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| RXMD Up Nicely on Big News and Volume |
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 Hot Stock to Watch |
Company: Progressive Care Inc. (OTCQB: RXMD)
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Last:
Price: 0.1209
Change (%): + 0.0179 (17.35)
Volume: 7,666,992 |
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Progressive Care Executes Letter of Intent to Purchase a Pharmacy in Palm Beach County
MIAMI, March 02, 2018 (GLOBE NEWSWIRE) - Progressive Care Inc. (OTCQB:RXMD), a healthcare services and technology company, announces that it has executed a letter of intent to purchase a pharmacy in Palm Beach County.
On March 1, 2018, the Company signed a letter of intent to purchase a pharmacy in Palm Beach County for $300,000. The Company is beginning the due diligence process with anticipated closing to occur in the second quarter of 2018. The acquisition target is located close to major highways in a 3,000 sq. ft facility. The operation has experienced staff, all applicable licenses, commensurate PBM contracts as PharmCo, LLC, and a Parata PASS 500 unit dose packaging system.
The acquisition of this pharmacy in Palm Beach County will facilitate growth by increasing the delivery radius into Martin County which includes Jupiter and Stuart. It will also decrease costs of expansion and increase prescription dispensing efficiency. The location has the adequate facility space to provide the opportunity to develop new processes for long term care services, compounded medications, and tele-pharmacy services.
In anticipation of the acquisition, the Company drew down just under $600,000 from its Chicago Ventures funding facility. These funds will allow the Company to close the transaction as well as provide working capital for additional build out and sales ramp up of the new Palm Beach location.
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