MIAMI, Aug. 15, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today filed an Amended Quarterly Report for the Quarter ended June 30, 2019.
Progressive Care filed an amended Quarterly Report for the period ended June 30, 2019 to correct an error in a table in Item 4, Management's Discussion and Analysis or Plan of Operation. The corrected table provides information about certain non-GAAP financial measures of the Company. The error was the result of a clerical worksheet formula error from which the Non-GAAP presentation table was derived. Management discovered the error, made necessary corrections and immediately filed an amended quarterly report. Management also reviewed and revised its quarterly financial reporting controls and procedures to better detect such errors in the future which includes adding an additional layer of 3rd party review. In a prior release the Company misstated the consolidated adjusted EBITDA as result of the table error contained in the reported financial statements [revised to approximately ($672,000)].
"There is no excuse for such errors," said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. "While we pride ourselves on being meticulous and careful stewards of the financial information we report, we know we can always do better and improve. We do not believe that such an error was a systemic malfunction of control procedures, but have revised procedures nonetheless to ensure the credibility of the information we present to the public."
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Progressive Care Inc.
About Progressive Care Inc.
Progressive Care Inc. (OTCQB:RXMD), through its PharmCo and Five Star pharmacies, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, 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.
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
Public Relations Contact:
Kathleen Gonzales, CMW Media
Web and Application Development Contact:
Marcello Jaspan, Mass Ventures Corp
Source: Progressive Care, Inc.