Progressive Care, Inc. (OTCPK:RXMD) entered into a letter of intent to acquire MyApps Corp, Inc. for approximately $10.2 million on September 1, 2020. The purchase price for the acquisition will be $7.5 million 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 $2.7 million of which will be paid in two annual installments, subject to the achievement of certain performance criteria. The acquisition includes the emerging telehealth service app CallingDr™ as well.

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. Following execution of the letter of intent, 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.