MIAMI, FL--(Marketwired - March 03, 2017) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities, issues updated information regarding recent legal proceedings.
This press release summarizes the latest developments in Progressive Care, Inc.'s lawsuit against Midam Ventures, LLC, No. 2017-004034-CA 43 (11th Cir. Ct., Florida).
As previously reported, the Company sued Midam, its Investor Relations consultant, for selling common stock of the Company in excess of the contractual Leak-Out Clause barring sales of more than 50,000 shares per day. The action was filed in state court in Miami, Florida.
The Company immediately sought a temporary injunction barring further sales in breach of its agreement with the Company, requiring an immediate buyback of all shares sold in breach of the agreement, and other temporary relief. On February 24, 2017, the court denied the request for temporary injunction, on the grounds that the Company's contract with Midam required disputes to be handled in arbitration, and that the Company could seek the remedy of damages.
The court's ruling was unrelated to the merits of the action -- i.e., whether Midam breached its contract with the Company and, if so, whether the Company is entitled to a remedy for that breach. The court's order was based solely on whether Progressive was entitled to a court-issued injunction at this early stage.
Progressive has agreed to the case being resolved in an arbitration proceeding. The court, on March 3, 2017, entered an agreed order staying the court case pending arbitration.
About Progressive Care
Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
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.