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| RXMD CEO Updates Shareholders with In-Depth Open Letter |
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 Hot Stock to Watch |
Company: Progressive Care Inc. (OTCQB: RXMD)
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Last:
Price: 0.1049
Change (%): + 0.0231 (28.24)
Volume: 8,310,323 |
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Progressive Care: S. Mars, CEO Releases Open Letter to Shareholders
MIAMI, April 05, 2018 (GLOBE NEWSWIRE) - Progressive Care Inc. (OTCQB:RXMD), a healthcare services and technology company, releases open letter to shareholders written by the Company’s CEO, S. Parikh Mars.
Dear Shareholders,
I am aware of misinformation currently circulating about the Company. I am writing this letter today, to speak personally and candidly about the topics that I feel are causing a great deal of consternation among you and the investing public. While I cannot speak to every question in this letter, I hope that I can convey a level of truthfulness that will be meaningful.
First, last week our website was hacked. However, no patient or non-public information is available through our website, so no breach of personal data occurred. When I was made aware of the issue, I made sure the Company’s IT personnel devoted all their efforts to securing our website. I am aware that Google search results continue show that the website may be hacked. Search results normally show that errors are present for a period of time following the presence of a malfunction, even though the site has been fully restored.
Secondly, it is speculated that insiders of the company are selling shares or that our funding partner Chicago Venture Partners (CVP) is irresponsibly selling shares that they have received. Nothing could be further from the truth. I know with 100% certainty that no one within the company has sold a single share of stock. All shares owned by employees and management are still in certificate form with their restrictive legends still in place.
CVP is bound by a leak-out agreement, which they have honored since they began converting their facility last year. Of the new funds drawn down, $50,000 was converted into just over 2.4 million shares. These shares were sold over a period of several days and no further conversions have been executed as of today. It is not in their best interest to short the stock because it jeopardizes the profitability of the facility.
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