Integrated Freight Corp (OTCMKTS:IFCR) has moved to quash mounting investor concerns by providing an update on revenues as well as creditors and outstanding litigation. In a press release, the holding company says it is working around the clock to reach an agreement on the settlement or conversion of outstanding debt of about $4million.
Much of the $4 million debt is tied to the legacy judgment creditors. The board of directors has already approved payment to be made through the preferred stock to settle the claims. The company is also considering issuing shares in its new class of preferred stock to settle part of the debt.
Discussions are also ongoing with one of creditors counsel to settle a judgment claim in the excess of $8million. Integrated Freight Corporation remains confident of reaching an agreement of between $75,000 and $200,000 on the matter. The company currently has $10million in outstanding debt at the parent level of which 79% could be restructured given the ongoing discussions.
Meanwhile, Integrated Freight Corporation has acknowledged an ongoing lawsuit with one of the four subsidiaries regarding ownership. Given the standoff, the holding company says it could book the subsidiary as discontinued, a move that should affect earnings for the quarter ended December 31, 2015. Should the subsidiary go its way, the company expects the March 2016 revenues to be reduced to estimated run rates of $16 million per year.
Amidst the ongoing tussle with the subsidiary, Integrated Freight Corporation has also confirmed that it is in negotiations with a niche motor carrier about a potential takeover. The acquisition target has the potential of generating revenues of between $5million and $15 million. Overall, the company continues to generate up to $24million in annual revenues from its other subsidiaries.
Separately Integrated Freight Corp (OTCMKTS:IFCR) says its board of directors has identified candidates for the Chief Financial role. An announcement on the new hire should be made in the next two weeks.
Progressive Care Inc (OTCMKTS:RXMD) Posts Record Second-Quarter Earnings
Progressive Care Inc (OTCMKTS:RXMD) has posted yet another record-breaking quarter. The South Florida health services organization says it filled 52,000 prescriptions in the second quarter representing a 22% increase over last year. Having also had an impressive first quarter prescriptions for the first six months of the year were up by 27%, compared to last year, to highs of 100,000.
Revenues for the second quarter came in at $4.5 million a 38% increase from the same quarter last year. The impressive sales mean the company has so far surpassed its half-year objective and on course to meet its full-year forecasts. The medication division continues to fuel the stellar performance thanks to growth in demand for medications, from large clinics and physicians networks.
Progressive Care Inc (OTCMKTS:RXMD) says its net income for the quarter stood at $220,000. The company ended the first half of the year with a cash flow positive of over $160,000.