Press Release: Progressive Care Executes Letter of Intent to Purchase a Pharmacy in Palm Beach County
MIAMI, March 02, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc.(RXMD) , a healthcare services and technology company, announces that it has executed a letter of intent to purchase a pharmacy in Palm Beach County.
On March 1, 2018, the Company signed a letter of intent to purchase a pharmacy in Palm Beach County for $300,000. The Company is beginning the due diligence process with anticipated closing to occur in the second quarter of 2018. The acquisition target is located close to major highways in a 3,000 sq. ft facility. The operation has experienced staff, all applicable licenses, commensurate PBM contracts as PharmCo, LLC, and a Parata PASS 500 unit dose packaging system.
The acquisition of this pharmacy in Palm Beach County will facilitate growth by increasing the delivery radius into Martin County which includes Jupiter and Stuart. It will also decrease costs of expansion and increase prescription dispensing efficiency. The location has the adequate facility space to provide the opportunity to develop new processes for long term care services, compounded medications, and tele-pharmacy services.
In anticipation of the acquisition, the Company drew down just under $600,000 from its Chicago Ventures funding facility. These funds will allow the Company to close the transaction as well as provide working capital for additional build out and sales ramp up of the new Palm Beach location.
"We believe this is the opportunity we have been waiting for," stated S. Parikh Mars, CEO. "We have been rapidly gaining ground in Palm Beach County and this is the missing piece to lasting success in the area. After an exhaustive search, we think that this acquisition will be just the beginning of an aggressive expansion agenda that allows the Company to reach thousands of new doctors and patients who will benefit greatly from the PharmCo pharmacy model."
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About Progressive Care(RXMD)
Progressive Care Inc. (RXMD) , through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.