MIAMI, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTC PINK:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, remitted its second installment of $130,000 to Chicago Venture Partners.
On October 24, 2017, Progressive Care and Chicago Venture agreed to a second installment payment of $100,000 in cash and $30,000 converted into shares of the Company's common stock. Chicago Venture submitted a conversion notice to Progressive Care for 3,313,819 shares. Chicago Venture has also agreed to a leak out provision of 15% of the average weekly trading volume or $10,000, whichever is greater. The balance remaining on the note is equal to approximately $156,000.
"Chicago Venture Partners has proved to be a valuable ally for us," stated S. Parikh Mars, CEO. "They have worked with us to maintain shareholder value as we pay down the note and they stand ready to fund us again when the time comes."
About Progressive Care
Progressive Care Inc. (OTC PINK:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target," "intend" and "expect" and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Contact
Armen Karapetyan
Senior Advisor Business Development
armen@progressivecareus.com