Progressive Care Begins Construction at 400 Ansin Building and Satisfies Sellers Note
MIAMI, FL, June 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”),a personalized healthcare services and technology company, is pleased to announce that the Company has selected Atlas Construction and Management LLC (the “Contractor” or “Atlas”)for the construction project at 400 Ansin Blvd in Hallandale Beach, FL.
The Company has begun the work to consolidate its North Miami Beach and Davie locations into a single large-scale pharmacy operation. The consolidation is expected to drive cost savings of more than $300K, which will be realized in Q1 2021 financial data.
Atlas provides general contracting services to both residential and commercial customers throughout South Florida. The firm has successfully completed over 1,500 projects in the region. Atlas worked with De mello Architecture of Boca Raton, FL, to establish the architectural plan driving the project. The project is expected to be complete in the early part of Q4 to allow for a seamless move before the end of the year.
S. Parikh Mars, CEO of Progressive Care, remarked, “The project at 400 Ansin has been in the planning stages for most of the past year and represents a cost-effective step for Progressive Care as we continue to refine our direct geographic footprint as part of our long-term growth strategy. Atlas has a spotless record and a well-earned reputation for first-class quality. We look forward to the project’s timely completion.”
The Company also announced it has satisfied the Seller’s note issued in December 2018 by the previous owners of 400 Ansin, thus reducing balance sheet liabilities by $300,000 plus interest. This is welcomed news to management as it finalizes its Form S-1 for submission.
For more information about Progressive Care, please visit the company’s website.
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About Progressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.
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.
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