MIAMI, Jan. 23, 2018 (GLOBE NEWSWIRE) — Progressive Care Inc. (OTCQB:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, announces that us has terminated its placement agent agreement with Boustead Securities.

On January 22, 2018, Progressive Care provided notice to Boustead Securities to terminate its placement agent agreement. This notice was submitted as a result of a lack of progress to secure funding for M&A opportunities. The Company believes that in order to facilitate its growth objectives, it must establish a relationship that has better alignment with its goals. The Company is now seeking a new firm that will be able to find a strategic M&A opportunity that will act as the vehicle for listing on NASDAQ.

“Boustead Securities is an impressive firm with many notable achievements,” stated S. Parikh Mars, CEO. “However, we feel that now is the right time aggressively pursue our growth an expansion objectives and to start fresh with a new securities firm. We wish Boustead Securities and its principles the best of luck and hope that our paths continue to cross.”

About Progressive Care

Progressive Care Inc. (OTCQB:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, 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 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.