SOURCE: Progressive Care Inc.

Progressive Care Inc.

August 18, 2016 08:17 ET

Progressive Care Exceeds Sales Goals With $1.5 Million Revenues

MIAMI, FL--(Marketwired - August 18, 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 July 2016 revenues of $1.5 million.

PharmCo exceeded expectations during July 2016 with over 16,600 prescriptions filled and revenues nearly $1.5 million. The number of prescriptions filled increased 3.5% when compared to the same month last year despite two less billing days in July 2016. Revenues on prescriptions filled climbed approximately 43% when compared to July 2015. Compounded medications continues to be a strong driver of revenue growth along with increased demand from providers and healthcare facilities for PharmCo's risk management services.

"This is a wonderful start to the quarter," stated S. Parikh Mars, CEO. "We surpassed all of our goals for the month despite the slow season and changes in reimbursement rates that became effective July 1st. We are excited to carry forward the unexpected gains from this month into the fall as we pursue an aggressive growth strategy of new marketing and advertising campaigns, expansion into new states, ramp-up of long term care sales and development of new product lines."

Common Shares Issued and Outstanding:

As of August 18, 2016 the number shares of common stock issued and outstanding stood at 341,107,607 shares. This amount is net of the number of shares owned by PharmCo, LLC of 1,718,000.

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.