SOURCE: Progressive Care Inc.

Progressive Care Inc.

February 16, 2016 08:00 ET

Progressive Care Achieves $1.3 Million in Pharmacy Revenues in January

MIAMI, FL--(Marketwired - February 16, 2016) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities, announces over $1.3 million in pharmacy revenues for the first month of the year.

The pharmacy filled over 15,500 prescriptions during January, which is a 24% increase over the same month last year. Historically, prescription counts are lower during the first quarter of the year as patients and doctors defer new prescription therapies until after the patient has met his/her deductible, yet PharmCo's revenues remained steady.

The Company also began dispensing 340B prescriptions in January 2016. Only a few prescriptions were filled during the month to complete logistical tests. The Company is now strengthening its relationship with Empower U and is ramping up its 340B department.

"This is a strong start to the New Year," stated Shital Parikh Mars, COO. "We continue to move forward with our agenda to expand our pharmacy and health care service capabilities. We have begun the process gaining licensure in additional states as well gaining permits for the buildout of our current facility. Completion of these objectives will allow PharmCo to dramatically increase its capacity and patient base."

Common Shares Issued and Outstanding:

As of February 16, 2016 the number shares of common stock issued and outstanding stood at 352,043,045 shares. This amount is net of the number of shares owned by PharmCo, LLC of 1,718,000. The Company is awaiting the return of 12,497,938 shares of common stock currently held by Tarpon Bay Partners. The Company anticipates this process to be completed before the end of this quarter.

About Progressive Care

Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.

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.