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Progressive Care made approximately $40M in 2021. Now with the convertible debt all gone, the balance sheet is much more stronger. The immense confidence from all these highly seasoned entrepreneurs and investors is a clear indication of the strong business growth of Progressive Care in the immediate future. They are looking at uplisting to Nasdaq very soon. Now is a golden time to invest in this "New" company with all the new cash and new partnership before it goes back up to its all time high 25 cents.
Together with NextPlat, the total cash investment in Progressive Care is about $8.8M. All convertible debt from Iliad has been paid off. The new goal from these new investors is to enhance the digital transformation of Progressive Care business into a market leader in medication therapy management, remote patient monitoring, and e-health. The NextPlat team’s unique abilities to innovate and develop leading-edge technologies will help Progressive Care grow faster, meeting the needs of the complex healthcare space. Together, we will continue to reinforce our dedication to patients, providers, and technologies that will deliver improved customer service, cost savings and enhanced outcomes for patients nationwide.
Jay said: "The successful completion of the strategic transaction makes our company’s balance sheet stronger and will enable us to capitalize on significant opportunities for growth."
Dan Erdbergthe, the former CEO, President, Director of COMSovereign Holding Corp (NASDAQ:COMS) is also a new minor owner.
Sixth Borough Capital Fund, LP also invested about half million dollars in Progressive Care.
Look at the experiences of these new owners:
Charles M. Fernandez is a seasoned transactional specialist and restructuring entrepreneur, Fernandez has demonstrated great skill in identifying profitable start-up and dislocation opportunities, building significant value and executing both private and public exit strategies. He has had over 30 years of success and accomplishment, he has developed an extensive network of industry veterans with wide-ranging business, legal, government and academic expertise. He began his careering 1985 as Co -founder and President of Viva America Media Group. Viva was acquired by Heftel Broadcasting in 1989, and Fernandez became COO. They received the Marconi Radio Award by the National Association of Broadcasters. In 1995, Fernandez moved into the Healthcare sector and co-founded Continucare, an outpatient service management company, with Phillip Frost. In 1997, George Soros, became the largest shareholder of Continucare owning 19.5% via the Soros Fund. In 1999, Fernandez returned to media. He became president and CEO of Big City Radio after its acquisition of Hispanic Media Holdings, a Spanish language online service provider founded by Fernandez and business partner Phillip Frost. Fernandez also served along side Frost in various positions within IVAX, a generic drugmaker, founded by Frost, including Investor, Director and Chairman of the Audit Committee of the Board of Directors.
He became president and co-manager of the Fairholme Fund in 2008. In 2010, Fortune Magazine called Fernandez, “a restructuring whiz”. He accumulated $1.8 billion General Growth Property bonds and alongside Bill Ackman’s Pershing Square and Brookfield Asset Management they recapitalized GGP’s stock. In 2012, he left the Fairholme Fund to launch his own, Barnstar Opportunities Fund. In 2016, Fernandez was the founder, Chairman and CEO of eApeiron Solutions, an e-commerce company utilizing Kodak anti-counterfeiting technology and an investment from Alibaba a Chinese e-commerce company. In 2019, eApeiron solutions, LLC was acquired by Smartrac, a unit of Avery Dennision Corporation with Fernandez serving on Smartrac's supervisory board of Directors. Fernandez is also the Sole Member of eApeiron Partners, LLC an investor in various Public and Private companies.
Mr. Barreto is an accomplished and recognized executive and business leader with over 35 years of experience in corporate and public affairs, real estate investment, development, and hospitality throughout South Florida. He is currently the President and CEO of the Barreto Group, a diversified business consultancy which includes Barreto Hospitality Group, an owner/operator of food and entertainment venues across South Florida. Mr. Barreto was a significant new investor in Orbsat's recently completed $7.2 million private offering of common stock.
"I wish to welcome Rodney to our Board and thank him for his financial investment in Orbsat as we implement our transition into NextPlat, a global e-commerce platform for both tangible and digital assets. Through the deep collective expertise and personal networks of our team and Board, we are now accelerating the transformation of our business with a shared vision for the future," said Charles M. Fernandez, Executive Chairman of Orbsat.
Rodney Barreto commented, "I am excited to join the Orbsat team as it seeks to capitalize on the tremendous value of global e-commerce. There is a clearly defined path for NextPlat and I am eager to work with Charlie and the team to execute on the many business development opportunities I see in both physical and digital assets, transactions I believe will help Orbsat realize its ambitious goals."
Rodney Barreto
Mr. Barreto's business career spans over 35 years including his role at the Barreto Group and earlier, as the founding partner of Floridian Partners, LLC, a corporate and public affairs consulting firm recognized by policy makers as one of the top in its industry in Florida. He has chaired the Super Bowl Host Committee in 2007, 2010 and 2020, helping to raise more than $100 million dollars for the success of Miami Super Bowls. As a philanthropist and conservationist, Mr. Barreto is also a three-time appointee to the Florida Fish and Wildlife Conservation Commission where he has served for over 10 years including holding the title of Chairman eight times. He has twice chaired the Annual U.S. Conference of Mayors, was Chairman of the 1999 Breeder's Cup Championship held in South Florida and was the Chairman of the 1999 Sister Cities International Convention in Miami. Currently, Mr. Barreto is the Membership Chairman of the Florida Council of 100, and a member of the Boards of Fairchild Tropical Botanic Garden, the Baptist Health South Florida Giving Society, the Bonefish and Tarpon Trust, the Guy Harvey Ocean Foundation, and a member of Miami Dade County Schools Superintendent Carvalho's Business Advisory Council.
Great. The new chairman Charles Fernandez and the new vice chairman Rodney Barreto have super impressive investment experiences in the past several decades. Absolutely amazing partnership with Progressive Care. More to come.
I’ve been asking them to find a partner. They listened!
This is great. Now the convertible debt has been paid off. They have $6M cash on hand for growth!
Well, not in my place. Where are you? In the middle of somewhere?
Agreed. How can NextPlat benefit from this transaction as a Nasdaq company and make their own shareholders happy? The only way is when $RXMD stock price goes up! They put $8.3M cash in Progressive Care's pocket not just hoping to get some 10%, or 20% return, they are looking for 10 times return at least! NextPlat is a Nasdaq company and has many very seasoned and successful investors sitting on their board. They have done the utmost DD for us all, for free! Do you trust their investment in Progressive Care? I do. $RXMD has nailed an amazing deal with this perfect strategic partner to expand their own digital healthcare service platforms, which will make the company become a real national and even international healthcare service company. The retail investors will soon realize the pivotal importance of this deal and its long lasting drive on the stock price and the company's business expansion. Great days are ahead of us.
NextPlat’s $8.3M cash investment in Progress Care will make them the absolute majority owner of Progressive Care with the elimination of the current convertible debt. The new majority owner’s great confidence in the future of RXMD is a true statement about where the company will go and how the stock will perform in the immediate future, which will lead to a successful uplist to Nasdaq. Cash is the king. This partnership will make their digital platform a real game changer in the healthcare industry. $2M for ClearMetrX/RPM program and $2M for software development with a total debt elimination will make RXMD a perfect target for major growth and acquisition once uplisted. Fenandez’s amazing investment record is a full endorsement of $RXMD’s future. This stock is more than ready to go back up to its all time high 25 cents in the next few months, potentially reaching $1 before the uplist in February 2023.
https://www.progressivecareus.com/post/progressive-care-enters-into-an-agreement-with-nextplat-for-significant-strategic-investment-and-debt-restructuring
At this point, nothing can hold them back anymore. This partnership is exactly what they need.
Progressive Care Enters into an Agreement with NextPlat for Significant Strategic Investment
AUGUST 31, 2022
https://www.progressivecareus.com/post/progressive-care-enters-into-an-agreement-with-nextplat-for-significant-strategic-investment-and-debt-restructuring
MIAMI, FL – August 31, 2022 – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is excited to announce that it has entered into an agreement for a recapitalization of its current debt and a strategic investment by NextPlat Corp. NASDAQ: NXPL (“NextPlat”).
Under the agreement, Progressive Care will receive an aggregate of $6 million from NextPlat in exchange for the issuance to NextPlat of 3,000 units of Series B Preferred Stock as well as warrants to purchase up to 3,000 shares of Series B Preferred Stock at an exercise price of $2,000 per share. In addition, NextPlat’s Executive Chairman and CEO, Charles M. Fernandez, board member, Rodney Barreto, and certain other investors will purchase approximately $2.8 million of outstanding convertible debt in Progressive Care at an agreed fixed conversion price of $0.02 per share. Progressive Care and NextPlat agreed to reduce the interest rate on the purchased debt from 10% to 5% per annum and extend the maturity date to August 30, 2027.
NextPlat’s management team and select members of its Board of Directors will provide Progressive Care with their market-proven experience in healthcare and digital technology including the development of new healthcare and lifestyle products to be sold via NextPlat’s global e-commerce marketplaces. As part of this transaction, Mr. Fernandez will be appointed as Chairman of Progressive Care’s Board of Directors (the “Board”) replacing Alan Jay Weisberg who will step down from this position to assume the new role of Vice Chairman, remaining on the Board, while also continuing to serve as Progressive Care’s CEO. Mr. Barreto will also be joining the Board as Vice Chairman. Dawson James Securities Inc. (“Dawson”) served as the placement agent for this transaction. Progressive Care intends to utilize a portion of the growth capital to further fund the deployment of its digital platforms and the development and sale of new health, fitness, and beauty products.
Over the past 30 years, Mr. Fernandez has successfully identified profitable start-up and dislocation opportunities, and built significant shareholder value, executing both private and public exits. Mr. Fernandez’s expertise in technology and healthcare includes co-founding Lakeview Health Systems (acquired by a private equity firm for approximately $70 million) and Continucare Corporation (acquired by Metropolitan Health Networks, Inc. for approximately $400 million) where he served as chairman, president and CEO. He also served as an investor, director, and Chairman of the Audit Committee of IVAX Corporation for nearly a decade prior to its purchase by Teva Pharmaceuticals for $8.7 billion.
Charles M. Fernandez said, ”Progressive Care has built a vibrant and rapidly growing healthcare services and technology company currently serving tens of thousands of customers who rely on its PharmcoRx platform and services every day. As a technology and healthcare entrepreneur, I see tremendous value in Progressive Care’s capabilities which is why I am personally investing alongside NextPlat. I believe we can leverage our expertise, industry know-how, and global e-commerce platforms to accelerate their continued growth domestically as well as internationally. As long-term investors, we are committed to harnessing the power of digital technologies including Web3, to capitalize on the ongoing digital transformation of Progressive Care and the entire healthcare industry.”
Alan Jay Weisberg commented, “Progressive Care has pursued a vision of being able to transform the healthcare industry by creating data-driven tools and technology. Charlie and the team at NextPlat have extensive knowledge and experience in utilizing digital technology and we believe will help Progressive Care build significant value for all stakeholders including patients, payors, practitioners, and investors. We are excited to have this team of industry leaders as our new long-term investors and partners, and look forward to working together to advance our vision for modern healthcare.”
This is the type of partner Armen needs to work with! Great news indeed!
You are absolutely wrong this time. The tide has finally changed.
This one single news has fundamentally changed the whole environment. Going up from this point on.
True, but they really have nothing else to say.
Why PPS sucks?
Have you exited fully?
From those who have been holding for years.
Remember this, just do exactly the opposite of what shorts are trying to say. Trust in yourself.
What a soap opera show tonight. The shorts are working overtime. LMFAO.
Someone sold into his bid, which is a sell.
As much as I wholeheartedly want them to succeed, they do need a new CEO during this difficult time. Someone that’s willing to give talks, willing to show passion and love, someone that can spiritually connect with retail investors even when it might not be very comfortable to do so. This is the ONLY way to stabilise the stock price.
The biggest highlight is they are working with some private investors and will update us when the time is right.
100% correct! Sadly true.
Exactly. This a No Brainer holding or buying more down here. 8/15 is coming.
AMC has $1billion in cash, I think regardless of what intiatives AA has in mind he doesn't need immediately issue more APES, so I suspect he can wait to see APE rise in value somewhat before "conversion” is a real discussion point. In the meantime, billions of fake synthetics have to find a way out.
APEs are preferred shares. I think they can’t just replace synthetics of common stock with preferred shares.
$APE is a share count for $AMC.
Just sent my questions to Stuart for the CC:
1. What's the current balance of Iliad convertible debt? How many years do you think they will need to complete the whole conversion for the debt?
2. Now the company is fully SEC compliant. Are you eligible to get any conventional bank loans for business expansion and paying off the debt, etc.?
3. When will the S-1 filing be effective?
4. Do you have any comment on the current stock performance? What has to be done to regain the retail investors' confidence in your company to raise the stock price?
5. If the stock price remains at the current level, will you consider cancelling the reverse split and the uplist?
“I have been very profilic discussing this issue on twitter. In short, I think it is favourable in that the dividend is not something the shorts can repllicate. Nor can/should brokers replace with a cash payment.
So it should continue to prompt short covering prior to dividend payment date.
I expect Fails to deliver of apes, but ape wlll have no option chain, so they will be difficult to hide.
AMC has $1billion in cash, I think regardless of what intiatives AA has in mind he doesn't need ti immediately issue more apes, so I suspect he can wait to see ape rise in value somewhat before "dilution" is a real discussion point.”
Peter Hann CFA
LMAO, Watch and Learn!
Changing capital letters to lowercase to reflect transparency and equality for all.
Well done.
This will squeeze next week.
If they had any, they would have released it before the dilution resumed on 7/15.
Fair enough. They have worked very hard over the years to survive, to grow some and then to dream more. The biggest problem right now is their inadequate CEO and lack of enthusiasm establishing good relationship with retail investors. Their vision might be grand down the road, but they have to keep their eyes on us too, as one of their top priorities. If they had listened very carefully, the stock performance would not have become what it is today.
Her MBA program started in June 2021, almost one year after she left Progressive Care.
They could have done so many things in the past 2 years to dilute CD shares properly and to raise both SP and investors confidence at the same time. All they need was a good communicative CEO that’s willing to interact with retail investors and truly understands what they need and how they can help the company grow. It’s a mutual relationship. Reap what you sow. Do not make unrealistic desperate moves that will scare the retail investors away. Now the best thing they should do is to cancel the RS and uplist until they are ready.
I will call him to confirm.
So this is another thing Armen has messed up.