A short version of ProgressiveCare's long history:
Post# of 1525
Posted On: 01/01/2016 10:14:39 PM
A short version of ProgressiveCare's long history:
Everything started from a person called Buddy Young. He founded a publicly traded company called Web Star Training in 1997, engaging in the development, production, and distribution of training and educational video products and services. The company then changed its name to Advanced Knowledge, Inc. in 2000; and to Advanced Media, Inc. in 2003. Later, the company changed its name to Advanced Media Training, Inc. in 2004. Advanced Media Training is based in Encino, California. As of December 11, 2006, Advanced Media Training, Inc. was acquired by Dematco Corporation, a private UK company, in a reverse merger.
Progressive Training Inc. was incorporated by Mr. Young in Delaware on October 31, 2006. From the date it was incorporated until March 1, 2007, it was a wholly owned subsidiary of Dematco, Inc. On March 1, 2007, to facilitate Dematco's exit from the training business, Progressive Training acquired all of Dematco's assets and liabilities related to the production and distribution of workforce training videos.
In 2006, another person, Avraham A. Friedman, together with two partners, founded Pharmco in Florida. Mr. Friedman started in 1996 at the clerk level and after 4 years in 2000 became retail manager for a busy New York City independent pharmacy. He then left New York for Florida and started Pharmco in 2006.
Then, on October 21, 2010, Progressive Training, Inc. entered into an Agreement and Plan of Reverse Merger with Pharmco Corp. Upon the closing of the Exchange, Buddy Young resigned as the Company’s sole officer and director and David Leedy, Dennis Spiegelman and Mel Powell resigned from their positions as members of the Company’s board of directors. Simultaneously with the effectiveness of the Merger a new board of directors and new officers were appointed. The new board of directors consists of Avraham A. Friedman, Andy Subachan and Alan Jay Weisberg. Avraham A. Friedman was appointed as the Company’s Chief Executive Officer and President. Andy Subachan was appointed as the Company’s Chief Operating Officer. Alan Jay Weisberg was appointed as our Chief Financial Officer.
Mr. Weisberg is a Certified Public Accountant and currently operates Weisberg Brause & Co. Mr. Weisberg served as chief financial officer and as a director of QuickByte Software, Inc., from July 2008 to July 14, 2009. He served as chief financial officer and as a director of Getting Ready Corporation, Inc. from September 2007 through September 2008. From April 1998 through December 2006, Mr. Weisberg served as chief financial officer and as a director of Orthodontix, Inc. In addition, Mr. Weisberg served as chief financial officer and as a director of Protalix Biotehrapeutics, Inc. from December 2006 through April 2007. Mr. Weisberg also serves as a member of the board of directors and as secretary of Protech Global Holdings Corp. (“Protech”) Mr. Weisberg also previously served as chief financial officer of Protech.
On November 24, 2010, Progressive Training, Inc. (the “Company”) filed a Certificate of Ownership and Merger, pursuant to which its wholly-owned subsidiary, Progressive Care Inc. was merged into and with the Company (the “Merger”). In connection with the Merger, the Company changed its name to “Progressive Care Inc.”
Effective January 1, 2011, Mr. Young's another company, Futura Pictures, Inc. acquired from Progressive Training, Inc. all of its assets and liabilities related to Progressive’s workforce training business. On February 27, 2015, Mr. Young sold Futura Pictures to some South Korean guys and the company's name was changed to IMK Group, Inc.
On March 23, 2012, Progressive's CEO Avraham Friedman, issued his inaugural annual letter to the shareholders. The letter outlined Progressive Care's accomplishments in 2011 as well as its strategic goals and initiatives for 2012. Some highlights included hiring world renowned recording artist Luther Campbell as a company spokesperson. 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. They also have begun delivering with their fleet of visually branded delivery vehicles delivering to all of South Florida. The fleet is part of a marketing effort to enhance visibility of PharmCo in South Florida. They also signed an LOI to acquire an independent pharmacy in Coral Springs, FL.
On April 30, 2012, Progressive Care entered into the Equity Agreement with TCA. TCA committed to purchase up to $2,000,000 of the Company’s common stock for a period of twenty-four (24) months.
On August 30, 2012, Progressive Care announced that it has hired Mr. Vernon Watson as Chief Executive Officer and Ms. Shital Parikh Mars as Chief Operating Officer, effective August 27, 2012. Ms. Parikh was also appointed to the Board of Directors of Progressive Care at meeting held on August 24, 2012. Mr. Avraham Friedman, the Company’s former CEO, remained Chairman of the Board and assumed the role as the Company’s Chief Compliance Officer.
Mr. Watson was a Regional Sales Manager for MOMS Pharmacy in Melville, New York before joining Progressive. He helped increase the company’s sales and market share from New York to the tri-state area and Florida.
Ms. Parikh has been a vital consultant to the Company for the past three years (2009 - 2012). As President and CEO of Spark Financial Consulting, Ms. Parikh provided business development consulting services in which she advised the Company on human resources, financial reporting and transactions, operations, compliance, SEC filings, and investor relations, among other things. Ms. Parikh was also the Chief Operating Officer of Basis Financial, a boutique investment banking firm engaged by the Company. Her experience in the financial services industry centers on operational management, preparation and submission of financial statements, mergers & acquisitions, securities offerings, SEC reporting, due diligence, compliance, and regulatory audits. Ms. Parikh currently maintains 8 securities license registrations including the Series 7, Series 66, and Series 24.
On, January 17, 2013, Mr. Vernon Watson resigned from his position as the Chief Executive Officer of Progressive Care, Inc. after only five months with the company. His own words in the resignation letter: "Please accept this letter as my two-week notice of resignation. My last day of work will be Jan 25 th , 2013. It's been a wonderful 5 month experience working with Progressive Care. I have decided to relocate back to New York. I have enjoyed working with each and every one of you and appreciate the opportunities I've been given. I will do my best to hand off any current appointments prior to my last day of work. Please let me know if you need my help in any other way."
On January 21, 2013, Mr. Avraham Friedman resigned from his position as Chairman of the Board of Directors (the “Board”) of the Company. His own words in the resignation letter: "I thank each and every one of you for the opportunity to sit as Chairman of the Board. Regrettably, I must resign my position as Chairman of the Board effective immediately. I will, however, continue to retain my position as Chief Compliance Officer and look forward to working together to improve and grow Progressive Care. I thank you."
On January 22, 2013, the Board approved by unanimous written consent the appointment of Mr. Alan Jay Weisberg as the Company’s Interim Chief Executive Officer and Chairman of the Board. Mr. Weisberg has been a member of the Board and has served as Chief Financial Officer of the Company since October 2010.
On February 5, 2013, Mr. Avraham Friedman resigned from his position as Chief Compliance Officer of Progressive Care Inc. (the “Company”). In connection with Mr. Friedman’s resignation, the Company provided severance payment in the form of one half of Mr. Friedman’s current salary and one half of the premiums for Mr. Friedman’s insurance policy for a period of twenty-four weeks. His resignation letter:"This letter shall serve as notice that effective immediately, I hereby resign from my position as Chief Compliance Officer with Progressive Care, Inc. (the "Company"
, and all other positions to which I have been assigned, regardless of whether I served in such capacity, of the Company. The resignation is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Sincerely."
On May 17, 2013, the board of directors of Progressive Care, Inc. dismissed Berman & Co., P.A., as the Company’s independent registered public accounting firm. On the same day, the board approved the engagement of Mallah Furman, Certified Public Accountants (“Mallah”), as the Company’s new independent registered public accounting firm.
On September 3, 2014, the Circuit Court of the Second Judicial Circuit for Leon County, Florida approved the 3(a)(10) transaction between Progressive Care and Tarpon Bay Partners. Progressive and Tarpon reasonably estimated that the fair market value of the Settlement Shares, the Fee Shares (as defined below) and all other amounts received or to be received by Tarpon is equal to approximately $2,434,673.00.
On March 18, 2015, Progressive terminated 12g with SEC.
On Dec 29, 2014, COO, Shital Mars released an open letter to Shareholders. Highlights of 2014:
Agreement and court approval to execute a 3(a)(10) transaction through Tarpon Bay Partners, LLC to eliminate $1.8 million in debt in the coming year
Filed unaudited financial statements with OTCMarkets through the most recent completed quarter
Restructured Management
Aggressively cut costs
Began a hiring program to recruit talent and meet growing demand
Renovated our PhamCo facility
Increased filled prescription counts by approx. 50% from 8,500 scripts per month to almost 13,000
Increased pharmacy sales by 35% to $8.1 million through September 30, 2014
The strategic goals for 2015:
Increase filled prescription counts to 20,000 per month by December 2015
Increase annual overall sales to $15 million
Achieve full enterprise profitability
Eliminate approximately $1.8 million in debt from the balance sheet
Merge, acquire or otherwise align ourselves with a synergistic independent pharmacy to create economies of scale
On November 10, 2015, Progressive announced the fourth consecutive quarters of profitability for PharmCo, LLC. Through the first nine months of 2015, PharmCo, LLC has recorded nearly $350,000 in net income. This is a significant turnaround when compared to net losses of $114,000 for PharmCo during the same time period in 2014. PharmCo has recorded profits in every quarter for the past 12 months. Profitability and positive cash flow in PharmCo has been achieved through concentrated marketing efforts, expansion of the compounded medication department and month over month of net increases in prescription sales. Progressive Care's consolidated income was nearly break even in the third quarter when adjusted for stock based compensation of $147,000.
Due to dramatic increases in demand, PharmCo initiated plans to expand the pharmacy this quarter. The facility currently fills approximately 50,000 prescriptions per quarter with minimal square footage devoted to compounding and long term care operations. The expansion plan would nearly double the amount of general filling space plus expand the compounding department. The company also is in the process of choosing and purchasing a robotic dispensing system. This system will allow PharmCo to tremendously increase production and save on labor cost. To take advantage of its marketing capabilities the company plans to expand to Palm Beach County. PharmCo expects the expansion to produce numerous positive results including improvements to efficiency and capacity as well as increased revenues.
Recently, PharmCo began the process of establishing 340B sales. Both PharmCo and its 340B provider are installing the vendor data necessary to start purchasing inventory for 340B patients. The Company anticipates that we will be realizing sales in this area before the end of the year. PharmCo is also quickly increasing its footprint in the Medication Therapy Management (MTM) industry. On a monthly basis, the company is seeing increases in the number of MTM cases provided by Medicare plans. While the company does not expect a material impact on this year's sales from MTM cases, MTM will be an important part of the business in 2016.
On December 10, 2015, Progressive announced that it has completed its 3(a)(10) transaction. In total the company has issued 282,275,000 shares of common stock to eliminate over $1.9 million in aged debt off of its balance sheet. The company estimates that of these shares approximately 12,000,000 shares will be returned to treasury.
As of December 9, 2015, total common stock issued and outstanding was 352,043,045 shares. This number is net of a 1,718,000 share adjustment as these shares are beneficially owned by the company through PharmCo, LLC. The total number of shares that are not beneficially owned by insiders or affiliates was 306,833,938.
On Dec 14, 2015, Progressive announced record November pharmacy revenues. The pharmacy filled approximately 15,000 prescriptions during the month of November, which is nearly a 30% increase over the same month last year. Historically, due to the open enrollment window, physicians undergo major changes to their patient base resulting decreases in prescriptions written. However, PharmCo grossed approximately $1.3 million in net revenues for the month despite the lower prescription count. The compounding department continues to drive strong revenue growth.
In the week of Jan. 4, 2016, Progressive will issue 2016 Open Letter to shareholders.
To be continued...
$$$RXMD
Everything started from a person called Buddy Young. He founded a publicly traded company called Web Star Training in 1997, engaging in the development, production, and distribution of training and educational video products and services. The company then changed its name to Advanced Knowledge, Inc. in 2000; and to Advanced Media, Inc. in 2003. Later, the company changed its name to Advanced Media Training, Inc. in 2004. Advanced Media Training is based in Encino, California. As of December 11, 2006, Advanced Media Training, Inc. was acquired by Dematco Corporation, a private UK company, in a reverse merger.
Progressive Training Inc. was incorporated by Mr. Young in Delaware on October 31, 2006. From the date it was incorporated until March 1, 2007, it was a wholly owned subsidiary of Dematco, Inc. On March 1, 2007, to facilitate Dematco's exit from the training business, Progressive Training acquired all of Dematco's assets and liabilities related to the production and distribution of workforce training videos.
In 2006, another person, Avraham A. Friedman, together with two partners, founded Pharmco in Florida. Mr. Friedman started in 1996 at the clerk level and after 4 years in 2000 became retail manager for a busy New York City independent pharmacy. He then left New York for Florida and started Pharmco in 2006.
Then, on October 21, 2010, Progressive Training, Inc. entered into an Agreement and Plan of Reverse Merger with Pharmco Corp. Upon the closing of the Exchange, Buddy Young resigned as the Company’s sole officer and director and David Leedy, Dennis Spiegelman and Mel Powell resigned from their positions as members of the Company’s board of directors. Simultaneously with the effectiveness of the Merger a new board of directors and new officers were appointed. The new board of directors consists of Avraham A. Friedman, Andy Subachan and Alan Jay Weisberg. Avraham A. Friedman was appointed as the Company’s Chief Executive Officer and President. Andy Subachan was appointed as the Company’s Chief Operating Officer. Alan Jay Weisberg was appointed as our Chief Financial Officer.
Mr. Weisberg is a Certified Public Accountant and currently operates Weisberg Brause & Co. Mr. Weisberg served as chief financial officer and as a director of QuickByte Software, Inc., from July 2008 to July 14, 2009. He served as chief financial officer and as a director of Getting Ready Corporation, Inc. from September 2007 through September 2008. From April 1998 through December 2006, Mr. Weisberg served as chief financial officer and as a director of Orthodontix, Inc. In addition, Mr. Weisberg served as chief financial officer and as a director of Protalix Biotehrapeutics, Inc. from December 2006 through April 2007. Mr. Weisberg also serves as a member of the board of directors and as secretary of Protech Global Holdings Corp. (“Protech”) Mr. Weisberg also previously served as chief financial officer of Protech.
On November 24, 2010, Progressive Training, Inc. (the “Company”) filed a Certificate of Ownership and Merger, pursuant to which its wholly-owned subsidiary, Progressive Care Inc. was merged into and with the Company (the “Merger”). In connection with the Merger, the Company changed its name to “Progressive Care Inc.”
Effective January 1, 2011, Mr. Young's another company, Futura Pictures, Inc. acquired from Progressive Training, Inc. all of its assets and liabilities related to Progressive’s workforce training business. On February 27, 2015, Mr. Young sold Futura Pictures to some South Korean guys and the company's name was changed to IMK Group, Inc.
On March 23, 2012, Progressive's CEO Avraham Friedman, issued his inaugural annual letter to the shareholders. The letter outlined Progressive Care's accomplishments in 2011 as well as its strategic goals and initiatives for 2012. Some highlights included hiring world renowned recording artist Luther Campbell as a company spokesperson. 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. They also have begun delivering with their fleet of visually branded delivery vehicles delivering to all of South Florida. The fleet is part of a marketing effort to enhance visibility of PharmCo in South Florida. They also signed an LOI to acquire an independent pharmacy in Coral Springs, FL.
On April 30, 2012, Progressive Care entered into the Equity Agreement with TCA. TCA committed to purchase up to $2,000,000 of the Company’s common stock for a period of twenty-four (24) months.
On August 30, 2012, Progressive Care announced that it has hired Mr. Vernon Watson as Chief Executive Officer and Ms. Shital Parikh Mars as Chief Operating Officer, effective August 27, 2012. Ms. Parikh was also appointed to the Board of Directors of Progressive Care at meeting held on August 24, 2012. Mr. Avraham Friedman, the Company’s former CEO, remained Chairman of the Board and assumed the role as the Company’s Chief Compliance Officer.
Mr. Watson was a Regional Sales Manager for MOMS Pharmacy in Melville, New York before joining Progressive. He helped increase the company’s sales and market share from New York to the tri-state area and Florida.
Ms. Parikh has been a vital consultant to the Company for the past three years (2009 - 2012). As President and CEO of Spark Financial Consulting, Ms. Parikh provided business development consulting services in which she advised the Company on human resources, financial reporting and transactions, operations, compliance, SEC filings, and investor relations, among other things. Ms. Parikh was also the Chief Operating Officer of Basis Financial, a boutique investment banking firm engaged by the Company. Her experience in the financial services industry centers on operational management, preparation and submission of financial statements, mergers & acquisitions, securities offerings, SEC reporting, due diligence, compliance, and regulatory audits. Ms. Parikh currently maintains 8 securities license registrations including the Series 7, Series 66, and Series 24.
On, January 17, 2013, Mr. Vernon Watson resigned from his position as the Chief Executive Officer of Progressive Care, Inc. after only five months with the company. His own words in the resignation letter: "Please accept this letter as my two-week notice of resignation. My last day of work will be Jan 25 th , 2013. It's been a wonderful 5 month experience working with Progressive Care. I have decided to relocate back to New York. I have enjoyed working with each and every one of you and appreciate the opportunities I've been given. I will do my best to hand off any current appointments prior to my last day of work. Please let me know if you need my help in any other way."
On January 21, 2013, Mr. Avraham Friedman resigned from his position as Chairman of the Board of Directors (the “Board”) of the Company. His own words in the resignation letter: "I thank each and every one of you for the opportunity to sit as Chairman of the Board. Regrettably, I must resign my position as Chairman of the Board effective immediately. I will, however, continue to retain my position as Chief Compliance Officer and look forward to working together to improve and grow Progressive Care. I thank you."
On January 22, 2013, the Board approved by unanimous written consent the appointment of Mr. Alan Jay Weisberg as the Company’s Interim Chief Executive Officer and Chairman of the Board. Mr. Weisberg has been a member of the Board and has served as Chief Financial Officer of the Company since October 2010.
On February 5, 2013, Mr. Avraham Friedman resigned from his position as Chief Compliance Officer of Progressive Care Inc. (the “Company”). In connection with Mr. Friedman’s resignation, the Company provided severance payment in the form of one half of Mr. Friedman’s current salary and one half of the premiums for Mr. Friedman’s insurance policy for a period of twenty-four weeks. His resignation letter:"This letter shall serve as notice that effective immediately, I hereby resign from my position as Chief Compliance Officer with Progressive Care, Inc. (the "Company"
, and all other positions to which I have been assigned, regardless of whether I served in such capacity, of the Company. The resignation is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Sincerely." On May 17, 2013, the board of directors of Progressive Care, Inc. dismissed Berman & Co., P.A., as the Company’s independent registered public accounting firm. On the same day, the board approved the engagement of Mallah Furman, Certified Public Accountants (“Mallah”), as the Company’s new independent registered public accounting firm.
On September 3, 2014, the Circuit Court of the Second Judicial Circuit for Leon County, Florida approved the 3(a)(10) transaction between Progressive Care and Tarpon Bay Partners. Progressive and Tarpon reasonably estimated that the fair market value of the Settlement Shares, the Fee Shares (as defined below) and all other amounts received or to be received by Tarpon is equal to approximately $2,434,673.00.
On March 18, 2015, Progressive terminated 12g with SEC.
On Dec 29, 2014, COO, Shital Mars released an open letter to Shareholders. Highlights of 2014:
Agreement and court approval to execute a 3(a)(10) transaction through Tarpon Bay Partners, LLC to eliminate $1.8 million in debt in the coming year
Filed unaudited financial statements with OTCMarkets through the most recent completed quarter
Restructured Management
Aggressively cut costs
Began a hiring program to recruit talent and meet growing demand
Renovated our PhamCo facility
Increased filled prescription counts by approx. 50% from 8,500 scripts per month to almost 13,000
Increased pharmacy sales by 35% to $8.1 million through September 30, 2014
The strategic goals for 2015:
Increase filled prescription counts to 20,000 per month by December 2015
Increase annual overall sales to $15 million
Achieve full enterprise profitability
Eliminate approximately $1.8 million in debt from the balance sheet
Merge, acquire or otherwise align ourselves with a synergistic independent pharmacy to create economies of scale
On November 10, 2015, Progressive announced the fourth consecutive quarters of profitability for PharmCo, LLC. Through the first nine months of 2015, PharmCo, LLC has recorded nearly $350,000 in net income. This is a significant turnaround when compared to net losses of $114,000 for PharmCo during the same time period in 2014. PharmCo has recorded profits in every quarter for the past 12 months. Profitability and positive cash flow in PharmCo has been achieved through concentrated marketing efforts, expansion of the compounded medication department and month over month of net increases in prescription sales. Progressive Care's consolidated income was nearly break even in the third quarter when adjusted for stock based compensation of $147,000.
Due to dramatic increases in demand, PharmCo initiated plans to expand the pharmacy this quarter. The facility currently fills approximately 50,000 prescriptions per quarter with minimal square footage devoted to compounding and long term care operations. The expansion plan would nearly double the amount of general filling space plus expand the compounding department. The company also is in the process of choosing and purchasing a robotic dispensing system. This system will allow PharmCo to tremendously increase production and save on labor cost. To take advantage of its marketing capabilities the company plans to expand to Palm Beach County. PharmCo expects the expansion to produce numerous positive results including improvements to efficiency and capacity as well as increased revenues.
Recently, PharmCo began the process of establishing 340B sales. Both PharmCo and its 340B provider are installing the vendor data necessary to start purchasing inventory for 340B patients. The Company anticipates that we will be realizing sales in this area before the end of the year. PharmCo is also quickly increasing its footprint in the Medication Therapy Management (MTM) industry. On a monthly basis, the company is seeing increases in the number of MTM cases provided by Medicare plans. While the company does not expect a material impact on this year's sales from MTM cases, MTM will be an important part of the business in 2016.
On December 10, 2015, Progressive announced that it has completed its 3(a)(10) transaction. In total the company has issued 282,275,000 shares of common stock to eliminate over $1.9 million in aged debt off of its balance sheet. The company estimates that of these shares approximately 12,000,000 shares will be returned to treasury.
As of December 9, 2015, total common stock issued and outstanding was 352,043,045 shares. This number is net of a 1,718,000 share adjustment as these shares are beneficially owned by the company through PharmCo, LLC. The total number of shares that are not beneficially owned by insiders or affiliates was 306,833,938.
On Dec 14, 2015, Progressive announced record November pharmacy revenues. The pharmacy filled approximately 15,000 prescriptions during the month of November, which is nearly a 30% increase over the same month last year. Historically, due to the open enrollment window, physicians undergo major changes to their patient base resulting decreases in prescriptions written. However, PharmCo grossed approximately $1.3 million in net revenues for the month despite the lower prescription count. The compounding department continues to drive strong revenue growth.
In the week of Jan. 4, 2016, Progressive will issue 2016 Open Letter to shareholders.
To be continued...
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