MIAMI, FL -- September 8, 2020 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:
RXMD) (“Progressive Care” or the “Company”), a personalized
healthcare services and technology company, is excited to announce
that on September 1, 2020, the Company entered into a Letter of
Intent (the “LOI”) to acquire one hundred percent (100%) of MyApps
Corp. (“MyApps”) (myapps.solutions), a leading developer of
healthcare software, which includes the emerging telehealth service
app CallingDr™ (callingdr.com). In addition, Progressive Care will
be immediately engaging MyApps to accelerate development of
software platforms for ClearMetRX, Progressive Care’s wholly-owned
data management subsidiary, and its divisions. MyApps is a
commercial-stage software developer on pace to record over $1
million in revenues in 2020.
Pursuant to the LOI, purchase price for the acquisition will be
approximately $10,200,000, $7,500,000 of which will be paid in the
form of Progressive Care common stock, at a price per share to be
determined in accordance with the definitive agreement, and the
remaining $2,700,000 of which will be paid in two annual
installments, subject to the achievement of certain performance
criteria.
Following execution of the LOI, the parties began negotiating
definitive acquisition agreement, with the expectation of executing
and delivering the definitive acquisition agreement on or before
October 31, 2020. The completion of the acquisition is conditioned
upon completion of due diligence procedures and the negotiation and
execution of employment agreements and other ancillary
documents.
Upon completion of the closing of the acquisition, Progressive
Care will begin to provide health IT, HIPAA-compliant software
development, HL7 integrations, and virtual healthcare services on a
business-to-business (B2B) basis to hundreds of clients spanning
the global healthcare distribution landscape, delivering services
directly to consumers and through channel partners.
As noted above, MyApps fully owns the popular telemedicine and
telehealth platform, CallingDr™, which is a complete virtual
platform providing multiple levels of service with a suite of
products, including the capability to allow patients to take
ownership of their own health records and provide access to health
information through the related app and patient portal. MyApps
software is currently used in hundreds of medical practices in
multiple states, including gastrointestinal, internal medicine,
psychiatry, pulmonology, cardiology as well as remote clinics and
in-patient settings. Customers include single-physician clinics,
multi-physician clinics, emergency room centers, nursing homes, and
home health setups.
• CallingDr™ was ranked in the top ten list of patient engagement
solution providers by Healthcare Tech Magazine in 2019.
• CallingDr™ has already been integrated to work seamlessly with
Thinklabs Stethoscopes.
• CallingDr™ has been integrated into PointClickCare, the leading
cloud-based Electronic Health Record (EHR) software designed
specifically for the long-term care providers system.
• Technology Innovators, a leading tech-based digital publication,
listed CallingDr™ as one of the top 20 Innovators in Telemedicine
for 2020.
The CallingDr™ white-label software platform delivers features
and functionality optimized to provide long-distance medical
telehealth care, offering doctors the tools to manage clients
through patient-doctor video, audio, and SMS HIPAA-compliant
consulting and remote patient monitoring.
The CallingDr™ platform makes it simple for patients to interact
with and consult physicians from the comfort of home, outside of
conventional clinical settings, with no need to travel long
distances to see a physician. This increases access to health care,
improves quality of care, and decreases healthcare delivery costs
by allowing for the secure transfer of data from patients to health
professionals in real time.
The platform is unique – designed for ambulatory as well as
in-patient settings, including post-acute and long-term care, with
priority emphasis on easy adoption of telemedicine into existing
practices. The mobile health platform integrates with smart devices
and securely collects and transmits patient data to a physician for
remote monitoring.
MyApps has also developed several other platforms that provide
improvements in charging, capturing, and billing healthcare
services for hospitals, as well as enabling patients better access
to healthcare options in their communities by finding available
doctor and insurance information in real-time.
“Following the completion of the acquisition, we plan to market the
software to the physicians who are currently our clients, and then
to the entire community of physicians, medical practices,
therapists, remote rehab centers, and nursing homes across the
United States,” commented Alan J. Weisberg, interim CEO and
Chairman of the Board at Progressive Care. “Following the sharp and
significant deregulation of the Telehealth system we have seen over
recent months, the door to a very different – and far more
efficient – overarching healthcare paradigm has been thrown wide
open. And MyApps has already built something with revolutionary
potential, making this strategic move a grand slam home run for
Progressive Care given our stated objective to become a global
leader in the delivery and integration of Telehealth and
Telemedicine services.”
MyApps Founder and CEO, Adnan Malik, added, “We look forward to
joining the Progressive Care team, which will provide MyApps with a
spectacular backing and platform to continue to drive value as an
organization bent on changing the healthcare system from the ground
up. Telehealth has been a revolution in the making for a decade or
more. But the COVID-19 crisis has finally kicked down the doors and
taken the system past the point of no return. With unnecessary
regulatory barriers out of the way, the stage is set for an
aggressive realignment in favor of telehealth solution
providers.”
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 subsidiaries, is a 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 Company’s planned acquisition of MyApps Corp., the
negotiation and execution of a share exchange agreement and
completion of due diligence and other closing conditions, the
Company’s plans for provision of services and integration of MyApps
Corp. operations following completion of the acquisition and the
benefits of MyApps Corp.’s products and services. 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, including, without
limitation, the risk that the Company may not be able to
successfully negotiate or execute a share purchase agreement for,
or close, the acquisition of MyApps Corp. and, if we are able to
successfully acquire MyApps Corp., the Company may not be
successful in integrating MyApps Corp.’s operations and may not be
able to capture financial benefits from acquisition.
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcorx.com
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
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