Progressive Care Inc. CEO Issues Inaugural Annual Letter to Shareholders
(firmenpresse) - MIAMI, FL -- (Marketwire) -- 03/23/12 -- Progressive Care, Inc. (OTCBB: RXMD) and its subsidiary Pharmco, LLC ("PharmCo"), a provider of prescription pharmaceuticals, specializing in anti-retroviral patient care, long term care and durable medical equipment, have announced today that Avraham Friedman, the company's Chief Executive Officer, issued his inaugural annual letter to the shareholders. The letter outlines Progressive Care's accomplishments in 2011 as well as its strategic goals and initiatives for 2012.
Dear Fellow Shareholders,
It has been a tremendous year, with what we believe to be another significant year unfolding. We are very excited about the opportunities that lie ahead, and the talented team we have assembled with which to move forward.
Progressive Care pushed forward through its subsidiary PharmCo with new and exciting avenues of growth. We added the anti-retroviral patient management business line to the PharmCo brand resulting in an increase in revenue quarter over quarter by an average of 138% in 2011, introduced a branded fleet of rapid-delivery vehicles, took advantage of our Medicare competitive bidding award for durable medical equipment, and developed a community-based marketing strategy to increase sales and revenue opportunities.
The following highlights some of our achievements in 2011:
We added the anti-retroviral patient management business line and enhanced it with staff trained to care and educate the patients with long term specialty pharmacy needs.
We brought on board three HIV/AIDS specialists with over 40 years of combined pharmacy experience and over 15 years of experience working and caring for HIV/AIDS and acute illness patients.
The addition of the staff had an immediate impact on the anti-viral patient management business segment as they were able to bring new customers upon joining the company.
In 2011, the acute illness and anti-viral patient management segment became PharmCo's number one priority as the company saw great potential in increasing its presence in this heavily underserved market.
We moved ahead with community outreach efforts throughout the South Florida HIV/AIDS community, knowing that the availability of specialty services is limited and that this effort will maximize PharmCo's community position as a source for information and healthcare services.
We signed leases to add two new PharmCo locations in South Florida:
The first new location is located in the City Hall building of Opa Locka, FL. PharmCo believes that city's pharmacy needs are well underserved by the city's sole chain pharmacy, and thus targeted this location because of its proximity to residential areas, senior population and essential community services. This location is scheduled to open in the second quarter of 2012.
The second new location is located in the city of Miami, FL across from North Shore Hospital. We believe this location offers a special opportunity for many reasons: the first is the lack of retail pharmacy services provided by the hospital, and, additionally, the location is part of a medical complex with an outpatient clinic and private practice services. The Company aims to open this pharmacy toward the end of 2012.
We have begun delivering with our fleet of visually branded delivery vehicles currently delivering to all of South Florida. The fleet is part of a marketing effort to enhance visibility of PharmCo in South Florida.
As of January 2011, we began to leverage our competitive bid contract with Medicare increasing in both revenue and presence. This year we plan to further take advantage of our position in an effort to increase revenues of our durable medical equipment business line.
As we look to the future, the management intends to implement several initiatives as part of our ambitious business plan. To bring more visibility to the company, we recently hired world renowned recording artist Luther Campbell as a company spokesperson. With his long-standing reputation as a prominent community activist, Mr. Campbell is deeply involved in the company's community outreach program and in the development of our anti-retroviral patient management program. Mr. Campbell's work will also be in combination with the new initiative planned by Progressive Care and PharmCo's HIV/AIDS Action Committee headed by Mrs. McDonald, a former Florida Department of Health Program Manager.
We have been working diligently on the development and implementation of an initiative to create a cooperative effort in South Florida communities to get urgently needed care and education to HIV/AIDS and acute illness patients. This initiative is designed to reach "at-risk" demographics in urban and rural communities working in conjunction with charitable organizations to provide information, testing, education and other services to communities in need.
Finally, the company has signed an LOI to acquire an independent pharmacy in Coral Springs, FL. This is part of Progressive Care Inc.'s continuing effort to grow the PharmCo brand not only through new locations, but also through acquisition of existing pharmacies in strategic locations. This acquisition is of particular interest to us due to its proximity to Coral Springs Medical Center and an outpatient infectious disease practice. We are currently involved in the due diligence process to evaluate the acquisition target. Should the company ultimately close on the transaction, to which no assurance can currently be given, the location would allow PharmCo to develop a strong presence in Broward County and better serve the area's special needs patients.
Coordinate PharmCo sponsored community events and seminars as part our HIV/AIDS targeted initiative.
Drive market awareness for PharmCo and increase adoption of our prescription fulfillment and other critical care services for healthcare institutions.
Continue to assemble a cost-effective sales team to increase market share of our DME business (Durable Medical Equipment).
Generate market interest through locally targeted marketing strategies utilizing prominent spokespersons and aggressive grassroots outreach strategies.
Expand into select new Florida markets via acquisitions and strategic partnerships.
With so much progress to report, and a growth plan in place for increased success in the near future, I feel confident saying that we expect 2012 to be a great year for Progressive Care, Pharmco, LLC, and its shareholders.
Thank you,
Avraham Friedman
CEO, Progressive Care, Inc.
About Progressive Care Inc.
Progressive Care, Inc. (OTCBB: RXMD) and its subsidiary Pharmco, LLC, a provider of prescription pharmaceuticals, specializing in anti-retroviral patient care, long term care and durable medical equipment, have operations which are currently focused on the South Florida market, where management believes demographics are synergistic with its marketing efforts of anti-retroviral patient management and its DME product line. Progressive Care is devoted to improving the quality of life of special needs patients through increasing access to vital medication and equipment, raising awareness, and providing education and other services to local communities and long term care institutions. For more information regarding RXMD, please visit , or view our reports and filings with the Securities and Exchange Commission on .
Forward-Looking Statements
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about our future performance, our business, our beliefs and our management's assumptions. Statements that are not historical facts are forward-looking statements, including forward-looking information concerning the company's expansion initiatives and the company's intent to acquire the two new retail locations in Opa Locka and Miami, respectively. Words such as "expect," "outlook," "forecast," "would," "could," "should," "project," "intend," "plan," "continue," "believe," "seek," "estimate," "anticipate," "may," "assume," and variations of such words and similar expressions are often used to identify such forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, our ability to raise sufficient capital on acceptable terms to support our expansion initiatives, the ultimate success of our initiatives, and those other risks described in Item 1A "Risk Factors" in our Transition Report on Form 10-K for the transition period June 1, 2010 to December 31, 2010, as amended, and in the other reports that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, we undertake no obligation to update publicly any forward-looking statements after the date they are made, whether as a result of new information, future events, changes in assumptions or otherwise.
Company Contact
Progressive Care Inc.
111 Park Center Blvd.
Suite 202
Miami Gardens, FL 33169
786-657-2060
Investor Contact
Spark Financial Consulting, Inc.
786-923-0545
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Datum: 23.03.2012 - 08:00 Uhr
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