SOURCE: Progressive Care Inc.

Progressive Care Inc.

July 14, 2016 08:26 ET

Progressive Care Monthly Revenues up 53% to $1.7 Million

MIAMI, FL--(Marketwired - July 14, 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 record revenues for the month of June.

PharmCo recorded its highest ever revenues for the month of June 2016. On over 18,000 prescriptions filled, the Company reached $1.7 million in revenues. This is an 18% and 53% increase respectively over the same month last year. The compounding division continues to drive revenue growth as the Company has added new sales staff and begun shipping compounds to more states.

The Company is also resolving the outstanding requirement with Miami-Dade County to issue the building permits for the warehouse space. We expect permits to be issued before the end of the month and the build-out to begin shortly thereafter.

"It is exciting to not only meet our revenue goals for the month, but to exceed them," stated S. Parikh Mars, CEO. "We are moving forward with all of our growth objectives with more state applications filed, new sales staff hired, increased growth in MTM and 340B segments, and the imminent issuance of our building permits. We remain steadfast in our commitment to producing results, building cash and generating earnings."

Common Shares Issued and Outstanding:

As of July 14, 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.