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Praxsyn Corp. (PXYN)

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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
#62145   3 or 4 years now all I've been Praxsyn Sucker 07/26/17 02:34:02 PM
#62144   So there was a report of even SeanBoy 07/26/17 02:23:53 PM
#62143   So this year, another letter is due(?), then mascale 07/26/17 02:12:21 PM
#62142   The next step should likely be another shareholder's SeanBoy 07/26/17 02:05:34 PM
#62141   Praxsyn filings report recent cash settlements. PXYN mascale 07/26/17 12:27:30 PM
#62140   Money is not an issueTrue, their issue is SeanBoy 07/26/17 11:12:42 AM
#62139   Who are you speaking with at the company? Bearslayer 07/26/17 07:44:04 AM
#62138   Money is not an issue, apparently, so should mascale 07/26/17 02:35:44 AM
#62137   Not even. Bearslayer 07/25/17 11:23:50 AM
#62136   Timbeeeerrrrr!! mikar 07/25/17 11:15:25 AM
#62135   Liens add to Quality Comp revenue--should be worth mascale 07/24/17 06:30:51 PM
#62134   $PXYN https://globenewswire.com/news-release/2017/07/12/1043021/0/en/PRESCRIPTIO $Pistol Pete$ 07/24/17 05:29:52 PM
#62133   $PXYN Daily and Weekly Ichimoku Chart http://s $Pistol Pete$ 07/24/17 03:08:15 PM
#62132   C'mon $PXYN , your time is now. jjr04001 07/23/17 09:37:05 AM
#62131   Probably a lot more where THAT came from!!! SeanBoy 07/21/17 10:22:32 PM
#62130   Good point, I didn't think of that!! Rhenarium 07/21/17 08:29:16 PM
#62129   Even Chi_XX_Town posts money from somewhere, to pay mascale 07/21/17 06:39:04 PM
#62128   ROTFLMAO!!! You are referring to THIS???? Chi_XX_Town 07/21/17 03:48:51 PM
#62127   Also a settlement end of last year, to mascale 07/21/17 03:07:12 PM
#62126   On June 28, a settlement was announced, money mascale 07/21/17 02:59:13 PM
#62125   What does "settlement paid (money)" refer to? PXYN Chi_XX_Town 07/21/17 02:11:58 PM
#62124   Settlement paid (money), new plan substituting for the mascale 07/21/17 11:54:15 AM
#62123   PXYN has money, revenue, and assets???? Chi_XX_Town 07/21/17 11:23:09 AM
#62122   Praxsyn has money, revenue, plans, assets: And mascale 07/20/17 09:16:41 AM
#62121   No doubt. Just don't think they can mix Bearslayer 07/19/17 03:30:24 PM
#62120   Nevada is Crisis! Not Enough MJ(?). . mascale 07/19/17 03:20:26 PM
#62119   New Praxsyn marketing is different. Shown in mascale 07/19/17 03:16:23 PM
#62118   Are you willing to say they are not collecting? Bearslayer 07/19/17 03:12:07 PM
#62117   Previously, Praxyn was trying to collect from Worker's SeanBoy 07/19/17 03:05:35 PM
#62116   Not sure the Nevada location could run that Bearslayer 07/19/17 02:51:10 PM
#62115   It's legal in Uruguay, in U.S. States, and mascale 07/19/17 08:55:34 AM
#62114   $MJ Uruguay’s Marijuana Law Turns Pharmacists Into Dealers https://nyti.ms/2uy7D mc67 07/19/17 07:53:20 AM
#62113   PXYN Business plan announcements are also not well mascale 07/18/17 06:19:28 PM
#62112   Lol. Thought it was just me. Bearslayer 07/18/17 05:53:22 PM
#62111   Please consider the following response applicable to your Chi_XX_Town 07/18/17 05:20:44 PM
#62110   And more newsy this year, so far(?)--even putting mascale 07/17/17 02:25:01 PM
#62109   Factoring a certain lien makes sense. Revenue is mascale 07/17/17 01:20:26 PM
#62108   Sub-penny stock with revenue(?) & cash(?)! Filings mascale 07/16/17 01:27:03 PM
#62107   $MJ Medical Marijuana Is Preferred by 93% of mc67 07/16/17 12:19:26 PM
#62106   $PXYN Performance Report http://www.barchart.com/d $Pistol Pete$ 07/16/17 10:29:43 AM
#62105   Settlement shows cash! Imminent report, too? PXYN has mascale 07/15/17 10:33:58 AM
#62104   Hang in there Senderos. Our time is coming. IMO Bearslayer 07/15/17 09:44:03 AM
#62103   I'm still holding a lot of shares, but senderos 07/15/17 09:34:35 AM
#62102   Are you holding any shares here? Pxyn! Bearslayer 07/15/17 09:14:28 AM
#62101   Pure cotton candy fluff with hot air pumping Drugdoctor 07/14/17 09:41:54 PM
#62100   Powerliens, e.g., is also in Carson, NV. mascale 07/13/17 12:45:11 PM
#62099   so.....PXYN to da moon???? Atlanta1 07/13/17 12:28:49 PM
#62098   DOJ unable to do MJ enforcement, in New mascale 07/13/17 12:26:43 PM
#62097   "PowerLiens" lists pharmacies like this, maybe like others. mascale 07/12/17 03:02:37 PM
#62096   Jul 12, 2017 09:30:00 (ET) Atlanta1 07/12/17 11:15:03 AM
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