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| RXMD Announces Additional Expansion Efforts in New Material Definitive Agreement |
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 Hot Stock to Watch |
Company: Progressive Care Inc. (OTCQB: RXMD)
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Last:
Price: 0.052
Change (%): + 0.002 (4.00)
Volume: 31,548 |
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Entry into a Material Definitive Agreement
MIAMI, Dec. 21, 2018 (GLOBE NEWSWIRE) - Progressive Care Inc. (OTCQB: RXMD) (the “Company”) a personalized healthcare services and technology company, announced today that, through its wholly-owned subsidiary, PharmCo, LLC, the Company closed on the purchase agreement with 400 Ansin, LLC (the “Seller”) for the purchase of two condominium units in Hallandale Beach, Florida. The Company paid the aggregate amount of $1,860,000 for the condominium units.
The Company issued a convertible promissory note (the “Note”) in the amount of $300,000 to the Seller to fund a portion of the price for such purchase. The Note bears interest at the rate of 10% per annum and is payable in full 27 months from the date of issuance. The outstanding principal and interest then payable under the Note is convertible into shares of the Company’s common stock 12 months after the date of issuance at the price per share equal to the average trading-price for the common stock during the three (3) trading day period ending on the latest complete trading day prior to the conversion date. The Company also executed a mortgage in the amount of $1,530,000 bearing interest at a rate of 4.75% per annum which is payable over the course of 119 months. The Company will pay a 3% real-estate commission, which can be paid in cash or stock at the Company’s discretion.
The Company plans to relocate pharmacy operations, administrative offices, telepharmacy and long-term care services from its current leased space in North Miami Beach to the purchased facility. The company will begin the process of securing constructions permits for the buildout of the space, and upon completion will apply for all necessary pharmacy licenses and contracts.
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