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Progressive Care Executes New Capital Funding Facility
MIAMI, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced that it has entered into a new securities purchase agreement.
Progressive Care has agreed to a secured promissory note providing $2.5 million in capital facility to the company, $1 million of which was funded on January 7, 2019 and $1.5 million will be available in tranches thereafter. The note supersedes the terms of the securities purchase agreement entered into in July 2016 which is no longer in force and effect.
Due to the company’s performance and growth trajectory, terms were negotiated to be significantly more favorable than were previously available. The Company has secured this capital in advance of an ambitious 2019 agenda which includes logistical implementation of the company’s unique service offerings (DischargeRx, TelePharmacy, Full Service 340B Program), development of new product lines and digital technologies, expanded sales efforts of the core business, build-out of the recently acquired property, and acquisition support.
“We have a long-standing relationship with Chicago Venture Partners. They have played an instrumental role in allowing Progressive Care to move forward with its goals in improving the healthcare system,” said S. Parikh Mars, CEO of Progressive Care. “Today, we are endeavoring to make big dreams a reality and this capital is the fuel we need for what will be a fast-paced and exciting year.”
The Benchmark Company, LLC advised Progressive Care on the transaction.
Progressive Care recently announced its plan to relocate pharmacy operations, administrative offices, tele pharmacy and long-term care services from North Miami Beach to the recently purchased facility in Hallandale Beach, Florida. The Company also plans to provide an update on the company’s recent progress and upcoming product developments.
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.
Public Relations Contact:
Kathleen Gonzales, CMW Media
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development