MIAMI, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD) (the “Company”) a personalized healthcare services and technology company, announced today that, through its wholly-owned subsidiary, PharmCo, LLC, the Company closed on the purchase agreement with 400 Ansin, LLC (the “Seller”) for the purchase of two condominium units in Hallandale Beach, Florida. The Company paid the aggregate amount of $1,860,000 for the condominium units.
The Company issued a convertible promissory note (the “Note”) in the amount of $300,000 to the Seller to fund a portion of the price for such purchase. The Note bears interest at the rate of 10% per annum and is payable in full 27 months from the date of issuance. The outstanding principal and interest then payable under the Note is convertible into shares of the Company’s common stock 12 months after the date of issuance at the price per share equal to the average trading-price for the common stock during the three (3) trading day period ending on the latest complete trading day prior to the conversion date. The Company also executed a mortgage in the amount of $1,530,000 bearing interest at a rate of 4.75% per annum which is payable over the course of 119 months. The Company will pay a 3% real-estate commission, which can be paid in cash or stock at the Company’s discretion.
The Company plans to relocate pharmacy operations, administrative offices, telepharmacy and long-term care services from its current leased space in North Miami Beach to the purchased facility. The company will begin the process of securing constructions permits for the buildout of the space, and upon completion will apply for all necessary pharmacy licenses and contracts.
For more information about Progressive Care, please visit the company’s website.
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Progressive Care Inc.
About Progressive Care
Progressive Care Inc. (RXMD), through its wholly owned subsidiary, 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.
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