Corporate Developments and Future Plans
SCOTTSDALE, Arizona — April 27, 2022 (Issuewire.com) — Praxsyn Corporation’s (OTC: PXYN, the “Company”) subsidiary, Mesa Pharmacy, Inc., through its attorneys, had filed a Petition for Reconsideration of the Findings of Fact and Opinion on Decision regarding its pending litigation in California before the Workers’ Compensation Appeals Board. The Workers’ Compensation Appeals Board of the State of California has issued an Opinion and Order Granting Petition For Reconsideration for the purpose of further deciding the substantive issues in the case. It is among others with the Worker’s Compensation Appeals Board suffering the problem of long delayed legal decisions. Action is being taken in this regard and the Company has authorized its counsel to prepare and submit an amicus curiae brief to the Workers’ Compensation Appeals Board to support the effort to have these decisions expedited, or at least delivered on a timely basis.
Since the last press release, the Company has been continuing to work on the missing filings to become current. The disruptions to the expected timeline to complete the missing filings have been beyond the control of the Company.
Also, since the last press release, the Company has identified a new source of cash for Mesa Pharmacy, Inc. The Company has learned that the State of California is holding unclaimed property in the name of Mesa Pharmacy in an amount totaling up to $30,000. The Company is just starting to work on the process of collection, so the total amount collected could be substantially lower or none if procedural problems arise that the Company is unable to resolve or would require excessive resources to resolve.
In conjunction with completing the missing filings, the Company intends to explore financing, business development, and restructuring opportunities as it awaits further updates on the Mesa Pharmacy receivables. The Company will continue to update shareholders periodically.
About Praxsyn Corporation
Headquartered in Scottsdale, Arizona, Praxsyn Corporation works to realize the vision of medical professionals to improve the lives of their patients. Additional company information can be found at www.praxsyn.com.
Forward-Looking Statement This Press Release contains forward-looking statements that involve risks and uncertainties, which may include statements about business strategy and development plans, plans for entering a new business, anticipated sources of funds, including proceeds from future operations and plans, objectives, expectations, and intentions contained in the Press Release that are not historical facts such as “estimated gross”…prospective resources, total potential revenue, substantially exceeds, etc. “Because these forward-looking statements involve risk and uncertainties, actual results could differ materially from those discussed in this Press Release.