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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: IR@PraXsyn.com 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:   IR@PraXsyn.com 949-777-6112 ext 101
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PostSubject
#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
#62050   Shorts desperately trying to keep PXYN under $.25. Chi_XX_Town 06/22/17 12:49:55 PM
#62049   $18k bid support at .0061 Chi_XX_Town 06/20/17 02:18:47 PM
#62048   There was 31k bid support at .0081! Ooops mikar 06/20/17 01:26:11 PM
#62047   $18k bid support at .0061 PXYN$$$$$ neophyte184 06/20/17 10:23:59 AM
#62046   That somebody is you! LMAO mikar 06/20/17 02:58:12 AM
#62045   Huge order coming tmw by $$$$$? bigee 06/19/17 06:19:02 PM
#62044   Somebody doesn't want this dropping below .006. Chi_XX_Town 06/19/17 05:11:21 PM
#62043   After seeing that, I am expecting it. Kaboomage neophyte184 06/17/17 11:07:30 PM
#62042   Yes, this ticker has been itchin for a neophyte184 06/17/17 11:06:11 PM
#62041   We hope so davidegoh 06/17/17 07:40:50 PM
#62040   Nice and can't wait to see it hit $Pistol Pete$ 06/17/17 05:39:12 PM
#62039   Nice find Pete! Looks like everything was neophyte184 06/17/17 05:30:33 PM
#62038   I think that someone is you! LMAO mikar 06/15/17 09:14:15 AM
#62037   Nice wall at .007 bigee 06/14/17 06:56:19 PM
#62036   https://www.otcmarkets.com/stock/pxyn/profile $Pistol Pete$ 06/13/17 08:34:42 PM
#62035   Somebody doesn't want this dropping below .007. Chi_XX_Town 06/13/17 05:28:40 PM
#62034   Show me the money pxyn bigee 06/13/17 12:55:46 PM
#62033   $PXYN soon $$$$$$ jjr04001 06/13/17 12:31:29 PM
#62032   Maybe 25 cents this week? If not SeanBoy 06/12/17 04:17:10 PM
#62031   Today's volume shows somebody knows something! Word is mikar 06/12/17 02:42:09 PM
#62030   Yes yes! And the people in here and Praxsyn Sucker 06/12/17 02:06:04 PM
#62029   3 years ago this wasn't a diluted pig Drugdoctor 06/10/17 11:11:29 PM
#62028   Thought for sure that we'd see 1 cent, SeanBoy 06/09/17 02:04:14 PM
#62027   DrugDoctor, I'm not sure if recall our chats about Mestopholis 06/08/17 12:16:00 PM
#62026   Something....anything REAL/TRUE! Praxsyn Sucker 06/07/17 04:15:07 PM
#62025   Selling products, making money, a 10k etc bigee 06/06/17 08:01:10 PM
#62024   I've lost track what are we waiting on Couch 06/06/17 04:18:53 PM
#62023   Without a doubt!!! SeanBoy 06/05/17 01:04:24 PM
#62022   Volume 82,000, up 5%. Our little gem making mikar 06/03/17 03:25:56 AM
#62021   VNDM needs to move first Axel 06/03/17 12:35:49 AM
#62020   Looks like this little darling is running again. SeanBoy 06/02/17 10:21:30 AM
#62019   24 cents is good for me bigee 06/01/17 06:37:32 PM
#62018   Of course with such a low O/S, it's SeanBoy 06/01/17 04:34:39 PM
#62017   it never hit 25 cents! 24 cents. More Praxsyn Sucker 06/01/17 03:37:24 PM
#62016   Any day now! Then the praxsyn shills will Praxsyn Sucker 06/01/17 03:35:22 PM
#62015   $PXYN Daily and Weekly Charts $Pistol Pete$ 05/31/17 03:43:33 PM
#62014   You'll be richly rewarded when it hits 25 SeanBoy 05/31/17 02:12:44 PM
#62013   I hope not because I'm buying more at. bigee 05/31/17 09:39:10 AM
#62012   Will our little gem be delisted today? mikar 05/31/17 09:03:08 AM
#62011   Looks like the big run is staring. Buckle-up! SeanBoy 05/30/17 03:47:13 PM
#62010   Thanks for proving to the praxsyn shills in Praxsyn Sucker 05/30/17 03:07:09 PM
#62009   HAHAHAHA! Praxsyn Sucker 05/30/17 03:00:15 PM
#62008   The SEC knows something. No filings! At best, this mikar 05/29/17 12:19:06 PM
#62006   For sure! Somebody knows something! SeanBoy 05/26/17 10:47:58 PM
#62005   Penny again Axel 05/26/17 07:42:44 PM
#62004   YES!!! And I am expecting more BIG GAINZ on Monday!!!! Chi_XX_Town 05/26/17 01:56:15 PM
#62003   Building strength $PXYN jjr04001 05/26/17 12:40:58 PM
#61997   Companies don't "morph into a totally new entity" Drugdoctor 05/25/17 08:46:06 AM
#61996   Exactly. Although I am not totally confident senderos 05/25/17 08:45:23 AM
#61995   Your posting something from a year ago? This Bearslayer 05/25/17 08:40:27 AM
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