MIAMI, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, today announced that through its subsidiary Pharmco, LLC, it has entered into definitive agreement (the “Agreement”) to purchase a property in Broward County, Florida that will double as the new corporate headquarters and as a retail pharmacy. This third location will facilitate the Company’s growth by expanding the Company’s pharmacy operations in the South Florida region.
On October 25, 2018, Progressive Care executed the Agreement to purchase an 11,000 square foot property (the “Property”) in Hallandale Beach, Florida for $1,800,000 USD. The light distribution building has many of the necessary features including parking, zoning, structural integrity, and modern equipment necessary to accommodate the Company’s needs for continued growth. Upon closing (the “Closing”), the Company plans to procure architectural plans and apply for the necessary permits to begin restructuring the floor plan to be more conducive to an industrialized pharmacy workflow. The Closing is expected to occur pursuant to the satisfaction of customary closing conditions.
The Agreement calls for payments to be made at Closing to the sellers in the form of a convertible promissory note for $300,000 secured by the Property and $1.5 million in cash to be financed through a traditional commercial mortgage for the total purchase price of $1,800,000, which is in addition to mortgage origination fees, real estate commissions, and other costs associated with the purchase.
“This Agreement is a testament to the Company’s growth this year,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “We are about to embark on a new chapter of our development. As owners of our own space, we cement our standing in the Hallandale Beach, Florida community while also planning and preparing for our future.”
The new facility will become the flagship facility which will provide for retail, long term care, mail order pharmacy operations as well as the corporate headquarters. This purchase is coming at a time when the current 5,000 sq. ft. North Miami Beach facility is reaching capacity and the Company has had to lease ancillary office space to accommodate administrative and accounting staff. The acquisition of the property will bring the total number of PharmCo locations to three, increasing our geographic footprint in South Florida.
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 PharmCo, LLC, is a South 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.
