Progressive Care Announces New Partnership With MyApps, Discontinues Plans to Acquire the Company
Miami, FL - (NewMediaWire) - October 29, 2020 - Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, today announced that the Letter of Intent (the “LOI”) entered into on September 1, 2020, for the Company to acquire substantially all of MyApps Corp. (“MyApps”) has been terminated by the companies.
Progressive Care and MyApps will continue to work together amicably as partners, and the companies’ near-term priority will be to integrate CallingDr™, the popular telemedicine and telehealth platform developed by MyApps, into Progressive Care’s PharmcoRx digital platform and work together to enhance Progressive Care’s ClearMetrX data analytics and data management services.
“As the companies were working diligently towards an acquisition, it became increasingly clear that the parties would be better suited to be partners than to be a single organization,” said Progressive Care Chief Executive Officer Alan Jay Weisberg. “We’re extremely excited to continue our partnership to make the CallingDr™ software platform an integral part of our digital offerings.”
“Our enthusiasm about working together with Progressive Care remains unchanged,” said MyApps Founder and CEO, Adnan Malik. “After broad and intensive analysis, we collectively have concluded that we will be able to achieve more as separate entities working as allies, and we have already identified areas in which we believe we can add tangible value to Progressive Care’s offerings.”
“MyApps’ extensive and relevant experience with healthcare software development will be highly additive to our goals with ClearMetrX,” said Mr. Weisberg. “We welcome their expertise, and we remain committed as ever to exploring all meaningful ways to benefit our shareholders, employees and customers.”
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About Progressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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 longterm care facilities and health practice risk management.
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 statements regarding the planned partnership between the Company and MyApps, including potential integration of CallingDr™ into the PharmcoRx digital platform and working together to enhance ClearMetrX data analytics and data management services. 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 forwardlooking 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.
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