Progressive Care Inc (RXMD)

[TheSerb]

Progressive Care Initiates Process to Upgrade to OTCQB
BY GlobeNewswire
— 8:30 AM ET 05/12/2017
MIAMI, May 12, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc. ( RXMD
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) , through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), and the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, health practice risk management, begins preparation for OTCQB upgrade.
Effective May 18, 2017, OTCMarkets will begin accepting applications from alternative filing companies to upgrade listing status to OTCQB. The qualifications for the OTCQB Venture Market are current filing status, 1 year of PCAOB audited financial statements, minimum bid price of $0.01, not subject to bankruptcy or reorganization proceedings, 2 independent board members, and a majority independent audit committee. Progressive has already begun identifying qualified independent board members as well as begun the application preparation.
“The new requirements for OTCQB is welcomed news for the Company,” stated S. Parikh Mars, CEO. “Over the years, we have strived for transparency, accuracy, and truthfulness in all of our public representations, which has separated us from the pack of OTCPink listed companies. We are aware that our current listing status has limited the ability of the investment community and our shareholders to participate in our tremendous growth story. We believe that a listing on OTCQB will provide us with the renewed attention and access to institutional capital that will facilitate our expansion agenda.”