Progressive Care CEO Issues Annual Shareholder Letter

Press Release

Chairman and CEO Alan Jay Weisberg Issues Letter to ShareholdersMiami, FL – (NewMediaWire) – March 03, 2021 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care,” the “Company,” “we,” “our”), a personalized healthcare services and technology company, issues the following Letter to Shareholders from the Chief Executive Officer:Dear Valued Shareholder,We have completed another impressive year in the history of Progressive Care, Inc. I would like to share with you some of the highlights and accomplishments of the past year, along with a clear picture of where the Company is headed.First and foremost, I want to thank everyone for having the faith and confidence in allowing me to be your CEO. This is an exciting time to be part of the executive team of Progressive Care.2020 was a transitional year for Progressive Care as a company. We, along with many other healthcare companies, were challenged by the unforeseeable events associated with the COVID 19 Pandemic and subsequent lockdown. While many businesses including clinics and doctors’ offices were closed, we as an essential business and a 5-Star rated pharmacy were posed with the challenges of staying open for business and dispensing vital medication, along with the daunting problems associated with the lockdown and safeguarding our employees’ health.Despite those challenges, we continued towards our transformation into a data-centric healthcare technology platform while reporting record performance in terms of both revenue and numbers of prescriptions during the first quarter of 2020 compared to 2019, with consolidated quarterly year-over-year growth in Net Sales of 75%, surpassing $9 Million.We attributed this record performance in part to our industry-leading contactless prescription delivery service, which proved to be a difference-maker between us and our competitors.A significant aspect of our business plan is the development and launching of new and innovative technology solutions to deliver personalized patient-centered care. We completed a significant component of that plan through the launch of our ClearMetrX subsidiary, the Company’s first wholly-owned data management company with services designed to support health care organizations across the country. We believe in the power of Artificial Intelligence (AI) to improve preventive healthcare by helping physicians make informed decisions in the medication therapy management process. Through ClearMetrX, the Company has increased its third-party administrative and data management fees to over $700,000 in 2020. These fees have gross margins significantly greater than those generated from our pharmacy operations. The new subsidiary focuses on providing insights, data security, and technological development. The Company has transitioned data service customers from the pharmacies to the ClearMetrX platform to better scale the products and improve the capabilities of existing analytics options.The core products of ClearMetrX include data management and Third Party Administration (TPA) services for 340B covered entities, Pharmacy Analytics, and programs to manage HEDIS Quality Measures such as Medication Adherence. These offerings cater to the glaring need of frontline providers to understand best practices, patient behaviors, care management processes, and the financial mechanisms behind these decisions. The Company aims not just to provide data access, but also actionable insights that providers and support organizations can use to improve their practice and patient care.Another important aspect of our business plan was the development and provision of health IT, HIPAA-compliant software development, HL7 integrations, and virtual healthcare services on a business-to-business (B2B) basis, delivering these services directly to consumers and through channel partners. We planned to do this through a series of major acquisitions, beginning with the entry into a letter of intent with MyApps Corp., a leading developer of healthcare software. Although the parties ultimately determined not to complete the acquisition, we …