MIAMI, FL--(Marketwired – August 23, 2016) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities, announces a new placement agent and advisory agreement with Monarch Bay Securities.
On August 22, 2016, The Company entered into a Placement Agent and Advisory Agreement with Monarch Bay Securities, LLC (MBS). MBS will act on an exclusive basis with respect to finding investors for potential offerings of the Company’s securities and on a non-exclusive basis as an advisor to identify and introduce prospective parties to an acquisitions, merger, joint venture or other similar transaction or relationship. Pursuant to this agreement, as disclosed in its entirety on OTCMarkets.com, MBS is entitled to a cash due diligence fee, 500,000 shares of restricted common stock of the company at execution, 500,000 shares of restricted common shares in 180 days from execution, and a success fee payable in a combination of cash and stock upon execution of a financing or merger/acquisition. Shares issued to MBS pursuant to this agreement are exempt from registration under the Securities Act of 1933 and bear a 12 month hold period.
The purpose of this engagement is to identify strategic merger/acquisition targets, both private and public, that will be synergistic with the Company’s core business and raise funds pursuant to a securities offering in conjunction with an approved transaction. As such, an executed merger/acquisition and offering may present the Company with opportunities to achieve accelerated growth, economies of scale, and the ability to up-list to a national exchange such as Nasdaq.
“Monarch Bay Securities is excited to work with Progressive Care and help support its capital markets and growth initiatives,” stated Keith Moore, Chief Executive Officer of Monarch Bay Securities.
“To achieve the next phase of development as a publicly traded company, we have been working diligently to identify opportunities for large scale growth,” stated S. Parikh Mars, CEO. “Monarch Bay, with is its unique expertise in the healthcare industry, has become an impactful advisor on new avenues for targeting potential mergers and acquisitions. We believe that our relationship with Monarch Bay will ultimately yield the opportunity to take the Company to the next level and become the institution it was always destined to be.”
About Monarch Bay Securities, LLC
Monarch Bay Securities, LLC, member FINRA/SIPC, was established in 2006 to assist both private and public companies in all areas of capital markets formation. Over the years, Monarch Bay has continued to expand its services and professionals, becoming a one stop middle market investment bank. Monarch Bay provides corporate finance, M&A advisory, third party research, and institutional sales services to a diversified client base that includes fast-growing companies, financial institutions, and high net worth clients. Monarch Bay’s mission is to create opportunity through an application of proven innovation and entrepreneurial focus. For more information please see www.mbsecurities.com
About Progressive Care
Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact 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 Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate 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, these forward-looking statements.
Senior Advisor Business Development