March 03, 2017 18:55 ET Progressive Care Issues U
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Posted On: 03/03/2017 8:10:18 PM
March 03, 2017 18:55 ET
Progressive Care Issues Update on Recent Legal Proceedings
MIAMI, FL--(Marketwired - March 03, 2017) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities, issues updated information regarding recent legal proceedings.
This press release summarizes the latest developments in Progressive Care, Inc.'s lawsuit against Midam Ventures, LLC, No. 2017-004034-CA 43 (11th Cir. Ct., Florida).
As previously reported, the Company sued Midam, its Investor Relations consultant, for selling common stock of the Company in excess of the contractual Leak-Out Clause barring sales of more than 50,000 shares per day. The action was filed in state court in Miami, Florida.
The Company immediately sought a temporary injunction barring further sales in breach of its agreement with the Company, requiring an immediate buyback of all shares sold in breach of the agreement, and other temporary relief. On February 24, 2017, the court denied the request for temporary injunction, on the grounds that the Company's contract with Midam required disputes to be handled in arbitration, and that the Company could seek the remedy of damages.
The court's ruling was unrelated to the merits of the action -- i.e., whether Midam breached its contract with the Company and, if so, whether the Company is entitled to a remedy for that breach. The court's order was based solely on whether Progressive was entitled to a court-issued injunction at this early stage.
Progressive has agreed to the case being resolved in an arbitration proceeding. The court, on March 3, 2017, entered an agreed order staying the court case pending arbitration.
http://m.marketwired.com/press-release/progre...200516.htm
Progressive Care Issues Update on Recent Legal Proceedings
MIAMI, FL--(Marketwired - March 03, 2017) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities, issues updated information regarding recent legal proceedings.
This press release summarizes the latest developments in Progressive Care, Inc.'s lawsuit against Midam Ventures, LLC, No. 2017-004034-CA 43 (11th Cir. Ct., Florida).
As previously reported, the Company sued Midam, its Investor Relations consultant, for selling common stock of the Company in excess of the contractual Leak-Out Clause barring sales of more than 50,000 shares per day. The action was filed in state court in Miami, Florida.
The Company immediately sought a temporary injunction barring further sales in breach of its agreement with the Company, requiring an immediate buyback of all shares sold in breach of the agreement, and other temporary relief. On February 24, 2017, the court denied the request for temporary injunction, on the grounds that the Company's contract with Midam required disputes to be handled in arbitration, and that the Company could seek the remedy of damages.
The court's ruling was unrelated to the merits of the action -- i.e., whether Midam breached its contract with the Company and, if so, whether the Company is entitled to a remedy for that breach. The court's order was based solely on whether Progressive was entitled to a court-issued injunction at this early stage.
Progressive has agreed to the case being resolved in an arbitration proceeding. The court, on March 3, 2017, entered an agreed order staying the court case pending arbitration.
http://m.marketwired.com/press-release/progre...200516.htm
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