Conversation with Armen
1. September revenue PR will come out as usual, around the 15th.
2. The Palm Beach pharmacy is doing great. The company's focus on that location right now is to make sure all their employees are well trained to fully understand PharmCo's business practices and work procedures, and to stay on the same page with everyone else of the company.
3. They are very actively working on a 3rd pharmacy acquisition opportunity. Armen would not disclose any information regarding location or time frame. His reply to my question #7 below actually hinted they might be able to close this deal by March. I also asked him if they will consider merger opportunity if there's a right target, and he said yes. He explained their goal is to keep growing the company through M&A so they can get uplisted to the NASDAQ asap.
4. I asked if they will use Chicago Ventures for any future funding need. He said very firmly it will be a "No" if CV doesn't change their current terms. He said they have established good relationship with CV and CV also liked the company’s transparency and fast business growth. But they don’t have any need for CV under current terms at all.
5. Benchmark is currently working very closely with them to provide capital for the company’s business growth. Progressive Care hired them as the company’s investment banker. He said it was Benchmark that first approached them because Benchmark saw great potential in the company and they were very interested in working with Progressive Care to get the company uplisted to the NASDAQ. Armen said once all acquisitions are in place and when the company is ready for the NASDAQ, Benchmark will definitely start promoting Progressive Care through their National TV network.
6. I asked him what’s the current status on their CBD project and if they have found any business partners. He immediately replied very seriously and said “I can’t talk about it”. LOL. That’s just his way. I have seen him reply like this whenever some deal was gonna happen very soon or when some major progress has been made. He would always suddenly change his tone and act very sternly. So I changed my question and asked if they are still actively working on this project, he then said yes. I asked if any state or federal regulations are holding them back, and he said in order to protect shareholders value, they have to be very picky on their potential partners and their sources for the CBD materials. PharmCo does not want to be only a seller for such products, but instead wants to be able to establish a brand name for CBD products. That’s why they have to scrutinize every aspect of this project. He spent a long time ambitiously explaining their efforts on this project. Armen also confirmed they have made working progress on CBD products.
7. When asked if they are still on track to get fully SEC compliant by March, 2019, Armen said “it depends on when they will complete the next acquisition”. If it happened before March, then the new pharmacy will have to be audited as part of the whole company so they can file with SEC as a single company. This tells me their 3rd location is in the final stage of negotiations and probably will be acquired by March. Just my own opinion. Otherwise, he said the company will definitely become fully compliant by March.
8. I asked what’s their time frame for uplisting to the NASDAQ. He said their next immediate top priority after SEC filing is to get listed on the NASQAQ!
