Progressive Care Issues Corporate Update

Nachrichtenquelle: globenewswire
16.09.2020, 14:00  |  101   |   |   

MIAMI, FL, Sept. 16, 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 provide current and prospective shareholders with an update on the hiring process for its new CEO and its acquisition of MyApps Corp. (“MyApps”) (myapps.solutions), a leading developer of healthcare software, which includes the emerging telehealth service app, CallingDr (callingdr.com).

New CEO Process

The Company is also now in advanced discussions regarding the hiring of a new Chief Executive Officer with the experience and skill set to take Progressive Care to the next level. The Company is focused on installing a CEO able to drive financial strength, cultivate constructive communication with the business and investment community, and reinforce core values, with the ultimate goals of uplisting to a major exchange and taking the Company to over $100 million in sales.

“We expect revenues of more than $40 million in 2020 at this point, given our growth rate and what we have accomplished so far this year,” noted Alan Jay Weisberg, interim CEO and Chairman of the Board at Progressive Care. “Several years ago, when our revenue was $15 million, we saw our path to $40 million in sales and described this to our shareholders. Now, we are running at over $40 million on the top line and see a path to $100 million and beyond as a basic extrapolation of our organic growth curve paired with our strategic agenda, which provides for an open run to serve all 50 states in prescriptions and data management, capitalize on strong deregulatory tailwinds. We are deep in the process of establishing this new leadership, and we have strong reason to believe we will have an exceptional executive team in place, with the experience, skills, and drive to foster that next step, very soon.”

MyApps Acquisition

As announced in its release dated September 8, Progressive Care is in the process of acquiring MyApps, a leading commercial-stage app developer that has full control over CallingDr, a complete telehealth platform providing multiple levels of service with a suite of products currently in use in single-physician clinics, multi-physician clinics, emergency room centers, nursing homes, and home health setups across multiple US states. While working towards the completion of the acquisition, Progressive Care will be taking necessary regulatory steps to participate in the prescription drug business in all 50 US states (the Company is currently licensed in 14 US states) on a mail-order basis. In-house Company research suggests that nearly one-third of all prescriptions in the US are filled on a mail-order basis, suggesting that this transition will increase Progressive Care’s total addressable market by over $200 billion (based on Company data along with data from the US Department of Health and Human Services).

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