MIAMI, Aug. 10, 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), 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 Company’s 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 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.