Progressive Care Inc., a personalized healthcare services and technology company, is excited to announce that on September 1, 2020, the Company entered into a Letter of Intent (the “LOI”) to acquire one hundred percent (100%) of MyApps Corp. (“MyApps”) (myapps.solutions), a leading developer of healthcare software, which includes the emerging telehealth service app CallingDr™ (callingdr.com). In addition, Progressive Care will be immediately engaging MyApps to accelerate development of software platforms for ClearMetRX, Progressive Care’s wholly owned data management subsidiary, and its divisions. MyApps is a commercial-stage software developer on pace to record over $1 million in revenues in 2020.
Pursuant to the LOI, purchase price for the acquisition will be approximately $10,200,000, $7,500,000 of which will be paid in the form of Progressive Care common stock, at a price per share to be determined in accordance with the definitive agreement, and the remaining $2,700,000 of which will be paid in two annual installments, subject to the achievement of certain performance criteria.
Following execution of the LOI, the parties began negotiating definitive acquisition agreement, with the expectation of executing and delivering the definitive acquisition agreement on or before October 31, 2020. The completion of the acquisition is conditioned upon completion of due diligence procedures and the negotiation and execution of employment agreements and other ancillary documents.
Upon completion of the closing of the acquisition, Progressive Care will begin to provide health IT, HIPAA-compliant software development, HL7 integrations, and virtual healthcare services on a business-to-business (B2B) basis to hundreds of clients spanning the global healthcare distribution landscape, delivering services directly to consumers and through channel partners.
As noted above, MyApps fully owns the popular telemedicine and telehealth platform, CallingDr™, which is a complete virtual platform providing multiple levels of service with a suite of products, including the capability to allow patients to take ownership of their own health records and provide access to health information through the related app and patient portal.
MyApps software is currently used in hundreds of medical practices in multiple states, including gastrointestinal, internal medicine, psychiatry, pulmonology, cardiology as well as remote clinics and in-patient settings. Customers include single-physician clinics, multi-physician clinics, emergency room centers, nursing homes, and home health setups.
• CallingDr™ was ranked in the top ten list of patient engagement solution providers by Healthcare Tech Magazine in 2019.
• CallingDr™ has already been integrated to work seamlessly with Thinklabs Stethoscopes.
• CallingDr™ has been integrated into PointClickCare, the leading cloud-based Electronic Health Record (EHR) software designed specifically for the long-term care providers system.
• Technology Innovators, a leading tech-based digital publication, listed CallingDr™ as one of the top 20 Innovators in Telemedicine for 2020.
The CallingDr™ white-label software platform delivers features and functionality optimized to provide long-distance medical telehealth care, offering doctors the tools to manage clients through patient-doctor video, audio, and SMS HIPAA-compliant consulting and remote patient monitoring.
The CallingDr™ platform makes it simple for patients to interact with and consult physicians from the comfort of home, outside of conventional clinical settings, with no need to travel long distances to see a physician. This increases access to health care, improves quality of care, and decreases healthcare delivery costs by allowing for the secure transfer of data from patients to health professionals in real time.
The platform is unique – designed for ambulatory as well as in-patient settings, including post-acute and long-term care, with priority emphasis on easy adoption of telemedicine into existing practices. The mobile health platform integrates with smart devices and securely collects and transmits patient data to a physician for remote monitoring.
MyApps has also developed several other platforms that provide improvements in charging, capturing, and billing healthcare services for hospitals, as well as enabling patients better access to healthcare options in their communities by finding available doctor and insurance information in real time.
“Following the completion of the acquisition, we plan to market the software to the physicians who are currently our clients, and then to the entire community of physicians, medical practices, therapists, remote rehab centers, and nursing homes across the United States,” commented Alan J. Weisberg, interim CEO and Chairman of the Board at Progressive Care. “Following the sharp and significant deregulation of the Telehealth system we have seen over recent months, the door to a very different – and far more efficient – overarching healthcare paradigm has been thrown wide open. And MyApps has already built something with revolutionary potential, making this strategic move a grand slam home run for Progressive Care given our stated objective to become a global leader in the delivery and integration of Telehealth and Telemedicine services.”
MyApps Founder and CEO, Adnan Malik, added, “We look forward to joining the Progressive Care team, which will provide MyApps with a spectacular backing and platform to continue to drive value as an organization bent on changing the healthcare system from the ground up. Telehealth has been a revolution in the making for a decade or more. But the COVID-19 crisis has finally kicked down the doors and taken the system past the point of no return. With unnecessary regulatory barriers out of the way, the stage is set for an aggressive realignment in favor of telehealth solution providers.”
About Progressive Care Inc.
Progressive Care Inc., through its subsidiaries, is a 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.
