Progressive
Care Enters into Definitive Agreements to Purchase Property for
Third Pharmacy Location in South Florida
Miami,
FL -- October 30, 2018 -- InvestorsHub NewsWire
-- Progressive
Care Inc. (OTCQB:
RXMD)
("Progressive
Care" or the "Company"),
a personalized
healthcare
services and technology company,
today announced that
through
its
subsidiary Pharmco, LLC, it
has entered into definitive agreement (the
"Agreement") to
purchase a property
in
Broward
County,
Florida
that will
double as the new corporate headquarters and as
a
retail pharmacy. This
third location will facilitate the Company's
growth by expanding the Company's
pharmacy operations in the South Florida region.
On
October 25, 2018, Progressive
Care executed
the
Agreement
to purchase an
11,000
square foot property
(the
"Property") in
Hallandale Beach,
Florida
for
$1,800,000
USD.
The
light distribution building has many of the necessary features
including parking, zoning, structural integrity, and modern
equipment necessary to accommodate the Company's
needs for continued
growth. Upon closing (the
"Closing"),
the Company plans to procure architectural plans and apply for the
necessary permits to begin restructuring the floor plan to be more
conducive to an industrialized pharmacy workflow.
The
Closing is expected to occur pursuant
to the
satisfaction of customary closing conditions.
The
Agreement
calls for payments to be made at Closing
to
the sellers in
the form of a convertible promissory note for $300,000
secured
by the Property and
$1.5 million in cash to be financed through a traditional
commercial mortgage for
the total purchase price of $1,800,000,
which
is in addition to mortgage origination fees, real estate
commissions, and other costs associated with the
purchase.
"This
Agreement
is a testament to the Company's
growth
this
year," said S. Parikh Mars, Chief Executive Officer of Progressive
Care Inc. "We
are about to embark on a new chapter of our development. As owners
of our own space, we cement our standing in the Hallandale
Beach, Florida community
while also planning and preparing for our
future."
The
new facility will become
the flagship facility which will provide
for retail,
long term care, mail order pharmacy operations as well as the
corporate headquarters. This purchase is coming at a time when the
current 5,000 sq. ft. North Miami Beach facility is reaching
capacity and the Company has had to lease ancillary office
space to
accommodate administrative and accounting staff. The acquisition of
the property will bring the total number of PharmCo locations
to three,
increasing
our geographic footprint in South
Florida.
For
more information about Progressive Care, please visit the
Company's
website.
Connect and stay in touch
with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCo, LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
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
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Tory
Patterson, CMW Media
Tory@cmwmedia.com
www.cmwmedia.com
Web and Application Development Contact:
Marcello
Jaspan, Mass Ventures Corp
Marcello@massventurescorp.com
www.massventurescorp.com