Penny stock investors must love “Uncle Luke” as shares of Miami-based Progressive Care spiked after the company announced that rapper Luther Campbell has signed on as its executive spokesman.
Campbell, who caused a national stir in the 1980s for the racy lyrics of his group 2 Live Crew, will support the expansion of the prescription pharmaceutical and durable medical equipment company (OTCBB: RXMD) in two new locations. He is an advocate for people living with HIV/AIDS. Those new offices will serve those patients in Opa-locka and near North Shore Hospital in Miami.
Upon the announcement, shares of Progressive Care had jumped 8 cents, or 23 percent, to 43 cents by midday. By the end of trading, they fell to 35 cents.
Campbell has strong channels of outreach in the Miami community. He hosts a sport talk show on 790 The Ticket and writes a column for the Miami New Times. He ran for Miami-Dade County mayor in 2011, but pulled out of the race.
Campbell is well known, but Progressive Care isn’t all that well known. Its PharmCo subsidiary sells prescription drugs and durable medical equipment to retail customers, doctors, clinics and long-term care facilities.
In the first nine months of 2011, the company generated $5.7 million in sales and lost $315,867. It is led by President and CEO Avraham A. Friedman.
It will only be a matter of time before we can answer the age-old question: Who is the better corporate spokesman, Uncle Luke or Justin Bieber?
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