Progressive Care Inc (RXMD)

[bigjuice]

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.

What is up with that? Can someone please explain why they are lying about this?

When I called he emphatically stated that the acquisitions that were discussed about at the conference were IN FACT the acquisitions that have been thrown away.

They never said ANYTHING about home health care during the conference and now it is spun as such. Something very interesting going on HERE!!

Someone please explain.