SOURCE: Progressive Care Inc.

Progressive Care Inc.

December 10, 2015 08:15 ET

Progressive Care Inc. Completes 3(a)(10) Transaction

MIAMI, FL--(Marketwired - December 10, 2015) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment ("DME") and the supply of prescription medications to long term care facilities, announced that it has completed its 3(a)(10) transaction.

As of today, Tarpon Bay Partners, LLP has confirmed that the 3(a)(10) transaction initiated in September of 2014 has closed. In total the company has issued 282,275,000 shares of common stock to eliminate over $1.9 million in aged debt off of its balance sheet. The company estimates that of these shares approximately 12,000,000 shares will be returned to treasury.

As of December 9, 2015, total common stock issued and outstanding was 352,043,045 shares. This number is net of a 1,718,000 share adjustment as these shares are beneficially owned by the company through PharmCo, LLC. The total number of shares that are not beneficially owned by insiders or affiliates was 306,833,938.

Shital Parikh Mars, COO stated, "First, we would like to thank all of the shareholders for their ongoing and dedicated support in this endeavor. The completion of the 3(a)(10) transaction is a monumental step forward for the company. We are pleased that we were able to accomplish our goal and to be able to close the chapter on the past and create a new narrative of growth, development, and prosperity for the future. As we move into 2016, we will continue our commitment to creating increasing and lasting shareholder value."

About Progressive Care

Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment 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