SOURCE: Progressive Care Inc

Progressive Care Inc

March 10, 2016 08:00 ET

Progressive Care Reports Another Strong Month and Forges Ahead on Expansion Objectives

MIAMI, FL--(Marketwired - March 10, 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, reports progress on the Company's development agenda.

The pharmacy filled 16,700 prescriptions generating over $1.1 million in revenues during February, which is over a 34% and 18% increase respectively over the same month last year. PharmCo's production and performance have remained steady during the first 2 months of the year despite the traditional decrease in pharmaceutical prescriptions during what is commonly known as deductible season (the time period during which most deductibles are in effect before insurance benefits are paid to providers). PharmCo also dispensed dozens of 340B prescriptions in February 2016.

The Company has received architectural plans for the site expansion and expects to begin construction by then end of this month. The estimated time frame for project completion is 3 weeks from issuance of city permits at which time Script Pro will be able to deliver the pharmacy robotic system. This expansion will allow the Company to aggressively market to long term care facilities and accelerate the work flow process.

"We are excited about the progress we are making on all of our 2016 objectives," stated S. Parikh Mars, CEO. "We have filed licensing applications in New York, New Jersey, Pennsylvania, and Georgia. This is the first batch of states pending approval and we are continuing to identify the next set of immediately beneficial markets. We are also reviewing additional expansion opportunities including potential partnerships, acquisitions, and development projects. We believe the Company is in a great position to execute on any of these new endeavors and achieve substantial growth and development in 2016."

Common Shares Issued and Outstanding:

As of March 9, 2016 the number shares of common stock issued and outstanding stood at 352,043,045 shares. This amount is net of the number of shares owned by PharmCo, LLC of 1,718,000. The Company is currently processing the return of 12,497,938 shares of common stock previously issued to Tarpon Bay Partners. The Company anticipates this process to be completed before the end of this quarter.

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.