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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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#58369  Sticky Note So what? Maybe he doesn't know the exact SeanBoy 06/25/16 01:32:47 PM
#58212  Sticky Note Update-to-Letter-to Praxsyn-Corporation’s-Shareholders-from-its-Chairman-and- Drugdoctor 06/21/16 04:39:55 PM
#57099  Sticky Note These PROFITS were SEC filed.... Drugdoctor 05/06/16 11:09:48 AM
#49904  Sticky Note Praxsyn LONGS - VERY IMPORTANT... Drugdoctor 11/19/15 08:22:43 AM
#45066  Sticky Note $PXYN ~ Praxsyn Corporation due diligence report $Pistol Pete$ 09/30/15 02:21:11 AM
#59446   $PXYN Check this out !! mc67 09/28/16 06:27:26 PM
#59445   $PXYN stuck in the Ben-Gay Culture!! mikar 09/28/16 12:52:57 PM
#59442   $PXYN The California Cannabis Culture is all around mc67 09/27/16 04:46:06 PM
#59439   $PXYN BEN GAY ALL THE WAY!! mikar 09/27/16 02:39:17 PM
#59438   $PXYN Marijuana BAM BAM U Know U CAN !!! mc67 09/27/16 02:19:41 PM
#59437   How many years has it been since the Couch 09/27/16 01:46:16 PM
#59436   New 52wk low getting closer and closer!! Trips no mikar 09/27/16 11:19:46 AM
#59435   Don't hold your breath. And if they ever file mikar 09/27/16 11:16:22 AM
#59433   They will hit Mikar. PXYN$$$$ neophyte184 09/27/16 11:14:42 AM
#59432   I see that bud. Splash59 09/27/16 11:08:42 AM
#59431   Someone is accumulating another big position :-) Drugdoctor 09/27/16 10:54:58 AM
#59430   Oh-4-2. Not suspended. Rhenarium 09/27/16 10:36:51 AM
#59429   No, not suspended at all. Splash59 09/27/16 09:33:16 AM
#59428   Did this get suspended? Looked like a good jjr04001 09/26/16 02:31:22 PM
#59427   $PXYN We Need The Weed !!! mc67 09/26/16 01:48:09 PM
#59426   Yes, I am sure that when "the filings" Rhenarium 09/26/16 01:09:44 PM
#59425   You mean IF the filings hit!! mikar 09/26/16 10:23:33 AM
#59424   When the filings hit, we will see just neophyte184 09/25/16 11:01:42 PM
#59422   I wish! And I agree they should get neophyte184 09/23/16 01:32:36 PM
#59421   Look at that bid!!! Rhenarium 09/23/16 01:10:46 PM
#59420   $PXYN YOU WANNA BEN - GAY?? mikar 09/23/16 10:13:07 AM
#59419   We know that "few" is more than 12(?), mascale 09/22/16 06:02:01 PM
#59418   I don't mind the lack of filing, Rebuilding mc67 09/22/16 01:58:57 PM
#59417   The recent upside pressure is my partial short namtae 09/22/16 01:51:05 PM
#59416   PXYN up namtae 09/22/16 01:51:04 PM
#59415   Yes INDEED!!! Rhenarium 09/22/16 12:58:31 PM
#59414   Nice to see some traction here. Our time neophyte184 09/22/16 12:30:19 PM
#59413   $PXYN 1356 MARIJUANA !!! GwTp mc67 09/22/16 01:59:47 AM
#59412   Rumor is Sundem finally collected one clam for mikar 09/21/16 08:17:44 PM
#59411   It definitely has room to breathe now! mikar 09/21/16 08:15:38 PM
#59410   Nice volume today!! Looks like our little gem Rhenarium 09/21/16 05:26:09 PM
#59409   PXYN firming up at 2/10ths of a penny LMAO namtae 09/21/16 03:48:17 PM
#59408   I have been monitoring the parking lot closely Rhenarium 09/20/16 01:19:58 PM
#59407   Rather disappointing to say the least.......maybe a 3rd Couch 09/19/16 06:50:09 PM
#59406   $PXYN 1356 mc67 09/19/16 04:22:52 PM
#59405   Has anyone checked the parking lot lately? mikar 09/19/16 03:06:13 PM
#59404   $PXYN Get with the program, MARIJUANA !!! mc67 09/19/16 06:03:19 AM
#59403   PXYN is still a viable company. bonamassa 09/18/16 11:28:06 AM
#59402   BWAHAHAHAHAHAHA mikar 09/17/16 02:50:02 PM
#59401   $PXYN You Wanna Marijuana !!! mc67 09/16/16 03:01:57 PM
#59399   So.... Um... Is this company still operating or what? dippyfloppity 09/16/16 01:56:23 PM
#59398   Was the question in this post was ever Rhenarium 09/16/16 12:28:11 PM
#59397   Starter MMJ Links: $PXYN - For The Board mc67 09/15/16 01:35:21 PM
#59396   So you've been making 10% a day trading mikar 09/15/16 01:06:14 PM
#59395   $PXYN ADD Marijuana !! - eom mc67 09/15/16 01:05:45 PM
#59394   Currently a substantial bid 10% higher than the Rhenarium 09/15/16 01:01:43 PM
#59393   They have been lying for over 2 years mikar 09/15/16 10:38:15 AM
#59392   Definitely has room to breathe now mikar 09/14/16 08:50:48 PM
#59391   $PXYN Needs To Ride The Oncoming California Marijuana mc67 09/14/16 11:30:17 AM
#59390   Nice bid! Rhenarium 09/14/16 10:43:51 AM
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