SOURCE: Progressive Care Inc.

Progressive Care Inc.

April 07, 2016 08:00 ET

Progressive Care Breaks Records With $1.5 Million in Revenues for March

MIAMI, FL--(Marketwired - April 07, 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, reports record breaking month of March.

The pharmacy broke its all-time sales records during the month of March, filling approximately 18,600 prescriptions. This is over a 36% increase over the same month last year and about 1,400 more prescriptions filled compared with the Company's last highest month in September 2015. Revenues were also higher in March at close to $1.5 million, which is a 45% increase over March 2015 and nearly $100,000 more than the Company's last record breaking month in December 2015.

During the month PharmCo began developing and marketing its own compound version of generic Viagra® known as Sildenafil/Oxytocin. The Company is currently compounding the drug in a number of dosage forms including capsules and sublingual sprays.

To increase the transparency and reliability of the issued financial statements, the Company is currently receiving bids from PCAOB auditing firms to conduct independent third party reviews of the quarterly and annual financial statements. The Company anticipates that for the first Quarterly Report filed with OTC Markets, the financial statement will be reviewed by a third party accounting firm.

"We had a fantastic month to close out the quarter," stated S. Parikh Mars, CEO. "We also made great strides on our growth and development initiatives. We are diligently working on expanding our facility, searching for acquisition targets, marketing our custom compounds and developing new sources of revenue."

Common Shares Issued and Outstanding:

As of April 6, 2016 the number of shares of common stock issued and outstanding stood at 339,545,107 shares. This amount is net of the number of shares owned by PharmCo, LLC of 1,718,000. The Company processed the return of 12,497,938 shares of common stock previously issued to Tarpon Bay Partners, decreasing the shares outstanding by approximately 3%.

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.