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MIAMI, May 28, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, announced today the closing date of June 1, 2019 for the acquisition of Family Physicians RX, Inc., dba Five Star RX and Florida corporation (FPRX).
The closing will take place on June 1, 2019 and the release of funds will take place on June 3, 2019. The Company’s auditors will observe closing inventory counts on June 2nd and June 3rd after which additional paperwork can be filed with regulatory agencies. Progressive Care will have multiple opportunities post-closing which include expansion to the I-4 corridor of Florida, including Tampa, Orlando and Daytona areas. The Company expects to bring on additional talent, an 80% increase in monthly revenue, and positive cash flows from FPRX operations.
“This is a major milestone for our company and team,” said S. Parikh Mars, CEO of Progressive Care. “We are looking forward to this next step in FPRX joining the Progressive Care family. We are effectively doubling in size and believe this addition will amplify our ability to provide patients with quality care. This acquisition fundamentally changes our reach, status, and longevity in this industry.”
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:
Kathleen Gonzales, CMW Media
Web and Application Development Contact:
Marcello Jaspan, Mass Ventures Corp