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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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#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
#61055   Hmmmm.... ;) Lighthouse 01/19/17 04:50:39 PM
#61054   Thanks for sharing your DD. It's especially credible Rhenarium 01/19/17 12:41:44 PM
#61053   Agreed short term gains is to high need klce 01/19/17 12:09:23 PM
#61052   Thanks Pete! Chi_XX_Town 01/19/17 12:08:27 PM
#61050   Very likely Bear. Watching. PXYN neophyte184 01/19/17 12:01:56 PM
#61049   Imagine we will see a burst of volume Bearslayer 01/19/17 10:04:56 AM
#61048   Agreed. The quiet is difficult. Watching... neophyte184 01/19/17 09:39:52 AM
#61047   We need news bigee 01/19/17 09:36:27 AM
#61046   $PXYN Weekly Chart $Pistol Pete$ 01/18/17 09:43:03 PM
#61045   Hopefully he reduces the capital gains on stocks bigee 01/18/17 03:19:14 PM
#61044   Agreed! Most of these people in here still Praxsyn Sucker 01/18/17 01:21:36 PM
#61043   Nah. This is the Donald we are talking about. Bearslayer 01/18/17 12:56:02 PM
#61042   Big day Friday. We have to see what bigee 01/18/17 10:30:33 AM
#61041   why? Atlanta1 01/18/17 09:41:32 AM
#61040   Hmmm hope not. Hard to say how it neophyte184 01/18/17 09:38:20 AM
#61039   The whole market is going to be dump bigee 01/18/17 09:35:58 AM
#61038   Sigh... agreed... Drugdoctor 01/18/17 07:41:16 AM
#61037   Yeah no SEC filings and you are throwing Couch 01/18/17 07:31:42 AM
#61035   Hmmm... looks like pxyn renewed business license..... lol... Lighthouse 01/17/17 08:32:39 PM
#61034   More big GAINZ today!! Chi_XX_Town 01/17/17 04:54:32 PM
#61033   The core Praxsyn people won't be in orange mc67 01/17/17 03:11:58 PM
#61032   I stopped worrying years ago with these people. Praxsyn Sucker 01/17/17 02:44:22 PM
#61029   ..don't worry, the price will go back up mc67 01/17/17 01:24:09 PM
#61028   Yep! it's all my fault! Tell me where Praxsyn Sucker 01/17/17 01:20:56 PM
#61027   Yep! it's all my fault! Praxsyn Sucker 01/17/17 01:18:14 PM
#61025   ..you're missing the point of the post.. it's mc67 01/17/17 12:31:12 PM
#61024   Old news that is irrelevant at best, phony Praxsyn Sucker 01/17/17 11:56:19 AM
#61023   Yep...the pump is over and now the dump. Praxsyn Sucker 01/17/17 11:37:47 AM
#61022   Nice to see some green today bigee! PXYN neophyte184 01/17/17 10:55:24 AM
#61021   I'm ready for .02. Let's get there bigee 01/17/17 10:53:01 AM
#61018   Maybe smart money would have sold over .015 Drugdoctor 01/14/17 08:10:37 PM
#61015   Exactly, so a whole year of no SEC Drugdoctor 01/14/17 12:57:18 PM
#61014   .These PROFITS were SEC filed.... mc67 01/14/17 12:41:00 PM
#61013   Noted. Bearslayer 01/14/17 12:30:09 PM
#61012   I'm holding out for .002's again... thanks... Drugdoctor 01/14/17 12:29:37 PM
#61010   Looks like the natives are jumping off the Drugdoctor 01/14/17 11:24:43 AM
#61009   Good buy. Ready to rock. Bearslayer 01/14/17 10:22:13 AM
#61008   $PXYN added today $Pistol Pete$ 01/13/17 05:21:59 PM
#61007   This POS is headed to no bid! mikar 01/13/17 05:18:18 PM
#61006   Why did it hit 0.0016 then? John_Langston 01/13/17 04:33:46 PM
#61005   It will never get that low because I'll jonnyb 01/13/17 04:31:21 PM
#61004   Looks like PXYN is headed back to 0.0016. John_Langston 01/13/17 01:28:28 PM
#61003   Congratulations to everyone who was able to pick SeanBoy 01/12/17 07:35:44 PM
#61002   Agreed, great post!!! Chi_XX_Town 01/12/17 04:35:25 PM
#61001   Yes it is a rather obvious strategy for jonnyb 01/12/17 04:18:44 PM
#61000   I see a lot of people wants this bigee 01/12/17 04:13:31 PM
#60999   I was told a while ago PXYN was namtae 01/12/17 02:35:09 PM
#60998   Looks like you're the only one that thinks mikar 01/12/17 02:04:31 PM
#60997   I'm guessing that your POS acronym stands for jonnyb 01/12/17 10:22:10 AM
#60996   You might want to check your research. Mine jonnyb 01/12/17 10:19:06 AM
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