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Update to Letter to Praxsyn Corporation’s Shareholders from its Chairman and CEO

Praxsyn Corporation GlobeNewswire
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IRVINE, Calif., June 21, 2016 (GLOBE NEWSWIRE) -- Praxsyn Corporation (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. 

Dear Shareholders,

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.

Forward-Looking Statements
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.

Contact:
 Contact Media/Investor Contact: [email protected] 949-777-6112 ext 101

Letter to Praxsyn Corporation’s Shareholders from its Chairman and CEO

 
Praxsyn CorporationApril 15, 2016 2:28 PMGlobeNewswire
 

IRVINE, Calif., April 15, 2016 (GLOBE NEWSWIRE) -- Praxsyn Corporation (PXYN) announces today it will publish a Letter to its shareholders from its Chairman and CEO regarding the company’s business and operations.

 

Dear Shareholders,

On March 31, 2016, I accepted the position as the Chairman of the Board of Directors and Chief Executive Officer. Unfortunately, due to many factors, the company’s Annual Report on Form 10-K for the Fiscal Year ending December 31, 2015, which was due on that same date, will not be filed in a timely manner.  We took the available 15 day extension, however even with the extension, we will still need additional time to complete our Annual Report.

During 2015, we generated a substantial working capital deficit. We are delaying the filing of our Form 10-K in order to finish reorganizing our operations in order to dramatically reduce our deficit.  Prior to the release of the Annual Report, we have or will have:

  • Negotiated settlements with our vendors to reduce our marketing related debt by at least $5,000,000;
    Reduced inefficiencies in executive staff in order to massively reduce overhead, cutting more than $500,000 in annual payroll, and currently myself, our CFO/COO and our General Counsel/Secretary are deferring salaries until the company’s overall cash flow is improved; and
    Written down certain other assets, in order to eliminate any 2015 income tax liability.


     

However, to ensure that this situation will not repeated, we will no longer process workers’ compensation related prescriptions unless our costs are fully funded prior to the date of service.

In order to further increase our shareholder value, we plan in the future to:

  • Expand our sales efforts more fully into private insurance markets where payment is pre-approved by insurance carriers;
    Pursue workers’ compensation cases that are already pre-approved;
    Enter into negotiations with insurance carriers in order to dramatically reduce reimbursement rates, thereby ensuring prompt payment of all claims. If successful, we will reduce the cost of care for our patients, their insurers and ultimately their employers as well;
    Become fully licensed in all 50 states as soon as practicable;
    Expeditiously eliminate our long term debt;
    Contract with marketing groups in other states to more fully diversify our product lines and markets;
    Acquire an FDA approved and fully licensed drug manufacturing facility so that we may offer patients pain management creams (and other products) at massively reduced prices, under single NDC numbers, so that we sell to other pharmacies, hospitals and clinics;
    Pursue accretive acquisitions of laboratories, and other medical providers who enjoy rapid claims payments; and
    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 regular press releases;
    Hold investor teleconferences with the release of each subsequent annual and quarterly filing; and
    Hire dedicated Investor Relations staff.


     

The last two years have seen many great strides and many setbacks for the Company and its shareholders, however, current management intends to bring a renewed focus on increasing shareholder value.

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 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 atwww.praxsyn.com.

Forward-Looking Statements
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 announcement of Praxsyn's new Chief Executive Officer and Chairman of the Board and, 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.

Contact:
  Media/Investor Contact:   [email protected] 949-777-6112 ext 101
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#61311  Sticky Note $PXYN Praxsyn’s Move of Corporate Headquarters to Nevada $Pistol Pete$ 02/19/17 01:49:25 PM
#61237  Sticky Note News Stickied! neophyte184 02/17/17 07:52:35 AM
#58369  Sticky Note So what? Maybe he doesn't know the exact SeanBoy 06/25/16 01:32:47 PM
#57099  Sticky Note These PROFITS were SEC filed.... Drugdoctor 05/06/16 11:09:48 AM
#61582   oH by the way.. going after money is mc67 03/23/17 03:58:21 PM
#61581   Yes I can tell it's coming $$ bigee 03/23/17 03:37:14 PM
#61580   ROTFLMAO, look at this pathetic attempt to shake Chi_XX_Town 03/23/17 01:41:34 PM
#61579   PXYN share price is really low... Chi_XX_Town 03/23/17 01:40:33 PM
#61578   PXYN has not released financials in a LONG, Chi_XX_Town 03/23/17 01:39:53 PM
#61577   Nice bid support here - evil MM and Chi_XX_Town 03/23/17 01:39:23 PM
#61576   Yes, any news - but especially news about Chi_XX_Town 03/22/17 08:50:33 PM
#61575   I owned TEVA.. it's a pharma trading at mc67 03/22/17 08:49:33 PM
#61574   Yes. Hope news soon davidegoh 03/22/17 08:31:17 PM
#61573   Any news will help bigee 03/22/17 08:08:09 PM
#61569   What are you running out of factual things mc67 03/21/17 06:29:19 PM
#61568   I doubt PXYN has enough money to even jonnyb 03/21/17 05:04:06 PM
#61567   I agree bigee 03/21/17 04:33:23 PM
#61566   Nice close. :-) PXYN neophyte184 03/21/17 04:17:43 PM
#61565   I mean teva bigee 03/21/17 03:57:29 PM
#61564   Vean worth 3.2 billions. Big company buying a bigee 03/21/17 03:56:17 PM
#61563   We talking about two different topics!! bigee 03/21/17 03:28:24 PM
#61562   What the heck are you talking about? Bearslayer 03/21/17 03:22:39 PM
#61561   Show us prove. bigee 03/21/17 03:05:06 PM
#61560   You can't be that gullible. Bearslayer 03/21/17 02:45:07 PM
#61559   Where did you get the news from but bigee 03/21/17 02:37:57 PM
#61558   Anyone else hearing that PXYN is interested in Chi_XX_Town 03/21/17 01:13:11 PM
#61557   They're trying for cheapies. PXYN$$$ neophyte184 03/21/17 12:11:05 PM
#61556   Looking for a big 10K. It's a comm'in. SeanBoy 03/21/17 10:18:58 AM
#61555   There is a higher bid but doesn't want bigee 03/21/17 09:40:57 AM
#61554   Oh yeah big time. Tmw back to .01 + bigee 03/20/17 06:03:36 PM
#61553   Yes. Load area davidegoh 03/20/17 03:15:54 PM
#61552   Nice bid support here. :-) PXYN$$$ neophyte184 03/20/17 03:09:59 PM
#61551   No. Nevada health Rx is the sub. Of Bearslayer 03/20/17 05:59:26 AM
#61550   Are you saying pxyn is a spinoff of seanbc 03/20/17 01:09:28 AM
#61549   Hopefully back to .09 ++ bigee 03/19/17 08:10:35 PM
#61548   Hope PXYN news out soon. Huge revenue Will davidegoh 03/19/17 07:17:39 PM
#61547   $PXYN Daily & Weekly Charts http://stockcharts $Pistol Pete$ 03/19/17 05:02:29 PM
#61546   Yea, I can see that too... Drugdoctor 03/17/17 07:53:08 PM
#61545   Man I'd love to see a little smoke Couch 03/17/17 03:55:04 PM
#61544   ..I was just kidding.. ;) mc67 03/15/17 10:54:51 AM
#61543   :) ..there were a few here that wanted mc67 03/15/17 10:52:52 AM
#61542   They don't need buy back. They might has davidegoh 03/15/17 10:50:54 AM
#61541   Ha. Let's get current first. Bearslayer 03/15/17 10:44:23 AM
#61540   ..make a buy back easier.. ?? ;) mc67 03/15/17 10:43:31 AM
#61539   Remember when the old transfer agent became the Chi_XX_Town 03/15/17 10:13:10 AM
#61538   Good news. Where there is smoke, there senderos 03/15/17 10:05:17 AM
#61537   That's good bigee 03/15/17 09:57:19 AM
#61536   They have a new transfer agent with contact info. Bearslayer 03/15/17 09:56:06 AM
#61535   What is this news about on pxyn? bigee 03/15/17 09:55:22 AM
#61534   Looking forward to updated websites all around. Including Bearslayer 03/15/17 09:48:39 AM
#61533   $PXYN Looking GOOD : Headquartered in Las Vegas, mc67 03/15/17 09:47:16 AM
#61532   Getting closer to financials. More news to come IMO. Bearslayer 03/15/17 09:30:59 AM
#61531   Newssss babyyy $PXYN jjr04001 03/15/17 09:27:32 AM
#61530   NEWS! Las Vegas, Nevada, March 15, 2017 (GLOBE NEWSWIRE) bonamassa 03/15/17 09:24:24 AM
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