MIAMI, June 04, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, announced today that it has closed on the acquisition of Family Physicians RX, Inc., dba Five Star RX and Florida corporation (FSRX) on June 1, 2019.
On June 1, 2019, FSRX became the wholly owned subsidiary of Progressive Care Inc. The Company conducted auditor observed inventory counts on June 2nd and June 3rd for the location in Davie and Orlando, FL respectively. The next phase of the process includes formal change of ownership notifications to all major insurance payors, vendors, and certain agencies that require post-closing documentation. Upon full update of all systems with new ownership information, the Company will release the second tranche of funds from escrow.
The consummation of the acquisition allows for the Company to begin consolidating financial results from FSRX occurring after June 1st into disclosure reports and news releases. In the month prior to closing, FSRX filled approximately 18,000 prescriptions servicing 7,500 patients. With the addition of the Davie, FL and Orlando locations, Progressive Care now boasts 4 physical pharmacy locations with 5 star performance ratings and nearly 125 employees from which to launch further expansion and sales growth.
On June 3, 2019 $1,000,000 of the $2.3 million held in escrow was released to the selling shareholders of FSRX. The Company will issue 10,000,000 shares of common stock pursuant to the terms of the purchase agreement, valued at $0.07 per share for a total purchase price of $3 million.
“This is our biggest accomplishment to date,” said S. Parikh Mars, CEO of Progressive Care. “Now that FSRX is part of the Progressive Care family of pharmacies, we can focus on getting to next level as an organization. I am honored to have this group of talented individuals join our team and to take our collective strength to bring about change and results 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. (RXMD), through its PharmCo and Five Star Rx branded pharmacies, 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