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NEWS OUT OPEN LETTER FROM CEO MARS
MIAMI, Apr 05, 2018 (GLOBE NEWSWIRE via COMTEX) --
Progressive Care Inc. (otcqb:RXMD), a healthcare services and technology company, releases open letter to shareholders written by the Company's CEO, S. Parikh Mars.
Dear Shareholders,
I am aware of misinformation currently circulating about the Company. I am writing this letter today, to speak personally and candidly about the topics that I feel are causing a great deal of consternation among you and the investing public. While I cannot speak to every question in this letter, I hope that I can convey a level of truthfulness that will be meaningful.
First, last week our website was hacked. However, no patient or non-public information is available through our website, so no breach of personal data occurred. When I was made aware of the issue, I made sure the Company's IT personnel devoted all their efforts to securing our website. I am aware that Google search results continue show that the website may be hacked. Search results normally show that errors are present for a period of time following the presence of a malfunction, even though the site has been fully restored.
Secondly, it is speculated that insiders of the company are selling shares or that our funding partner Chicago Venture Partners (CVP) is irresponsibly selling shares that they have received. Nothing could be further from the truth. I know with 100% certainty that no one within the company has sold a single share of stock. All shares owned by employees and management are still in certificate form with their restrictive legends still in place.
CVP is bound by a leak-out agreement, which they have honored since they began converting their facility last year. Of the new funds drawn down, $50,000 was converted into just over 2.4 million shares. These shares were sold over a period of several days and no further conversions have been executed as of today. It is not in their best interest to short the stock because it jeopardizes the profitability of the facility.
I would like to now provide clarity on the Company's share structure and future plans. There is no imminent reverse split. Neither I nor the Company's Board of Directors can initiate a reverse split of the Company's common shares. This is a decision that must be discussed and voted on by the shareholders. There may come a time when this decision will be necessary, however, it is not currently being contemplated nor is it in the management's sole authority to execute.
Misconceptions about these and variety of other subjects should in no way deteriorate the confidence you have in this Company. The fundamentals of this Company remain strong and we as Company remain committed to transparency.
I believe that a portion of volatility and instability of the Company's stock price is also the result of short selling in the market. While the Company cannot control this, we can encourage all shareholders to indicate to their brokers or trading platforms that they do not allow their securities to be borrowed for short selling. This can be done through modification of your account documentation or updates to your trading profiles online.
Lastly, I would like to discuss the recent restricted share issuance to myself and the employees of this Company. This is a subject I feel so strongly about, that my passion cannot be adequately conveyed in writing. This share issuance, at this time, was equal parts long overdue reward for past performance as well as long term incentive for future performance. The people that work here have sacrificed and devoted their lives to the mission of this Company, especially those that have been here before the Company was publicly traded. Any person, shareholder, or investor who believes that this issuance of shares was a giveaway, does not understand the amount of work that goes into developing a Company like this with limited resources we have had.
These shares were approved when the Company traded just above $0.01 per share. The shares were issued with vesting periods of 1 year and cannot be sold during that time pursuant to their restrictive legends. We had no anticipation of what the future trading pattern would be. What we knew is that the Company had grown and that our plans included more growth, which required even more sacrifice from our management and employees. This Company has been in business for over 10 years. Now was the time to prepare for the future and to honor the work that had been done.
I always strive to make our shareholders proud. I believe in the mission of this Company and the vision we have put forth together to improve the healthcare delivery process. I will continue to devote myself to every effort that is beneficial to all stakeholders, while also remembering that my leadership is not limited to the numbers on paper but is also measured by the wellbeing of people who give so much for so little.
Today, all I can do is reinforce the confidence you have in me, this team, and this Company. This is the same Company it was 3 months ago: profitable, growing, determined. We want our shareholders to put their money behind us because they believe in us and want to be part of this unique story that is just beginning.
I am sincerely grateful to every shareholder who continues to back this Company. I am humbled by your faith in me and in what this Company stands for. I hope you take comfort in my continued commitment to you and the longevity and prosperity of this Company.
Best Wishes,
S. P. Mars
CEO
Progressive Care Inc.
Contact
Armen Karapetyan
Senior Advisor Business Development
armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Soon as this goes above 1.00 moving to Hobe Sound
Happy to p/u @ these prices down the road today will be just a wet dream
Shook me! I'm out! Damn!
FLIPPERS that brought in before the conference getting out B/c there is no NEWS to flip on HOPE U LOST YOUR AZZ
AGREE SERB, Is PARTY'S still on at your place when we reach 1.00 yes?
Wait I'am in NASHVILLE dont be so quit to throw us under the bus, be great to go into a local RXMD FOR MY PRESCRIPTIONS Growth here is unreal and I Think MRS MARS knows to well this market.
274992 very nice buy @ .24
Really buy 5001 shares @ .01 then dump into the bid @ .0096 man there are a few vindictive peeps who want this down and have been dumping into low volume bids for months! selling 34.00 @ a time just to bring it down, dump away your time is about up
There wouldn't be enough coconut milk to make that one look touchable! would I TAKE one for the Team? NO!
Looks like the FLIPPER From the north is at it again!
I love that, wont mind GINGER OR MARYANN being stranded on island with me, HELL dream big I'LL TAKE BOTH!
There is no doubt but had to have alittle fun with YA, but remember
Walgreen's in case you missed their time line this was posted by
MINKMAN63 HIT MAX ON RIGHT SIDE LOOK AT PRICE OF THEIR STOCK when they started out
https://www.google.com/search?q=wallgreens+stock&oq=wallgreens+stock&aqs=chrome..69i57j0l5.9063j0j7&sourceid=chrome&ie=UTF-8
ITS ALL GOOD WE HAVE GREAT BOARD!
if we go over $23.00 IN NEXT 4 hours I'LL BE in some ISLES TOMORROW BOOK IT!
I SUSPECTED a little BAILEY'S in your coffee this morning
with that .35 EOY! post glad your cleared that up...:~)
$RXMD
JIMMY no P/M We both know that answer
john
Welcome back you were missed!
Prayers for all involved with the collapse of FIU PEDESTRIAN BRIDGE
in MIAMI DADE COUNTY thinking of all PROGRESSIVE PEOPLE AS WELL I know we will be there to help and asst. rescue
RESILIENCY of this stock and a few knowledgeable folks here is
undeniable, Must say there is one long here I WOULD HAVE BET anything he won't sell this early and become a flipper still can't believe it.
SKYNYRD
Great to be in CAPTAINSCOTTY know a few here and you know this is solid great to see ya
SKYNYRD
This Board has become INVESTORS HUB version of GANGLAND with all the turf wars
STILL buying these prices will be after thoughts let the crazies be crazy
EVEN thou your net worth is half your still GORGEOUS
looks like the fall of the BERLIN WALL
ain't that $RXMD group you sold out last week is it?
Naked Short Selling Is Killing OTC Companies
Shorts are alive and well and, the OTC Markets haven't seen the kind of rampant short pressure that is more and more commonplace today. Small development stage companies, and even profitable companies are being negatively attacked and sucked into a trap of naked short selling, which ultimately sends their stock prices plummeting, and often to the point of no return.
According to OTCShortReport.com a leading data provider of Naked Short Position information, a higher than normal number of companies are contacting them with questions ranging from who is shorting my stock to why are their securities being shorted so heavily. As a data provider, OTCShortReport.com doesn't know who's behind the shorting, but suspicions are it's Market Makers who are operating on a completely different playing field, are taking advantage of the rules.
Market Makers, unlike Brokers, can simply create shares out of thin-air that quite frankly cease to exist under the guise of creating liquidity and keeping markets rolling. The problem is when a Market Maker decides to send your stock in a downward direction, that's it, your company is going down. It doesn't matter whether you try to short squeeze the heck out of them or not, in the end, they always win.
Recently, ISM International (PINKSHEETS ISML), a victim of short selling, was so fed up with the abusive practices taking place with their stock, they contacted OTCShortReport.com regarding the possibility of creating a documentary to expose what is really happening. Only yesterday 73% of ISML was shorted for no apparent reason. Orders come into the stock, and Market Makers simply short against them, and then show up on the bid at much lower prices-waiting like predators. "I spend a great deal of the day explaining to my shareholders that we are being attacked. I have complained to the appropriate authorities, but no one seems to care," says Mario Quenneville, CEO of ISM International.
Naked Short Selling is also a common practice on penny stock promotions. Look at companies like SNPK, POTG, and current promotion GWBU. The short positions in these stocks are huge. Market Makers are building massive short positions in the dollar range, and effectively staying naked-short until these promotions get crushed, and give them the opportunity to cover in the sub-penny range. Of course, these Market Makers face no borrowing fees or lending contracts like regular Brokers, so essentially it's just the wild, wild-west where they know full well they can do whatever they please.
OTCShortReport.com executives say it's not uncommon to see 50% of a stock promotion being shorted. The big traders have lots of money… a lot more than the retail audience, and there is no urgency to cover these positions. Market Makers can't be scared into covering because quite honestly they don't care. A stock can run up 500% and they have proven they will just short more.
We invite investors to take a look at what is happening with this illicit naked short selling practice at www.otcshortreport.com
Feel free to query any OTC Stock you wish, and you'll be surprised at the amount of information you will find.
NO WAY!, There's too many reputable peeps here for a PUMP just wait it will happen!
Bollinger bands look LIKE they bout to POP! CONSOLIDATED NICELY
I'am good can I ride along?
HOPE get in on some profit taking this looks HOT, HOT, HOT stilling kicking myself had this on radar justed overlooked oh well it just cost me a couple of pennies ouch!
Just cost people who wont take 7's more, 8's up
looking to snag some 6s first just put in a bid
Interesting read on WALGREENS You don't think this cant happen to us look how many stores packed in chicago area. Sounds like MRS MARS
Continue reading @ this link
https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/walgreen-co
The company had its origin in 1901, when Charles R. Walgreen bought the drugstore, on the south side of Chicago, at which he had been working as a pharmacist. He bought a second store in 1909; by 1915, there were five Walgreen drugstores. He made numerous improvements and innovations in the stores, including the addition of soda fountains that also featured luncheon service. Walgreen also began to make his own line of drug products; by doing so, he was able to control the quality of these items and offer them at lower prices than competitors.
By 1916, there were nine Walgreen stores, all on Chicago's South Side, doing a business volume of $270,000 annually. That year, the stores were consolidated as Walgreen Co. with the aim of assuring economies of scale.
By 1919 there were 20 Walgreen stores, 19 of which were on Chicago's South Side while the other was on the near north side. Also in 1919, the company opened its first photofinishing studio; it promised faster service than most commercial studios.
Selling ALL tommorow!!
Anyone KNOW if 'Ajohnke" went out to BEVERLY HILLS today looking
at REAL ESTATE?
OR on the new show THE RICH AND BEAUTIFUL
CONGRATS you deserve it, You have BEEN rock solid voice for years and I THK U. We are arriving with cash to spare....