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RXMD - Progressive Care Inc. Executes Agreement to Purchase $18M Florida Pharmacies

https://progressivecareus.com/progressive-care-inc-executes-agreement-to-purchase-florida-pharmacies%EF%BB%BF/

MIAMI – March 12, 2019 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, announced today the execution of a purchase agreement to acquire a Florida pharmacy with two locations.

On March 8, 2019, Progressive Care Inc. executed an agreement to purchase 100% of the stock in Family Physicians RX, Inc. aka Five Star RX, a Florida corporation (FPRX). FPRX has 2 locations in Florida: Davie and Orlando. FPRX has approximately $18 million in annual revenues and $500,000 in net income as of December 2018, the integration of which would yield $40 million in annual operating revenues for the Company.

The Company has completed phase one of acquiring FPRX through executing a definitive purchase agreement and funding escrow. It anticipates the closing and consolidation into Progressive Care’s financial statements to be in the second quarter of 2019. Per state Medicaid rules, the Company has begun the 60 day advance notification regulatory process with the Agency for Health Care Administration (AHCA). Upon receipt of acceptance from AHCA, the Company will effectuate the closing. During this period the Company will prepare and submit paperwork for the change of ownership to the DEA, Insurance Carriers, PBM’s, and other associated entities.

“This is the Company’s biggest milestone to date,” said S. Parikh Mars, CEO of Progressive Care. “In a few months’ time, the Company will double in size, move corporate offices into the new building, and begin an exciting new chapter in our story. This acquisition will fundamentally change our reach, status, and longevity in this industry and we look forward to expanding on our momentum and progress.”