MIAMI, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announces formation of its wholly owned subsidiary, RXMD Therapeutics Inc., specializing in cannabinoid-based and alternative therapy product lines.
“We are excited to make this official announcement, RXMD Therapeutics Inc. has been in the planning stages this past year” said S. Parikh Mars, CEO of Progressive Care Inc. “We believe we have finally found a pathway where we can provide cannabinoid and homeopathic products that meet our strict quality requirements while also being able to manage these therapies from a health and wellbeing perspective.”
Progressive Care Inc. will develop and produce proprietary cannabinoid and homeopathic products that will be solely offered from RXMD Therapeutics Inc. The first line of production will consist of tinctures, skin creams, roll-ons and gel capsules which are the dosage forms most easily managed by retail patients. RXMD Therapeutics brands will be tested for consistency and quality assurance prior to release and periodically thereafter.
The formation of RXMD Therapeutics Inc. was discussed with Progressive Care Inc.’s shareholders during the first quarter 2019 quarterly report conference call on May 15, 2019. The Company announced plans to market current CBD brands and leverage the cash buying customer base to fortify against insurance rate compression and increase profitability. The Company discussed plans to produce an exclusive line of products that incorporates the Company’s brand and mission to further develop its core market base and healthcare capabilities.
“2019 has moved at an unprecedented pace,” said S. Parikh Mars, CEO of Progressive Care. “In the past 4 months, Progressive Care has doubled in size in almost every measurable way, not only gaining sales, locations, or economies, but a wealth of talent that includes expertise in pharmaceutical logistics, operational management, and clinical awareness. We believe that offering quality natural products is a logical step forward in our development and is consistent with our mission to elevate healthcare.”
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About Progressive Care Inc.
Progressive Care Inc. (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.
About RXMD Therapeutics, Inc.
RXMD Therapeutics Inc. is a wholly owned subsidiary of Progressive Care Inc. (RXMD) specializing in cannabinoid-based and alternative nutraceutical products.
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