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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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#60647  Sticky Note $PXYN Mesa Pharmacy Commences New Line of Business $Pistol Pete$ 11/30/16 07:57:43 PM
#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
#60757   You short here brother?? LOL seems like a neophyte184 12/07/16 11:54:40 PM
#60756   $PXYN check out this link and see PXYN $Pistol Pete$ 12/07/16 10:44:01 PM
#60755   Haha... better luck next time my friend... Lighthouse 12/07/16 06:36:14 PM
#60754   OMG!!! Not the old "do your own DD" line!!! Chi_XX_Town 12/07/16 06:32:41 PM
#60752   Thx for your inherent wisdom...lol... might try digging Lighthouse 12/07/16 06:30:49 PM
#60750   So let's see... 25 million on pxyn under Lighthouse 12/07/16 06:27:50 PM
#60747   I called the company and left a message senderos 12/07/16 06:11:26 PM
#60746   Soooo, you didn't invest when you could have Lighthouse 12/07/16 05:41:09 PM
#60745   Wass, most of the current heads are the Chi_XX_Town 12/07/16 03:16:28 PM
#60744   Chi Town- I respect your numbers and logic. Wass 12/07/16 02:46:40 PM
#60743   The company will come back to life Wass. Chi_XX_Town 12/07/16 02:26:37 PM
#60742   $PXYN Daily and Weekly Ichimoku Chart http://s $Pistol Pete$ 12/07/16 12:01:22 PM
#60741   $12k buyer now on the bid. :-) PXYN neophyte184 12/07/16 09:37:32 AM
#60740   Let us know how it goes bigee 12/07/16 07:33:31 AM
#60739   Has anyone talked to the CEO, Greg Sundem, senderos 12/07/16 07:17:30 AM
#60738   Still nothing from the company? 3 Q's Drugdoctor 12/07/16 06:08:04 AM
#60736   The pump was done many weeks ago (if neophyte184 12/06/16 05:47:53 PM
#60735   If this is a pump then what is bigee 12/06/16 01:11:16 PM
#60734   Looks like the "pump" is done and the Praxsyn Sucker 12/06/16 10:59:28 AM
#60733   Who can help to slap 0.012. Thanks. davidegoh 12/06/16 10:56:37 AM
#60732   Well I guess then it is agree to neophyte184 12/06/16 08:15:54 AM
#60731   Well said. Anyone who has taken the time Lighthouse 12/05/16 10:53:38 PM
#60730   I don't believe they will say much, this mc67 12/05/16 09:37:13 PM
#60729   $PXYN Daily Chart $Pistol Pete$ 12/05/16 09:18:07 PM
#60728   We just went back down almost a penny YJ4LIFE 12/05/16 07:14:16 PM
#60727   If we cannot get news this week and davidegoh 12/05/16 07:00:08 PM
#60726   Neo, my concern with charting is it doesn't Wass 12/05/16 04:37:51 PM
#60725   I am extremely confident that I will be neophyte184 12/05/16 04:05:52 PM
#60724   No surprise there. Promising trips for about 3 Lighthouse 12/05/16 03:59:25 PM
#60723   You couldn't be more wrong. Just shows me Bearslayer 12/05/16 03:34:44 PM
#60722   Hope you're right Neo Wass 12/05/16 03:26:28 PM
#60721   Here comes the buying. :-) PXYN neophyte184 12/05/16 03:22:33 PM
#60720   Your garage; my treasure. There i bought bigee 12/05/16 02:38:32 PM
#60719   any garbage can be traded. Atlanta1 12/05/16 01:55:27 PM
#60718   The volume today makes me think we might neophyte184 12/05/16 01:52:56 PM
#60717   So then tell me why they would bother neophyte184 12/05/16 01:48:44 PM
#60716   There is no brass and they have been mikar 12/05/16 01:45:40 PM
#60715   Oh no, this will be a dime in SeanBoy 12/05/16 01:30:59 PM
#60714   I see a penny holding here today. Let's neophyte184 12/05/16 01:15:48 PM
#60713   The company will come back to life Wass. neophyte184 12/05/16 01:14:56 PM
#60712   Can't ever know what weak hands will do neophyte184 12/05/16 01:11:48 PM
#60711   Very depressing. A run up on no news, Wass 12/05/16 01:07:59 PM
#60710   We need news to turn this around!!!! bigee 12/05/16 12:59:30 PM
#60709   I guess all that stuff about a "big Atlanta1 12/05/16 12:46:47 PM
#60708   Anyone selling here is making a HUGE mistake! neophyte184 12/05/16 12:41:53 PM
#60707   Not bad. .01 holding on the bid. Ask neophyte184 12/05/16 11:58:26 AM
#60706   How's L2 looking bigee 12/05/16 11:42:03 AM
#60705   Watching for the monster bounce now! PXYN$$$$ neophyte184 12/05/16 11:40:29 AM
#60704   It's creating a wall. Always good. Just not bigee 12/05/16 11:36:09 AM
#60703   Something tells me once those shares get eaten neophyte184 12/05/16 11:34:20 AM
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