MIAMI, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced that it has entered into a new securities purchase agreement.

Progressive Care has agreed to a secured promissory note providing $2.5 million in capital facility to the company, $1 million of which was funded on January 7, 2019 and $1.5 million will be available in tranches thereafter. The note supersedes the terms of the securities purchase agreement entered into in July 2016 which is no longer in force and effect.

Due to the company’s performance and growth trajectory, terms were negotiated to be significantly more favorable than were previously available. The Company has secured this capital in advance of an ambitious 2019 agenda which includes logistical implementation of the company’s unique service offerings (DischargeRx, TelePharmacy, Full Service 340B Program), development of new product lines and digital technologies, expanded sales efforts of the core business, build-out of the recently acquired property, and acquisition support.

“We have a long-standing relationship with Chicago Venture Partners. They have played an instrumental role in allowing Progressive Care to move forward with its goals in improving the healthcare system,” said S. Parikh Mars, CEO of Progressive Care. “Today, we are endeavoring to make big dreams a reality and this capital is the fuel we need for what will be a fast-paced and exciting year.”

The Benchmark Company, LLC advised Progressive Care on the transaction.

Progressive Care recently announced its plan to relocate pharmacy operations, administrative offices, tele pharmacy and long-term care services from North Miami Beach to the recently purchased facility in Hallandale Beach, Florida. The Company also plans to provide an update on the company’s recent progress and upcoming product developments.

For more information about Progressive Care, please visit the company’s website.

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.