Progressive Care Inc (RXMD)

[Jimmy Quick]

Progressive Care Begins Construction at 400 Ansin Building and Satisfies Seller’s Note

JUNE 1, 2020

MIAMI, FL– June 1, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”),a personalized healthcare services and technology company, is pleased to announce that the Company has selected Atlas Construction and Management LLC (the “Contractor” or “Atlas”)for the construction project at 400 Ansin Blvd in Hallandale Beach, FL.
 
The Company has begun the work to consolidate its North Miami Beach and Davie locations into a single large-scale pharmacy operation. The consolidation is expected to drive cost savings of more than $300K, which will be realized in Q1 2021 financial data.
 
Atlas provides general contracting services to both residential and commercial customers throughout South Florida. The firm has successfully completed over 1,500 projects in the region. Atlas worked with De mello Architecture of Boca Raton, FL, to establish the architectural plan driving the project. The project is expected to be complete in the early part of Q4 to allow for a seamless move before the end of the year.
 
S. Parikh Mars, CEO of Progressive Care, remarked,“The project at 400 Ansin has been in the planning stages for most of the past year and represents a cost-effective step for Progressive Care as we continue to refine our direct geographic footprint as part of our long-term growth strategy. Atlas has a spotless record and a well-earned reputation for first-class quality. We look forward to the project’s timely completion.”
 
The Company also announced it has satisfied the Seller’s note issued in December 2018 by the previous owners of 400 Ansin,thus reducing balance sheet liabilities by $300,000 plus interest. This is welcomed news to management as it finalizes its Form S-1 for submission.
 
For more information about Progressive Care, please visit the company’s website.
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About Progressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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, and health practice risk management.