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I was long long and long in April. Look at all my posts.
I have every one of my emails saved with a long here that prove I am not you who all keep trying to say I am.
My number 317-903-8288. Call me if you want. I bet the guy you try to say I am doesn't have an Indianapolis area code.
Yes, they wanted the acquisitions for new licenses but new government regulations changed the circumstances.
Simply something to keep your eyes on if you want to protect your investment.
Waiting for my questions to be answered in a professional way showing proof.
Can we get a picture of the dispenser? Can we get a call in to the fire department to see if the build-out really is in progress? Can we confirm that there were no lies revolving around the acquisitions?
I have shown proof from my side. I believe it is time for the other side to show proof.
According to the latest financial report, the controlling shareholder at the moment is called Armen Karapetyan. He was once at the helm of Basis Financial, LLC – a broker dealer based in Florida. While he was there, he started receiving a monthly fee of $5,000 from Pharmco (one of RXMD's current subsidiaries) for “ongoing investor awareness and business advisory services” and he later persuaded sixteen investors to pour $500 thousand into the company. Sadly, he forgot to disclose some important information about Pharmco, like, for example, the figures in the financial statement. More details about this, as well as a few other actions performed by Mr. Karapetyan while he was working for Basis can be read in this settlement agreement with FINRA.
You are right, I apologized because after I spoke with Armen, I felt like I read the PR wrong. However, once they sent out the latest PR to shareholders, it intrigued me further and I knew I didn't read it wrong. I went back and read the sticky based on the conferences and BOOM, I found what I was looking for. In plain sight, I found PROOF that I was right in the first place. So now I should take the apology back. I read it properly in the first place.
The point is they have stated clearly that the acquisitions had NOTHING to do with licenses. I was even told over the phone that the acquisitions had nothing to do with licenses. Armen went as far as saying the acq targets didn't even have all licenses.
That right there is a lie. That is more than sugar coating.
They were once for small ma&pop shops. Now they were for home health care businesses.
Why would the claim now that they have nothing to do with licenses.
Armen said that all 3 were off the table due to home health care positions.
It is a weird lie. They would have been much better off just being straight up about it. They have taken bad news and somehow swung it as them being smart and a step ahead. As an investor, that makes me scratch my head and start to show concern.
The biggest thing now that will prove positive or negative going forward is the build-out permit. They have had the robot since January. Almost 6 months has gone by and they still do not have the permit. I know it takes awhile to obtain permits, so why would they buy a robot so far in advance to obtaining the permit? That typically wouldn't be that bad of a sign, but with this new license/acquisition lie, it makes you scratch your head.
Wouldn't you want to have the permit basically ready to go before you made a huge purchase for a piece of machinery that will/could take your business to the next level? There ARE times in the past where permits such as this do not get approved. The fire department can be fairly fickle about things like this.
Armen has been stating that the permit would get approved any day now for the past couple months. Is he beginning to set up his escape? That is the question I would like to answer for myself. He has a record from the past. I would like to think that that is not a big deal and people change, but sometimes they don't. He has a ton of influence over this company and the CEO who has a degree from University of Pheonix. People/investors should be keeping their eye on him. It would be wise to at least be on the lookout because there is serious money/aspirations on the line with RXMD.
If you look at the financials, there ARE a couple weird things, nothing major, but there are a couple things that are head-scratching. Everyone should just be smart and keep their eyes open. Your money and future is on the line here, just like everyone else.
No.
Do your own research. If you are a smart investor (not you, but everyone in general), I feel like you would want to be aware of possible lies coming from a company that has never seemed to lie before.
So during the conferences, look at two of the most popular longs' write up, Shital and Armen stated that they had 3 acquisition targets, 2 in final stages.
3 total acquisition targets
2 of these in final term negotiations (price agreed on)
Straight from a current long's write up: (Excerpt)
Question:
Ok, best for last. On the M&A discussion during the presentation, we knew that you were in conversations, but we didn’t know that there are now three identified targets. You said you are looking for $2M from private investors. That seems like an unusually small amount. What’s the $2M for?
Shital
Yes, it seems like a random number, but the reason why is that the businesses we are talking to aren’t huge players. What they have is the licenses. We are looking to do a complete buy-out, which would transfer the licenses to us.
Armen
These are operating businesses. They’re small, but because we know these businesses and how to operate them, we can capitalize on our network immediately with these kinds of businesses. This is why we’re going after them.
It’s the licenses, the contracts they already have established with insurance carriers, and the ability to bill for Medicare.
Shital
For us to open up a shop and build it out organically would take too much time. Our network ties us in with more doctors and insurance providers than some of these small businesses, so we just need their infrastructure. After an acquisition, it’s plug and play. No add’l overhead, no premium for the database, etc.
Armen
Also, in some states there is a moratorium on new licenses, and this is a way to get around that.
We don’t want to take the risk of taking over a business where existing relationships might not want to work with us. We already have the relationships and sources of business; we just need the license and provider contracts.
Jun 17, 2016 (Marketwired via COMTEX) -- MIAMI, FL--(Marketwired - June 17, 2016) - 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 follow up to shareholders on the status of potential acquisitions.
Dear Valued Shareholders,
On June 15, 2016 the Progressive Care issued a press release updating the public on the sales for May 2016 and status of proposed acquisition targets in the home health care space.
First, we would like to clarify that the decision to suspend our pursuit of home health care agencies as potential acquisition targets is in no way connected to the core business of PharmCo, LLC or its expansion into other state markets. PharmCo is continuing to file applications in states across the country to extend the reach of our custom compound business line.
Progressive Care was in the LOI/due diligence stage with a potential acquisition target in the home health care industry. Upon receiving the update on the new regulations and pre-claim authorization procedures for the industry, the Company decided to terminate the LOI until the management team could ascertain the ramifications of the new protocols on the home health care industry. As was mentioned in the press release issued on June 15th, the Company believes that the new CMS procedures will decrease the number of approved claims for home health care and increase the cost of reviewing, processing, and adjudicating such claims.
We are fortunate that we received the new information from CMS at this stage of the acquisition process. It allowed us to terminate the LOI without any penalties or break-up fees in addition to preventing us from closing on an ultimately costly acquisition. The early stage termination also had the added benefit of allowing the company to continue its conversations with the sellers of these targets about potential acquisitions of companies in other health care arenas.
We want to assure the shareholders that the goals of the company remain unchanged. The Company still plans to identify and evaluate potential acquisition targets both within and outside the pharmacy industry. The Company continues to be on track to reach its annual sales and earnings goals as well as its expansion objectives.
Sincerely,
S. Parikh Mars
CEO
Progressive Care Inc.
Q: You mentioned we are seeking $2M in private funding for 1 or 2 acquisitions. What do you expect to get for $2M?
A: We are looking at smaller companies with owners looking to sell because they are retiring, or had enough. One company in particular has licenses in all 50 states. We are interested in those licenses as well as the relationships and contracts they have. That is what we are buying.
All basically hinges on this robot that may or may not exist.
Except from the conferences: By the way, this is from the sticky...I could post the whole thing if you do not believe me.
Question:
Ok, best for last. On the M&A discussion during the presentation, we knew that you were in conversations, but we didn’t know that there are now three identified targets. You said you are looking for $2M from private investors. That seems like an unusually small amount. What’s the $2M for?
Shital
Yes, it seems like a random number, but the reason why is that the businesses we are talking to aren’t huge players. What they have is the licenses. We are looking to do a complete buy-out, which would transfer the licenses to us.
Armen
These are operating businesses. They’re small, but because we know these businesses and how to operate them, we can capitalize on our network immediately with these kinds of businesses. This is why we’re going after them.
It’s the licenses, the contracts they already have established with insurance carriers, and the ability to bill for Medicare.
Shital
For us to open up a shop and build it out organically would take too much time. Our network ties us in with more doctors and insurance providers than some of these small businesses, so we just need their infrastructure. After an acquisition, it’s plug and play. No add’l overhead, no premium for the database, etc.
Armen
Also, in some states there is a moratorium on new licenses, and this is a way to get around that.
We don’t want to take the risk of taking over a business where existing relationships might not want to work with us. We already have the relationships and sources of business; we just need the license and provider contracts.
Jun 17, 2016 (Marketwired via COMTEX) -- MIAMI, FL--(Marketwired - June 17, 2016) - 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 follow up to shareholders on the status of potential acquisitions.
Dear Valued Shareholders,
On June 15, 2016 the Progressive Care issued a press release updating the public on the sales for May 2016 and status of proposed acquisition targets in the home health care space.
First, we would like to clarify that the decision to suspend our pursuit of home health care agencies as potential acquisition targets is in no way connected to the core business of PharmCo, LLC or its expansion into other state markets. PharmCo is continuing to file applications in states across the country to extend the reach of our custom compound business line.
Progressive Care was in the LOI/due diligence stage with a potential acquisition target in the home health care industry. Upon receiving the update on the new regulations and pre-claim authorization procedures for the industry, the Company decided to terminate the LOI until the management team could ascertain the ramifications of the new protocols on the home health care industry. As was mentioned in the press release issued on June 15th, the Company believes that the new CMS procedures will decrease the number of approved claims for home health care and increase the cost of reviewing, processing, and adjudicating such claims.
We are fortunate that we received the new information from CMS at this stage of the acquisition process. It allowed us to terminate the LOI without any penalties or break-up fees in addition to preventing us from closing on an ultimately costly acquisition. The early stage termination also had the added benefit of allowing the company to continue its conversations with the sellers of these targets about potential acquisitions of companies in other health care arenas.
We want to assure the shareholders that the goals of the company remain unchanged. The Company still plans to identify and evaluate potential acquisition targets both within and outside the pharmacy industry. The Company continues to be on track to reach its annual sales and earnings goals as well as its expansion objectives.
Sincerely,
S. Parikh Mars
CEO
Progressive Care Inc.
Do not need recording!
READ THE PR TO SHAREHOLDERS.
HERE YOU GO:
Jun 17, 2016 (Marketwired via COMTEX) -- MIAMI, FL--(Marketwired - June 17, 2016) - 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 follow up to shareholders on the status of potential acquisitions.
Dear Valued Shareholders,
On June 15, 2016 the Progressive Care issued a press release updating the public on the sales for May 2016 and status of proposed acquisition targets in the home health care space.
First, we would like to clarify that the decision to suspend our pursuit of home health care agencies as potential acquisition targets is in no way connected to the core business of PharmCo, LLC or its expansion into other state markets. PharmCo is continuing to file applications in states across the country to extend the reach of our custom compound business line.
Progressive Care was in the LOI/due diligence stage with a potential acquisition target in the home health care industry. Upon receiving the update on the new regulations and pre-claim authorization procedures for the industry, the Company decided to terminate the LOI until the management team could ascertain the ramifications of the new protocols on the home health care industry. As was mentioned in the press release issued on June 15th, the Company believes that the new CMS procedures will decrease the number of approved claims for home health care and increase the cost of reviewing, processing, and adjudicating such claims.
We are fortunate that we received the new information from CMS at this stage of the acquisition process. It allowed us to terminate the LOI without any penalties or break-up fees in addition to preventing us from closing on an ultimately costly acquisition. The early stage termination also had the added benefit of allowing the company to continue its conversations with the sellers of these targets about potential acquisitions of companies in other health care arenas.
We want to assure the shareholders that the goals of the company remain unchanged. The Company still plans to identify and evaluate potential acquisition targets both within and outside the pharmacy industry. The Company continues to be on track to reach its annual sales and earnings goals as well as its expansion objectives.
Sincerely,
S. Parikh Mars
CEO
Progressive Care Inc.
Question:
Ok, best for last. On the M&A discussion during the presentation, we knew that you were in conversations, but we didn’t know that there are now three identified targets. You said you are looking for $2M from private investors. That seems like an unusually small amount. What’s the $2M for?
Shital
Yes, it seems like a random number, but the reason why is that the businesses we are talking to aren’t huge players. What they have is the licenses. We are looking to do a complete buy-out, which would transfer the licenses to us.
Armen
These are operating businesses. They’re small, but because we know these businesses and how to operate them, we can capitalize on our network immediately with these kinds of businesses. This is why we’re going after them.
It’s the licenses, the contracts they already have established with insurance carriers, and the ability to bill for Medicare.
Shital
For us to open up a shop and build it out organically would take too much time. Our network ties us in with more doctors and insurance providers than some of these small businesses, so we just need their infrastructure. After an acquisition, it’s plug and play. No add’l overhead, no premium for the database, etc.
Armen
Also, in some states there is a moratorium on new licenses, and this is a way to get around that.
We don’t want to take the risk of taking over a business where existing relationships might not want to work with us. We already have the relationships and sources of business; we just need the license and provider contracts.
I actually respect some of the people on here posting. No agenda.
Read the PR and read the conference follow-up.
I already called Armen people. I asked him in 3 separate distinct ways to clarify whether or not the acquisitions had something to do with licenses. He was emphatic about it, which kind of got me wondering in the first place.
I don't have to call and prove it more. They sent out a shareholder PR. They have a documented 1-on-1 with one of the investors here.
It is in plain sight.
Is it not odd that they pushed out a shareholder PR due to this lie trying to cover it up?
Think about it....
For everyone here that I respect, I will not do a big lump sell to hurt the price, but I will be progressively selling off my shares until they are gone.
Up for grabs everyone. It's been something else watching this thing move but I don't stand with liars.....PERIOD.
Only because I have been accused of it before. I am not here to hide anything.
I have talked to them and they EMPHATICALLY denied that the acquisitions had ANYTHING to do with licenses.
Why are they all of the sudden calling the acquisitions part of HOME HEALTH CARE?
Seriously, I took his word for it when I first talked to him but I knew for a fact I read something from the conferences that stated otherwise and I found it, unfortunately.
Pretty sure this is a board where you can bring up information about RXMD.
Wouldn't investors like to know that the company has been caught in a lie?
Oh well, it has happened before. Read that and tell me it is not a major concern though, seriously.
I honestly might have to give up on this one now that I have been lied to my face over the phone from the man himself. Not a good feeling.
Found something disturbing regarding the last PR detailing the acquisition targets that we let go.
I knew I was right about it. During the conferences, Shital and Armen stated that the businesses that they were looking at were not huge players. Their own words, "WHAT THEY HAVE IS THE LICENSES. WE ARE LOOKING TO DO A COMPLETE BUY-OUT, WHICH WOULD TRANSFER THE LICENSES TO US."
When I called Armen, he said that the acquisitions HAD NOTHING TO DO WITH LICENSES!
THE PR FLIP FLOPPED AND CALLED THEM HOME HEALTH CARE!
Here is proof taken explicitly from the 1-on-1 interviews that our posters here provided:
Question:
Ok, best for last. On the M&A discussion during the presentation, we knew that you were in conversations, but we didn’t know that there are now three identified targets. You said you are looking for $2M from private investors. That seems like an unusually small amount. What’s the $2M for?
Shital
Yes, it seems like a random number, but the reason why is that the businesses we are talking to aren’t huge players. What they have is the licenses. We are looking to do a complete buy-out, which would transfer the licenses to us.
Armen
These are operating businesses. They’re small, but because we know these businesses and how to operate them, we can capitalize on our network immediately with these kinds of businesses. This is why we’re going after them.
It’s the licenses, the contracts they already have established with insurance carriers, and the ability to bill for Medicare.
Shital
For us to open up a shop and build it out organically would take too much time. Our network ties us in with more doctors and insurance providers than some of these small businesses, so we just need their infrastructure. After an acquisition, it’s plug and play. No add’l overhead, no premium for the database, etc.
Armen
Also, in some states there is a moratorium on new licenses, and this is a way to get around that.
We don’t want to take the risk of taking over a business where existing relationships might not want to work with us. We already have the relationships and sources of business; we just need the license and provider contracts.
Where you seeing that at?
agree
You are right, but I think we are still sitting pretty good here. The tide will turn once again in our favor.
There really is no reason why we are sitting this low. 5 should be our spot right now. But it will happen, and beyond!
RXMD
Guess you just have to roll with it.
Where are all the hooligans at today? Taking a breather after last week?
Figured we would have more action today.
RXMD
.....back with less shares...... LOL
RXMD
Which doesn't make sense. Longs should not want other longs to sell. No logic in that.
We are sitting good here. Seems like there are a few people that may have jumped off the fence pre-maturely and missed the boat to hop back on. That is why everyone should do their own research before ordering a buy or sell.
What you are saying is not entirely incorrect, but I would mention that permits do not always get settled. There are plenty of people on the sidelines, especially now after the conferences, that will want to see this go through. I would suggest that the 5 months that it has taken has made some people weary of it being accomplished at all. Once it is finalized, that is another great sign that RXMD is doing the right things.
All we need is a small, unexpected piece of good news.
Will not take much of anything. Believe a finalized build-out permit would do the trick.
the permit alone would get it in that range possibly
Everyone knows what the robot and build-out completion will do for the company. If you wait to buy at build-out completion, the PPS will already have reflected that and you would be too late.
Which Armen said that the building owner is working with the Fire Dep to finalize the permit. Not a matter of IF, only a MATTER OF WHEN.
Probably hinging on the whole robot deal.
Should see a run to the 6s/7s here within the next month.
Why are people banned/how do they get banned?
I have said things that I thought surely would get myself banned and they haven't.
Others get banned and I never really saw anything to warrant it.
Where's everyone at?
Should be a good day here today. Everything has settled and is back in order.
You sell and miss getting back in? Whoops!
I never sold and I agree.
Sorry to anyone who sold. That was not my intentions. RXMD is here to stay you should have known that.
If you did sell, get better at investing! This is a LONG HAUL!
Just want to genuinely apologize if I caused any heartache the past few days.
We are looking good here and hopefully we can get back on track (which we already have).
Hope everyone has a good weekend.
RXMD
Great action today, back to normal....cmon
rxmd!
Long term hold. Great convo with management.
Gravy please!
Very nice response. Couldn't say it better.