Progressive Care enters into an agreement with NextPlat to

MIAMI, Fla., Aug. 31, 2022 (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 it has entered into an agreement for a recapitalization of its current debt and a strategic investment by NextPlat Corp. (NASDAQ: NXPL) (“NextPlat”).

Under the agreement, Progressive Care will receive a total of $6 million from NextPlat in exchange for the issuance to NextPlat of 3,000 Series B Preferred Shares as well as warrants to purchase up to 3,000 Preferred Shares. Series B at an exercise price of $2,000 per share. In addition, NextPlat Executive Chairman and CEO Charles M. Fernandez, Board Member Rodney Barreto, and certain other investors will purchase approximately $2.8 million of convertible debt outstanding in Progressive Care. at an agreed fixed conversion price of $0.02 per share. Progressive Care and NextPlat have agreed to reduce the interest rate on the purchased debt from 10% to 5% per annum and extend the maturity date to August 30, 2027.

NextPlat’s management team and select members of its Board of Directors will provide Progressive Care with their proven experience in the healthcare market and digital technology, including the development of new healthcare and style products for sale through NextPlat’s global e-commerce marketplaces. As part of the transaction, Mr. Fernandez will be named Chairman of the Progressive Care Board of Directors (the “Board”) replacing Alan Jay Weisberg, who will step down to assume the new role of Vice Chairman, remaining to the board of directors. , while continuing to serve as CEO of Progressive Care. Mr. Barreto will also join the board as vice-chairman. Dawson James Securities Inc. (“Dawson”) acted as placement agent for this transaction. Progressive Care intends to use a portion of the growth capital to further fund the rollout of its digital platforms and the development and sale of new health, fitness and beauty products.

Over the past 30 years, Mr. Fernandez has successfully identified profitable start-up and breakout opportunities and created significant shareholder value, executing private and public exits. Mr. Fernandez’s technology and healthcare expertise includes co-founding Lakeview Health Systems (acquired by a private equity firm for approximately $70 million) and Continucare Corporation (acquired by Metropolitan Health Networks, Inc. for approximately $400 million) where he served as Chairman, President and CEO. He was also an investor, director and chairman of the audit committee of IVAX Corporation for nearly a decade before its purchase by Teva Pharmaceuticals for $8.7 billion.

Charles M. Fernandez said, “Progressive Care has built a dynamic and rapidly growing healthcare services and technology company that currently serves tens of thousands of customers who rely on its PharmcoRx platform and services every day. As a technology and healthcare entrepreneur, I see tremendous value in Progressive Care’s capabilities, which is why I am personally investing alongside NextPlat. I believe we can leverage our expertise, industry know-how and global e-commerce platforms to accelerate their continued growth, both domestically and internationally. As long-term investors, we are committed to harnessing the power of digital technologies, including Web3, to capitalize on the ongoing digital transformation of Progressive Care and the entire healthcare industry.

Alan Jay Weisberg commented, “Progressive Care has pursued the vision of being able to transform the healthcare industry by creating data-driven tools and technology. Charlie and the NextPlat team have deep knowledge and experience in using digital technology and we believe they will help Progressive Care create significant value for all stakeholders including patients, payers, practitioners and investors. We are thrilled to have this team of industry leaders as new investors and long-term partners, and we look forward to working together to advance our vision of modern healthcare.

For more information about Progressive Care, please visit the company’s website. Connect and stay in touch with us on social networks:

Progressive Care Inc.
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About progressive care
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compound drugs, telepharmacy services, antiretroviral drug sales , medication therapy management (MTM), the provision of prescription drugs to long-term care facilities, and the management of health practice risks.

About NextPlat
NextPlat is a global e-commerce platform company created to capitalize on multiple high-growth sectors and markets for physical and digital assets. The Company intends to collaborate with businesses, to optimize their ability to sell their products online, both domestically and internationally, and to enable customers and partners to optimize their presence and revenues in e-commerce. NextPlat currently operates an e-commerce communication services division through its Global Telesat Communications Ltd and Orbital Satcom Corp business units which offer voice, data, tracking and IoT services to customers worldwide through multiple global storefronts.
Caution Regarding Forward-Looking Statements Statements contained herein that are not based on current or historical facts 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 Stock Exchange. 1934 Act. These forward-looking statements reflect the Company’s expectations regarding its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include, but are not limited to, statements regarding the departure of the Company’s CEO. When used herein, the words “anticipate”, “believe”, “estimate”, “in the future”, “plan”, “target”, “intend” and “expect” and expressions similar, with respect 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 such forward-looking statements.

Public relations contact:
Carlos Rangel
[email protected]

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