, Florida community while also planning and preparing for our future.”
The new facility will become the flagship facility which will provide for retail, long term care, mail order pharmacy operations as well as the corporate headquarters. This purchase is coming at a time when the current 5,000 sq. ft. North Miami Beach facility is reaching capacity and the Company has had to lease ancillary office space to accommodate administrative and accounting staff. The acquisition of the property will bring the total number of PharmCo locations to three, increasing our geographic footprint in South Florida.
For more information about Progressive Care, please visit the Company’s website.
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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
Public Relations Contact:
Tory Patterson, CMW Media
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Marcello Jaspan, Mass Ventures Corp