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MIAMI, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced that it has paid off its convertible note to Chicago Venture Partners through an issuance of common stock.
Progressive Care drew down a tranche against the Chicago Venture note in the amount of $636,304 on February 15, 2018. The issuance of 1,974,279 shares of Progressive Care stock on August 8, 2018 brings the company to a balance of zero and the total number of issued shares to 15,503,604.
The company has been working to pay down its liabilities while continuing to increase revenues and bring increased value to its shareholders.
“We have a long-standing relationship with Chicago Venture Partners and they have played an instrumental role in allowing Progressive Care to move forward with its expansion plans,” said S. Parikh Mars, CEO of Progressive Care. “Being able to pay off this convertible note is an exciting milestone for the company, as we can now shift our entire focus to accelerating our expansion plans.”
Progressive Care recently announced its plans to host a conference call for its investors on Tuesday, Aug. 14, 2018, at 4:30 pm ET to discuss financial results for the second quarter of 2018. The company also plans to provide an update on the company’s recent progress and upcoming milestones.
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:
Tory Patterson, CMW Media
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development