SOURCE: Progressive Care Inc

Progressive Care Inc

September 16, 2015 08:00 ET

Progressive Care Issues Update on 3(a)(10) Transaction

MIAMI, FL--(Marketwired - September 16, 2015) - Progressive Care Inc. (OTC PINK: RXMD) (the "Company"), 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, issues an update on the progress of the ongoing 3(a)(10) transaction.

To date, the Company has issued 163,139,000 shares of its common stock pursuant to the ongoing 3(a)(10) transaction. These shares have generated approximately $1.34 million in available funds for payment to the Company's creditors of which $1.28 million has already been allocated to such creditors. Approximately $585,000 of eligible debt remains for repayment under the transaction.

As of the date of this press release, the Company currently has 225,646,329 shares of common stock issued and outstanding.

"During the past year, we understand that the market capitalization of the Company has been depressed as a result of the 3(a)(10) transaction. However, we are quickly approaching the completion of the transaction, which will result in the Company being essentially debt free by the end of the year. Now that the Company is in the final stages of our debt elimination initiative, we look forward to our market capitalization rebounding to reflect the strength and value of the Company," stated Shital Parikh Mars, Chief Operating Officer of the Company.

About Progressive Care

Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida provider of prescription pharmaceuticals specializing in 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

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    Armen Karapetyan
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