SOURCE: Progressive Care Inc.

Progressive Care Inc.

June 17, 2016 08:00 ET

Progressive Care Issues Shareholder Update

MIAMI, FL--(Marketwired - June 17, 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, issues follow up to shareholders on the status of potential acquisitions.

Dear Valued Shareholders,

On June 15, 2016 the Progressive Care issued a press release updating the public on the sales for May 2016 and status of proposed acquisition targets in the home health care space.

First, we would like to clarify that the decision to suspend our pursuit of home health care agencies as potential acquisition targets is in no way connected to the core business of PharmCo, LLC or its expansion into other state markets. PharmCo is continuing to file applications in states across the country to extend the reach of our custom compound business line.

Progressive Care was in the LOI/due diligence stage with a potential acquisition target in the home health care industry. Upon receiving the update on the new regulations and pre-claim authorization procedures for the industry, the Company decided to terminate the LOI until the management team could ascertain the ramifications of the new protocols on the home health care industry. As was mentioned in the press release issued on June 15th, the Company believes that the new CMS procedures will decrease the number of approved claims for home health care and increase the cost of reviewing, processing, and adjudicating such claims.

We are fortunate that we received the new information from CMS at this stage of the acquisition process. It allowed us to terminate the LOI without any penalties or break-up fees in addition to preventing us from closing on an ultimately costly acquisition. The early stage termination also had the added benefit of allowing the company to continue its conversations with the sellers of these targets about potential acquisitions of companies in other health care arenas.

We want to assure the shareholders that the goals of the company remain unchanged. The Company still plans to identify and evaluate potential acquisition targets both within and outside the pharmacy industry. The Company continues to be on track to reach its annual sales and earnings goals as well as its expansion objectives.

Sincerely,

S. Parikh Mars

CEO

Progressive Care Inc.

Common Shares Issued and Outstanding:

As of June 16, 2016 the number 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.

As of June 16, 2016, all insiders and independent service providers continue to hold restricted common shares of the Company.

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.