FOR IMMEDIATE RELEASE
949-777-6112 ext 101
IRVINE, Calif., June 21, 2016 -- Praxsyn Corporation (OTC:PXYN) published a letter on April 15, 2016 to its shareholders from Greg Sundem, its Chairman and Chief Executive Officer. This letter is from Mr. Sundem to update the Company’s shareholders as to the Company’s business and operations as of this date.
I wanted to take an opportunity to update you as to our delay in filing our Annual Report on Form 10-K for the Fiscal Year ended December 31, 2015, and our Quarterly Report on Form 10-Q for the Quarter ended March 31, 2016. Regrettably, we are delayed in our filings due to being in the final phase of our business reorganization and restructure of our operations. I anticipate that the strong measures that I have instituted will have an overall positive effect on the Company.
To that end, since my last letter to the shareholders, we have:
- Commenced taking new prescriptions that do not require any upfront marketing costs, allowing us to greatly reduce the front end cost of new receivables.
- I, together with our CFO/COO, and General Counsel/Secretary have deferred salaries until the Company’s overall cash flow has improved, however, as the rate of collections on our existing accounts receivable is rapidly increasing, this deferral is projected to end within the next few payroll cycles.
- Commenced negotiations to restructure our long term debt.
- Commenced the planning of establishing our first pharmacy outside the state of California.
In the next few weeks, we plan to
- Publish our Form 10-K for the Fiscal Year ended December 31, 2015, and shortly thereafter publish our Form 10-Q for the Quarter ended March 31, 2016.
- Commence our California sales of workers’ compensation cases that are pre-approved.
- Commence auxiliary sales into out of state markets with what we believe will have substantially faster payment on claims.
In order to further increase our shareholder value, we are still planning to:
- Acquire or become an FDA approved and fully licensed drug manufacturing facility so that we may offer products that we may sell to other pharmacies, hospitals and clinics.
- Pursue accretive acquisitions of laboratories, and other medical providers who enjoy rapid claims payments.
- Further diversify into additional medical industry profit centers.
Finally, we plan to vastly improve communications with our shareholders. To this end we plan to:
- Frequently release company news through press releases.
- Hold investor teleconferences or comprehensive press releases along with the release of each subsequent Annual and Quarterly filing.
- Hire a staff member only dedicated to Investor Relations.
About Praxsyn Corporation
Headquartered in Irvine, California, Praxsyn works to realize the vision of medical professionals to improve the lives of patients. Mesa Pharmacy, a wholly owned subsidiary, provides doctors along with traditional medical treatments, with an alternative to oral pain medications. Mesa focuses on providing custom compounded non-narcotic, transdermal topical pain medications that are marketed to industrial health physicians and medical clinics. Mesa has developed a series of topical creams, in different strengths, that provide the pain relief doctors seek for their patients. Additional company information can be found at www.praxsyn.com.
Certain statements made in this press release are forward-looking in nature (within the meaning of the Private Securities Litigation Reform Act of 1995) including but not limited to statements regarding the past and future performance, past and future operations, expected cash on hand and anticipated results of the Company, accordingly, are subject to risks and uncertainties. The actual results may differ materially from those described or contemplated and consequently, you should not rely on these forward-looking statements as predictions of future events. Certain of these risks and uncertainties are discussed in the reports we filed with the SEC.