Progressive Care Inc. Releases Shareholder Letter from CEO

MIAMI, FL, Jan. 23, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, issues the following Letter to Shareholders from the CEO:

Dear Valued Shareholder,

Allow me to begin by expressing our heartfelt gratitude to all of our committed shareholders for your faith and patience as we move toward what we sincerely believe will be the most exciting and gratifying period in the Company’s history. None of this would be possible without you.

Before we talk about where we are headed next, we must take a moment to appreciate how far we have come.

2019 was a formative year for Progressive Care as a company, both in terms of our culture and our character. Presented with unforeseeable exogenous obstacles early in the year, could we muster the will and determination to adapt and create success despite that adversity?

I am extremely proud to proclaim here today – as we kick off a very promising new year – that our team successfully rose to the challenges we faced early last year, and we enter 2020 stronger than we have ever been, more efficient than we have ever been, and equipped with a more scalable model than we have ever had in place before in our history.

A year ago, we closed 2018 on a very strong note, having just secured our flagship building in Hallandale as well as funding of $1 million earmarked for an ambitious tech-centric 2019 vision – we are true believers in the potential for new and innovative technology solutions to deliver personalized patient-centered care, and we had formulated a plan to deliver on that promise in 2019.

However, early last year, we were hit with deep cuts to reimbursements and monumental hikes in fees in our PBM relationships. Those exogenous shocks refocused our team on growth and adaptation. The infusion of capital served as the company’s lifeblood during this difficult but enormously valuable period. We strategized and found multiple ways to become leaner and to effectively brace ourselves for the impact of a more exploitative PBM landscape. But we also recognized that it would take more than just good defense to successfully navigate the transition, so we ured our focus to growth and innovation.