Progressive Care Reports Amended Agreement with Chicago Venture
Partners
MIAMI, FL-- August 10, 2017 -- InvestorsHub 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), and the supply of prescription
medications to long term care facilities, administration and
practice management, utilization management, quality assurance, EHR
Implementation, billing and coding, health practice risk
management, announced that it has agreed to amend its agreement
with Chicago Venture Partners.
On August 9, 2017, Progressive Care Executed a Global Amendment
to its Securities Purchase Agreement with Chicago Venture Partners,
which was originally executed on July 22, 2016. This Amendment in
exchange for a pre-payment of accrued interest to date in the
amount of $36,114.12 ($30,735.42 plus a prepayment premium
$5379.70), Chicago Ventures has agreed to a 3 month extension for
the first installment payment on the Note issued July 22, 2016. The
first installment is now due October 22, 2017 in the amount of
$220,500. The remaining balance on the note (approximately $60,000)
will be due November 22, 2017.
Due to the current market conditions for the Companys common
stock, we came to an agreement with Chicago Ventures that
conversion of the installment payment into stock was not in the
shareholders best interests, stated S. Parikh Mars, CEO. This
amendment allowed us to make the interest payment in cash and gave
us the time to work diligently on delivering results to our
shareholders and increase the market value of the Company.
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), and the supply of prescription
medications to long term care facilities, administration and
practice management, utilization management, quality assurance, EHR
Implementation, billing and coding, 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 Companys
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