Progressive Care Inc (fka RXMD)

[Jimmy Quick]

That doesn't make any sense. EVERYBODY wants to know when the debt will be paid off in full, who wouldn't care about a clean balance sheet.

Progressive Care Announces Pay-Off of Note to Chicago Venture Partners

MIAMI – August 9, 2018 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced that it has paid off its convertible note to Chicago Venture Partners through an issuance of common stock.

Progressive Care drew down a tranche against the Chicago Venture note in the amount of $636,304 on February 15, 2018. The issuance of 1,974,279 shares of Progressive Care stock on August 8, 2018 brings the company to a balance of zero and the total number of issued shares to 15,503,604.

The company has been working to pay down its liabilities while continuing to increase revenues and bring increased value to its shareholders.

“We have a long-standing relationship with Chicago Venture Partners and they have played an instrumental role in allowing Progressive Care to move forward with its expansion plans,” said S. Parikh Mars, CEO of Progressive Care. “Being able to pay off this convertible note is an exciting milestone for the company, as we can now shift our entire focus to accelerating our expansion plans.”


Reminder: Chicago Ventures had a leak-out clause of 10% of daily volume.