Replies to post #109004 on Progressive Care Inc (RXMD)

[Bob842]

This is exactly how they updated us and closed on the last location

[gedi8]

No problem with the extension to close. The Regulatory requirements and approvals slow the process down. Same thing occurred with TouchPoint

[Jimmy Quick]

Walkthrough of These Acquisitions by Example.

TouchpointRX Acquisition Example:

Letter of Intent to Purchase TouchpointRX Pharmacy: Press Release 3/12/18

Entry into Material Definitive Agreement TouchpointRX Pharmacy: Press Release 4/2/18

Completion of Acquisition TouchpointRX Pharmacy: Press Release 7/1/18
This is where they have to wait for all the regulatory licenses and stuff to be acquired under the ProgressiveCare name for the new locations for insurance and billing of claims to take place.

To me it appears they have extended the expectation for Entry to Material Definitive Agreement expected for 1/15/19 for two weeks. Hope this helps.

[BullishSwag]

Closing the acquisition and running the new pharmacies under the pharmco brand are two separate things. It takes time for the paperwork to file with the government regulatory agencies once the deal is done. Also they need to train the staff and pick up everything where the previous company left off. Seeing it's an 18 million dollar operation, there's a lot that goes into that. I understand the clock is ticking on the loan, but it will be worth it if they can combine all the pharmacies to create 4 to 5 million a year in net income once they optimize operations.