SureTrader SureTrader Nadex Advertisement SureTrader
Home > Boards > US OTC > Medical - Drugs >

Praxsyn Corp. (PXYN)

PXYN RSS Feed
Add PXYN Price Alert      Hide Sticky   Hide Intro
Moderator: Atlanta1, Drugdoctor, neophyte184, SeanBoy, Couch , $Pistol Pete$
Search This Board: 
Last Post: 2/19/2017 4:22:20 PM - Followers: 303 - Board type: Free - Posts Today: 23

Ad by Insta ShareXXAd by Insta ShareXX
 

 

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

Praxsyn Corporation GlobeNewswire
  • ?


  •  

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
  •  
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y
PXYN
Current Price
Volume:
Bid Ask Day's Range
SureTrader
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
#57099  Sticky Note These PROFITS were SEC filed.... Drugdoctor 05/06/16 11:09:48 AM
#61326   Now that I think of it, there is neophyte184 02/19/17 04:22:20 PM
#61325   Could be the reason there is a new Bearslayer 02/19/17 03:53:17 PM
#61324   It would be amazing if it happened… I wish neophyte184 02/19/17 03:40:21 PM
#61323   I'm holding this long term if it's the bigee 02/19/17 03:37:38 PM
#61322   I had heard rumblings of this months back, neophyte184 02/19/17 03:29:13 PM
#61321   Lol. Between you and me alone, we could neophyte184 02/19/17 03:24:06 PM
#61320   Explains the Bashers too phinehas 02/19/17 03:14:43 PM
#61319   Only explains those 500k buys at .007. And bigee 02/19/17 03:14:02 PM
#61318   I we agree, its possible and financially huge! phinehas 02/19/17 03:13:00 PM
#61317   Think about it guys why move to nevada.. bigee 02/19/17 03:10:59 PM
#61316   Could be huge! phinehas 02/19/17 03:08:16 PM
#61315   What are the chances this company changes to bigee 02/19/17 03:04:25 PM
#61314   Can't wait to see what this week brings phinehas 02/19/17 02:18:39 PM
#61313   I know of multiple people buying. Things are Bearslayer 02/19/17 02:05:13 PM
#61312   From the looks of it, someone has been neophyte184 02/19/17 01:54:23 PM
#61311   $PXYN Praxsyn’s Move of Corporate Headquarters to Nevada $Pistol Pete$ 02/19/17 01:49:25 PM
#61310   We are due for a big run senderos. neophyte184 02/19/17 01:48:14 PM
#61309   $PXYN Daily Chart $Pistol Pete$ 02/19/17 01:47:11 PM
#61308   There is little doubt that we are ready senderos 02/19/17 01:46:04 PM
#61307   Thanks Pete! Would you just look at that MACD!! neophyte184 02/19/17 01:36:23 PM
#61306   $PXYN Weekly Chart $Pistol Pete$ 02/19/17 01:31:27 PM
#61305   Excellent. As you know, the key to neophyte184 02/19/17 12:48:46 PM
#61304   Looking good so far $Pistol Pete$ 02/19/17 12:09:02 PM
#61303   Yessir!!!!!! I added this week myself. How could I neophyte184 02/18/17 07:57:58 PM
#61302   You assumed correctly my friend ;-) $PXYN Papa Bear 02/18/17 07:51:50 PM
#61301   Great to see you here bro! I assume neophyte184 02/18/17 07:49:26 PM
#61300   I believe you might be correct brother. The neophyte184 02/18/17 07:47:38 PM
#61299   With a few of the same whiners here Bearslayer 02/18/17 06:05:48 PM
#61298   I would agree phinehas 02/18/17 05:32:47 PM
#61297   There is no doubt there is a small jonnyb 02/18/17 05:11:30 PM
#61296   Looks like it is getting closer here :) Papa Bear 02/18/17 05:03:01 PM
#61295   Welcome PB! Get ready for the big Green phinehas 02/18/17 04:53:17 PM
#61294   Good afternoon to all! $PXYN Papa Bear 02/18/17 04:30:40 PM
#61293   All the subtle indications are there… Soon to neophyte184 02/18/17 03:29:33 PM
#61292   Perhaps. I have come to the point where neophyte184 02/18/17 03:26:08 PM
#61291   They want it down just because they sold bigee 02/18/17 03:21:10 PM
#61290   Agree, imo steady flow PRs to come phinehas 02/18/17 03:19:13 PM
#61289   They always return as soon as there is neophyte184 02/18/17 03:17:12 PM
#61288   Hahaha. Indeed. I have a feeling we are neophyte184 02/18/17 03:15:56 PM
#61287   Hey neo have you noticed shorts coming out bigee 02/18/17 03:13:20 PM
#61286   Agree, i see the light getting closer :-D phinehas 02/18/17 03:06:04 PM
#61285   Glad to hear it phinehas. Best to get neophyte184 02/18/17 03:04:58 PM
#61284   Not necessary to wait in order to see namtae 02/18/17 02:31:10 PM
#61283   I will be adding more of these cheapies phinehas 02/18/17 02:25:00 PM
#61282   I can't wait to see what the future phinehas 02/18/17 02:23:52 PM
#61281   Nice find Bear! neophyte184 02/18/17 12:55:11 PM
#61280   Not necessarily. Here is a praxsyn filing. http://nvsos.gov/sosentitysearch/C Bearslayer 02/18/17 12:43:10 PM
#61279   It would appear their CFO is no longer pj3 02/18/17 12:38:09 PM
#61278   Also If anyone does there DD they would have Bearslayer 02/18/17 12:31:58 PM
#61277   "Company awakening" I've been reading $PXYN company profiles mc67 02/18/17 12:19:03 PM
PostSubject