Progressive Care Enters into Letter of Intent to Acquire Telehealth Service Provider MyApps Corp.
MIAMI, FL, Sept. 08, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology
company, is excited to announce that on September 1, 2020, the Company entered into a Letter of Intent (the “LOI”) to acquire one hundred percent (100%) of MyApps Corp. (“MyApps”)
(myapps.solutions), a leading developer of healthcare software, which includes the emerging telehealth service app CallingDr (callingdr.com). In addition, Progressive Care will be immediately
engaging MyApps to accelerate development of software platforms for ClearMetRX, Progressive Care’s wholly-owned data management subsidiary, and its divisions. MyApps is a commercial-stage software
developer on pace to record over $1 million in revenues in 2020.
Pursuant to the LOI, purchase price for the acquisition will be approximately $10,200,000, $7,500,000 of which will be paid in the form of Progressive Care common stock, at a price per share to be
determined in accordance with the definitive agreement, and the remaining $2,700,000 of which will be paid in two annual installments, subject to the achievement of certain performance
Following execution of the LOI, the parties began negotiating definitive acquisition agreement, with the expectation of executing and delivering the definitive acquisition agreement on or before October 31, 2020. The completion of the acquisition is conditioned upon completion of due diligence procedures and the negotiation and execution of employment agreements and other ancillary documents.
Upon completion of the closing of the acquisition, Progressive Care will begin to provide health IT, HIPAA-compliant software development, HL7 integrations, and virtual healthcare services on a
business-to-business (B2B) basis to hundreds of clients spanning the global healthcare distribution landscape, delivering services directly to consumers and through channel partners.
As noted above, MyApps fully owns the popular telemedicine and telehealth platform, CallingDr, which is a complete virtual platform providing multiple levels of service with a suite of products, including the capability to allow patients to take ownership of their own health records and provide access to health information through the related app and patient portal. MyApps software is currently used in hundreds of medical practices in multiple states, including gastrointestinal, internal medicine, psychiatry, pulmonology, cardiology as well as remote clinics and in-patient settings. Customers include single-physician clinics, multi-physician clinics, emergency room centers, nursing homes, and home health setups.