Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Armen is now only a common shareholder. He really does not have an official title with the company. He labels himself as a senior consultant on Linkedin. His era is over. Now Charles is in control, and he will bring in a new CEO very soon to get the company full speed on e-health transformation with all the money and relationships that he has in “Media, Pharmaceuticals, Healthcare, Finance and Technology”.
Remember sleepy Jay once actually said Progressive Care will be a $5B company? Lol, that’s a B.
"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 of 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," said Charles M. Fernandez.
As a highly successful, seasoned investor and entrepreneur, his vision on Progressive Care should be taken very seriously. Great days are coming.
https://ir.nextplat.com/news-events/press-releases/detail/92/nextplat-invests-7-million-in-recapitalization-of
"Over 73% of funds raised were secured from senior management and Board of Directors and existing shareholders. The Company's Chief Executive Officer, Mr. Charles Fernandez, a significant investor in Orbsat's (NextPlat) recently completed public offering, personally invested approximately 30% of the $7.2 million raised."
https://ir.nextplat.com/news-events/press-releases/detail/85/orbsat-announces-7-2m-private-offering-of-common-stock
This is how much they believe in their own investment, their own company, including the $8M investment in Progressive Care. "NextPlat intends to be a next-generation global e-Commerce platform company focused on additional revenue opportunities across multiple high-growth sectors including both tangible and digital assets. This financial transaction will enhance the Company's balance sheet providing additional cash for working capital needs, potential acquisitions, joint ventures, and ongoing business transition activities."
All these highly seasoned investors put their own money in their own company and in Progressive Care with clear goals. More good news are coming our way.
Meet Rodney Barreto, Progressive Care's $400K investor and new Vice Chairman. He is a very influential person in south Florida, especially Miami area. His family runs the city. Great to have this guy on our side. He actually also has some impressive relationship in Healthcare data service industry. More to come. Watch his interview here:
Progressive Care's placement agent is Dawson James Securities. Robert Keyser is the CEO and founder of Dawson James Securities. He is also the President/CEO and Chairman of Sixth Borough Capital Management.
https://www.6bcap.com/
https://www.progressivecareus.com/post/progressive-care-announces-completion-of-strategic-transaction-with-nextplat
Sixth Borough Capital just invested $400K in Progressive Care.
https://www.sec.gov/Archives/edgar/data/1402945/000149315222025410/ex3.htm
Want to know more connections?
Ellenoff Grossman & Schole LLP was added in the initial S-1 that was filed on Oct. 8, 2021.
https://www.sec.gov/Archives/edgar/data/1402945/000121390021052155/ea146334-s1_progressive.htm
On August 24, 2021, Douglas S. Ellenoff was appointed to the positions of Chief Business Development Strategist of Orbsat Corp (Now NextPlat) and Vice Chairman of the Board of Directors of the Company.
https://www.marketscreener.com/quote/stock/NEXTPLAT-CORP-120789682/news/NEXTPLAT-CORP-Change-in-Directors-or-Principal-Officers-Regulation-FD-Disclosure-Financial-Statem-37665219/
On June 7, 2021, Charles M. Fernandez was appointed as Chief Executive Officer and Chairman of Orbsat Corp (Now NextPlat). Mr. Fernandez was a strategic investor in Orbsat's recently completed public offering, personally investing $3 million of the $14.4 million raised.
https://www.yahoo.com/now/orbsat-corp-appoints-charles-m-143000587.html
On January 21, 2022, Orbsat Corp (NASDAQ:OSAT) announced that it has changed its corporate name to NextPlat Corp. "Today is an exciting day for the NextPlat team as we formally enter a new phase of our plan to build the next great e-commerce company. Supported by recent funding rounds raising gross proceeds in excess of $21 million, and guided by a clear business strategy and vision, we are embracing the future of e-commerce and committed to serve as a growth platform for companies of all kinds," said Charles M. Fernandez, Chairman and CEO of NextPlat. "Looking ahead, we see a tremendous opportunity to expand the reach of our existing global platforms through the introduction and launch of new capabilities, joint ventures and acquisitions which will enable customers to capitalize on the value of their physical and digital assets, reaching new markets around the world."
https://sports.yahoo.com/orbsat-corp-initiates-transition-nextplat-120000206.html
On September 6, 2022, NextPlat invested $7M in Progressive Care. using the funds it raised from those $21M as described above. This is one of their initiatives to "expand the reach of our existing global platforms through the introduction and launch of new capabilities, joint ventures and acquisitions which will enable customers to capitalize on the value of their physical and digital assets, reaching new markets around the world."
https://www.progressivecareus.com/post/progressive-care-announces-completion-of-strategic-transaction-with-nextplat
WHAT's NEXT?
Douglas S. Ellenoff, a member of the Firm since its founding in 1992, is a corporate and securities attorney with a focus in business transactions, mergers and acquisitions and corporate financings. Mr. Ellenoff has represented public companies in connection with their initial public offerings, secondary public offerings, regulatory compliance, as well as, strategic initiatives and general corporate governance matters. During his career, he has represented numerous broker-dealers, venture capital investor groups and many corporations involved in the capital formation process.
In the last several years, he has been involved at various stages in numerous registered public offerings, including more than 100 financings and, with other members of his firm, hundreds of private placements into public companies (see PIPEs and Venture Capital), representing either the issuers of those securities or the registered broker-dealers acting as placement agent. Along with other members of his Firm, Mr. Ellenoff has been involved at various stages with over 370 registered blind pool offerings (commonly referred to as “SPACs”); In addition to our IPO experience with SPACs, he has been involved with more than 80 SPAC M&A assignments. The Firm represents nearly 70 public companies with respect to their ongoing 34 Act reporting responsibilities and general corporate matters. He also provides counsel with regard to their respective ongoing (SEC, AMEX and NASD) regulatory compliance.
Mr. Ellenoff and the rest of the corporate department distinguish themselves from many other transactional lawyers on the basis of their ability to be part of the establishment of new securities programs, like PIPEs, SPACs, Registered Directs and Reverse Mergers, where the Firm’s professionals have played leadership roles within each of those industries, assisting in the creation, formation and strategies relating to those financings, as well as working closely with the regulatory agencies; including the SEC and FINRA; and the listing exchanges – AMEX and NASDAQ. Mr. Ellenoff is routinely requested to be a panelist and presenter at industry conferences.
https://www.egsllp.com/
https://www.sec.gov/Archives/edgar/data/1402945/000149315222010672/forms-1a.htm
https://ir.nextplat.com/company-information/board-of-directors
Progressive Care's S-1 was copied to "Ellenoff Grossman & Schole LLP" on page 1.
https://www.sec.gov/Archives/edgar/data/1402945/000149315222010672/forms-1a.htm
Ellenoff is the last name of one of the partner attorneys at Ellenoff Grossman & Schole LLP.
https://www.egsllp.com/attorneys/douglas-ellenoff
Who is Douglas Ellenoff? Well, he is Vice Chairman and Chief Business Development Strategist of NextPlat. Charles Fernandez is the chairman.
https://ir.nextplat.com/company-information/board-of-directors
Who is NextPlat? We all know they just invested over $8M dollars together with Fernandez etc. in Progressive Care.
https://www.progressivecareus.com/post/progressive-care-announces-completion-of-strategic-transaction-with-nextplat
LOL. Now you guys understand?
Based on his track record, his goal is to get Progressive Care acquired by some huge company once it’s listed on Nasdaq. This is the reason they invested over 8 million dollars in the company and helped pay off their current convertible debt. They know their investment will be paid back BIG time.
There’s a big plan coming up with Fernandez. All will be revealed very soon.
The new majority owners will start promoting the company more actively in preparation for the uplist. The so called quiet period is obviously coming to an end. More news will come in the coming weeks.
Really really stupid move. SMH
Because people still haven’t realised the significance of this new partnership. More big news are coming.
THIS —> “The Reporting Persons acquired their positions in the securities that are the subject of this Schedule 13D (i) in the belief that the securities are undervalued, and (ii) because the Reporting Persons believe that a strategic investment by NextPlat in the Issuer represents substantial business opportunities for the Issuer and for NextPlat with the promise of increasing the market value of both the Issuer’s securities and NextPlat’s securities. It is anticipated that NextPlat’s management team and select members of its Board of Directors, including Reporting Persons Charles M. Fernandez and Rodney Barreto will provide the Issuer with their experience in healthcare and digital technology including the development of new healthcare and lifestyle products, and it is anticipated that the Issuer’s products will be sold via NextPlat’s global e-commerce marketplaces.”
https://www.sec.gov/Archives/edgar/data/1402945/000149315222025410/form13d.htm
Thanks. “NextPlat is developing a state-of-the-art e-commerce platform to collaborate with businesses to optimize their ability to sell their goods online, domestically, and internationally, and to enable customers and partners to optimize their e-commerce presence and revenue, which it expects will become the focus of its business in the future. Historically, the business of NextPlat has been the provision of a comprehensive array of Satellite Industry communication services, and related equipment sales. NextPlat operates two main e-commerce websites as well as 25 third-party e-commerce storefronts such as Alibaba, Amazon and Walmart. These e-commerce venues form an effective global network serving thousands of consumers, enterprises, and governments. NextPlat has announced its intention to broaden its e-commerce platform and is implementing comprehensive systems upgrade to support this initiative. The Company has also begun the design and development of a next generation platform for digital assets built for Web3 (an internet service built using decentralized blockchains).”
https://www.sec.gov/Archives/edgar/data/1402945/000149315222025410/form13d.htm
Okay, let me explain in plain English. Forget about those attorney language.
Armen, as the founder of Progressive Care and the biggest shareholder of the company (owns 43M common shares and 51 Series A preferred shares), has finally decided, for the benefit of retail shareholders and the future of the company, to raise $8.8M in exchange of company's Series B preferred shares (3000 total) and common shares (worth $2.8M). $2.8M is used to pay off the Iliad convertible debt. $6M will be used to revolutionize the company's business model by fully developing its own e-health platform (Telehealth, RPM, data analytics etc.) and positioning itself at the very frontier of the next generation blockchain WEB3 for healthcare industry. Together with Progressive Care's current 20K patient base and $40M revenue, this new partnership will set the company free from PBMs' ridiculous fees and will make huge profit at much higher margins than the traditional prescription business model.
The new partner, NextPlat, a Nasdaq company, has seen the great potential in Progressive Care. They have tremendous expertise in e-commerce. Their vision is to expand beyond its current global network of online storefronts serving thousands of consumers, enterprises, and governments. NextPlat intends to develop a next generation platform for digital assets built for Web3.
https://d1io3yog0oux5.cloudfront.net/_826ef6f9a037fbe66d80b510efb7cb97/orbitaltracking/db/231/1680/pdf/NextPlat+Introduction+-+Feb+22.pdf
NextPlat invested $7M cash in Progressive Care for this purpose. Their directors and certain other investors put in another $1.8M, including Charles Fernandes and Rodney Barreto. "Their team’s unique abilities to innovate and develop leading-edge technologies will help the company 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."
https://www.progressivecareus.com/post/progressive-care-announces-completion-of-strategic-transaction-with-nextplat
So, NextPlat has become Progressive Care's biggest shareholder and has an absolute majority voting right on the company's new board. Charles is the new Chairman. They will pick a new CEO to replace Jay.
8-K has stated so clearly, my friend. NextPlat owns 3000 preferred shares. Each preferred share has a voting right of 100,000 common shares. Do the math, that's whopping 300,000,000 voting rights. You tell me who's the boss in that board. Who will choose the new CEO? Charles represents NextPlat.
How? The board will change the CEO, which is controlled by Charles/NextPlat. LOL
I agree. The new CEO is a major piece for all future plans. He/She will be responsible to excite retail investors again. Yes, that will be good.
The next most logical step is a new CEO.
Sorry, didn’t mean to reply to you. Not sure how I replied it to the wrong post.
They do not hold any position in RXMD any more according the 8-K. All gone.
Tell u a secret. I bought a lot of the shares that u sold a few weeks ago. LMAO
Yes. This partnership of both companies is beyond what it seems like. Hold on to it, the revolution is coming to this new Progressive Care. We don’t need to wait for long. Feb 2023 is coming. Wall Street investors will notice this.
Now NextPlat is the majority owner of the company, we need to understand what their goals are. Here's their business presentation released in Feb 2022.
https://d1io3yog0oux5.cloudfront.net/_826ef6f9a037fbe66d80b510efb7cb97/orbitaltracking/db/231/1680/pdf/NextPlat+Introduction+-+Feb+22.pdf
"Our focus is on next generation platforms for digital assets built for Web3.
Web3 is a new iteration of the World Wide Web based on the blockchain, which incorporates concepts including decentralization and token based economics."
The Future Of Blockchain In Healthcare - Forbes
https://www.forbes.com/sites/forbestechcouncil/2021/10/25/the-future-of-blockchain-in-healthcare/?sh=745ad9f4541f
"One of the biggest buzzwords being thrown around the field of medical technology is “blockchain.” This is for good reason. Simply put, blockchain holds the potential to revolutionize healthcare. With its full deployment, patients can be truly focused on at the center of all operations, which in turn will also be entirely overhauled with better security, privacy and accessibility. But how exactly does blockchain enable all this? How is the health industry fully utilizing this vastly capable cutting-edge technology? "
Blockchain: Opportunities for health care
A new model for health information exchanges
https://www2.deloitte.com/us/en/pages/public-sector/articles/blockchain-opportunities-for-health-care.html
"Blockchain technology has the potential to transform health care, placing the patient at the center of the health care ecosystem and increasing the security, privacy, and interoperability of health data. This technology could provide a new model for health information exchanges (HIE) by making electronic medical records more efficient, disintermediated, and secure. While it is not a panacea, this new, rapidly evolving field provides fertile ground for experimentation, investment, and proof-of-concept testing.?"
NextPlat is boosting Progressive Care to the frontier of all these crucial technologies in the healthcare industry. Together, they are getting much more stronger, both financially and technologically.
New Remote Patient Monitoring and Chronic Care Management website has been added to Pharmco's website.
https://www.pharmcorx.com/rpm
Progressive Care's Long Term Care commercial:
https://www.pharmcorx.com/ltc
No dilutions. That's what matters.
Growth is the game, cash is the king. Progressive Care has both.
The connections of the new Chairman and vice chairman are crucial to the expansion of Progressive Care. Fernandez has access to huge funding, e-commerce specialists and software developers. Barreto’s corporate and public affairs consulting firm is recognized by policy makers as one of the top in its industry in Florida. They invested their own money in Progress Care because they clearly know where their investment is going with Progressive Care.
Look to the bright side. Lol
The impact of this NextPlat partnership is beyond imagination. The goal is to push Progressive Care to transform into a e-health tech service company that will do business nationwide and internationally. Long term care services will boom dramatically with their new integration of telehealth technologies. The RPM revenue stream will grow exponentially at much higher profit margins. ClearMetrx data service for healthcare industry will reach far beyond Florida. The profit margins of all these new revenue streams are much much higher than just regular pharmacy prescription services without PBM fees. Wall Street will love this company.
The “Telehealth” link on Pharmco’s website was just added and now is showing “Coming Soon”. This will be a huge revenue stream that will transform Progressive Care into a nationwide Telegraph company with great profit margins. They finally can get rid of the greedy PBMs and make ton of fresh cash on their own without having to pay all kinds of ridiculous PBM fees. NextPlat team has absolute expertise to help the company accomplish this goal right now with newly infused $6M dollars.
https://www.pharmcorx.com
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.”
https://www.progressivecareus.com/post/progressive-care-enters-into-an-agreement-with-nextplat-for-significant-strategic-investment-and-debt-restructuring
No worries. Absolute zero dilution. Just flippers making a few bucks. Progressive Care now has fresh $6M cash for development/expansion with zero dilution.
In the new investors’ own words: “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.”
https://www.progressivecareus.com/post/progressive-care-enters-into-an-agreement-with-nextplat-for-significant-strategic-investment-and-debt-restructuring
They are long term investors/new partners. This is totally different.
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."