MIAMI, FL -- January 24, 2022 -- InvestorsHub NewsWire
-- Progressive Care Inc. (OTCQB:RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, today announced that on January
20, 2022 (the “Effective Date”), the Company reached an agreement
to settle the Company’s demand (the “Company’s Demand”) on December
14, 2021 against two investors, Chicago Venture Partners, L.P.
(“CVP”) and Iliad Research and Trading, L.P. (“Iliad,” and together
with CVP, the “Investors”), and the response of the Investors to
the Company’s Demand received on January 7, 2022 (the “Investors
Demand”) as reflected in a complaint they filed against the Company
(the “Settlement Agreement”). The Settlement Agreement contains
customary terms and conditions and provides for the following in
exchange for a mutual release of the Company and the Investors from
all alleged claims.
Under the Settlement Agreement, CVP agreed to pay the Company
$175,000 (“CVP Payment”) via wire transfer within two (2) business
days of the Effective Date. Upon receipt of the CVP Payment, the
Securities Purchase Agreement between the Company and CVP, and all
other documents entered into in connection therewith, will be
deemed to be terminated and of no further force or effect.
Iliad agreed not to sell any shares of the Company’s common
stock or submit any redemption notices beginning on the Effective
Date and ending on the maturity date (the “Standstill Period”) of
the Secured Convertible Promissory Note between the Company and
Iliad (“Iliad Note”), so long as no default occurs under the Iliad
Note. The Company also has the right to request, on a weekly basis,
a document sufficient to show the number of shares of the Company’s
common stock held by Iliad. A failure by Iliad to produce such a
document entitles the Company to liquidated damages ranging from
the amount of $500 to $1000 per trading day. Moreover, in the event
that Iliad breaches its obligations during the Standstill Period,
the Company will be entitled to liquidated damages in the amount of
300% of the value of the shares sold in violation of the Standstill
Period.
The Company has the right to prepay the Iliad Note for an amount
in cash equal to one hundred and five percent (105%) of the portion
of the outstanding balance that the Company elects to prepay
(“Prepayment Amount”), a reduction of five percent (5%) as compared
to the terms of the original Iliad Note.
Iliad and the Company agreed to extend the maturity date of the
Iliad Note to April 15, 2022 with all terms of the Iliad Note
remaining substantially the same except with respect to the
material modifications described in this press release. The Company
also has the right to extend the maturity date for an additional
month to May 15, 2022, however, if it elects to do so, the
outstanding balance of the Iliad Note will increase by two percent
(2%). The balance of the Iliad Note decreased in the amount of
$180,000 effective as of May 31, 2021. In the event the Iliad Note
is not repaid by February 16, 2022, the outstanding balance of the
Iliad Note will increase in the amount of $100,000.
For more information about Progressive Care, please visit the
company’s website.
Connect and stay in touch with us on social media:
Progressive Care Inc.
https://www.progressivecareus.com/
https://twitter.com/ProgressCareUS
PharmCoRx
https://www.pharmcorx.com/
https://twitter.com/PharmCoRx
ClearMetrX
https://www.clearmetrx.com/
https://www.facebook.com/clearmetrx/
About Progressive Care:
Progressive Care Inc. (OTCQB:
RXMD), through its subsidiaries, is a Florida health services
organization and provider of Third-Party Administration (TPA), data
management, COVID-19 related diagnostics and vaccinations, 340B
contracted pharmacy services, 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.
Cautionary Disclosure Regarding Forward-Looking Statements
Forward-Looking 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. 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.
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
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