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LAS VEGAS, Nevada, April 18, 2017 -- Praxsyn Corporation (OTCQB: PXYN) is pleased to announce that it has purchased through a newly formed subsidiary, Nevada Health Rx, Inc., the pharmacy license and all of the assets of Meds Direct Rx, a pharmacy located in Las Vegas, Nevada. The new pharmacy is about 8,000+ square feet of pharmacy and warehouse space, and includes a large loading dock and a secured yard to hold delivery vehicles.
The total purchase price for the acquisition of the pharmacy was $120,000, $50,000 was paid at the closing date and the residual $70,000 is to be paid pursuant to a promissory note over six months at 6.5% per annum. In connection with this transaction, the company has received financing commitments through promissory notes and internal resources to fund the purchase price, transaction-related costs, and the ongoing business operations and capital needs of the new pharmacy until it is in a positive cash flow position. One of the material terms of the promissory notes, as insisted by the investor, is the continued service of the company’s Chief Executive Officer and Chairman of the Board, Greg Sundem.
Greg Sundem commented that “This acquisition will allow us to sell a broader mix of products from a much larger facility than we have had in the past. Our focus is on filling prescriptions that have a 30 day pay cycle instead of the multiple year collection cycles that we have experienced in the past. Our focus, as always, is on customer service to our patients, their doctors, the surgery centers and hospitals that will serve our patients and our VIP customers. I am excited that through this acquisition we are executing the plan that we have had for several years, but have been unable to execute, but we are there now, growing and expanding in a much more financially stable plan. Additionally, I can now tell you that we are working as expeditiously as possible to finalize 2015 and 2016 financial reporting. We are pushing hard to get caught up on our financial reporting, including the first quarter of 2017.”
We will be releasing further updates and financial reporting as soon as it becomes available.
About Praxsyn Corporation
Headquartered in Las Vegas, Nevada, Praxsyn Corporation is a holding company that finds solutions to fit the needs and goals of medical professionals and their patients. Nevada Health Rx and Mesa Pharmacy, work to realize the vision of medical professionals to improve the lives of 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 in this press release regarding the acquisition of the Nevada pharmacy, Nevada Health Rx, and thus 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 as have been filed with the Securities and Exchange Commission.