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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
#58369  Sticky Note So what? Maybe he doesn't know the exact SeanBoy 06/25/16 01:32:47 PM
#62233   $PXYN #3516 12/5/17 IJN mc67 09/15/17 03:59:41 PM
#62232   News PRESCRIPTIONS ON LIEN FOR PERSONAL INJURY PATIENTS bigee 09/15/17 11:51:02 AM
#62231   You can do better due diligence than that Bearslayer 09/14/17 04:46:38 PM
#62230   You disagree the shills and clowns are gone Praxsyn Sucker 09/14/17 03:56:29 PM
#62229   $PXYN Daily and Weekly Chart http://stockchar $Pistol Pete$ 09/14/17 12:48:41 PM
#62228   $PXYN 15.361 #38-A11 mc67 09/14/17 02:04:42 AM
#62227   I disagree namtae 09/13/17 04:04:45 PM
#62225   Looks like all of the praxsyn shills and Praxsyn Sucker 09/13/17 03:43:48 PM
#62224   You know nothing, footwork has been ongoing.. go mc67 09/08/17 06:44:12 PM
#62222   Lets hope so.. the evidence in the lawsuits namtae 09/07/17 04:05:48 PM
#62221   oh yeah! been hearing that krapola for 5 Praxsyn Sucker 09/07/17 03:16:32 PM
#62220   YES! Praxsyn Sucker 09/07/17 03:11:52 PM
#62219   Uh-huh! mesa is legit but praxsyn isn't. All Praxsyn Sucker 09/07/17 03:08:17 PM
#62218   PXYN will open like the EASTER LILLY, next year.....;) kennyt 335 09/04/17 02:19:55 PM
#62217   PXYN is folding like a cheap suit! mikar 09/04/17 12:52:43 PM
#62216   Great things take time to unfold. bigee 09/01/17 08:20:10 PM
#62215   Things have really moved along for PXYN since namtae 09/01/17 11:20:38 AM
#62212   Oh you must be an sec employee to Bearslayer 08/26/17 12:34:47 PM
#62211   No one's coming around except the SEC to Drugdoctor 08/26/17 11:58:00 AM
#62210   ROTFLMAO!! mikar 08/24/17 09:19:35 PM
#62209   $PXYN Daily and Weekly Ichimoku Chart http://s $Pistol Pete$ 08/21/17 09:39:48 PM
#62208   Notification That Quarterly Report Will Be Submitted Late Bearslayer 08/16/17 10:02:54 AM
#62207   Senderos I don't pay for pm. But I'm guessing Bearslayer 08/16/17 08:01:14 AM
#62206   $PXYN Daily and Weekly Charts http://www.stock $Pistol Pete$ 08/16/17 07:44:01 AM
#62205   Glad to see you guys are coming around. Bearslayer 08/14/17 03:42:26 PM
#62204   Locked and loaded!!! Good plan. No doubt SeanBoy 08/14/17 03:28:10 PM
#62203   What's your point? The fact that the CEO Chi_XX_Town 08/14/17 02:52:49 PM
#62201   There is a pinch of the MACD and jjr04001 08/13/17 03:45:53 PM
#62198   Yea, and having another lying CEO filing false Drugdoctor 08/12/17 10:41:56 AM
#62197   Wow you must know something? Care to share SeanBoy 08/12/17 10:35:47 AM
#62196   NYSE? Wow you must know something? Care to Bearslayer 08/12/17 10:24:08 AM
#62195   Hope your locked and loaded.Of course, can't wait SeanBoy 08/12/17 10:19:20 AM
#62194   Hey Sean, Great to see you here again. Hope Bearslayer 08/12/17 09:25:36 AM
#62193   So when financials come outDon't you mean "if SeanBoy 08/12/17 08:56:38 AM
#62192   So when financials come out we will see Bearslayer 08/12/17 08:11:30 AM
#62191   So current management has not done ANYTHING to Drugdoctor 08/11/17 11:15:02 AM
#62190   Kurtz is gone as you know and the Bearslayer 08/11/17 10:45:05 AM
#62189   So - did Amy Summers and Ed Kurtz Drugdoctor 08/11/17 10:36:16 AM
#62188   And when it runs will you be here Bearslayer 08/11/17 10:17:47 AM
#62187   Praxsyn Fraud - Scammers at work! Drugdoctor 08/10/17 10:00:43 PM
#62186   $PXYN (Industry related) As opioid crisis flares, naturopaths mc67 08/09/17 03:23:22 PM
#62185   $PXYN (Industry related) The state hardest hit by mc67 08/09/17 03:20:40 PM
#62184   $PXYN (Industry related) Overcoming opioids: Hospitals look to mc67 08/09/17 03:14:04 PM
#62183   $PXYN (Industry related) Trump held 'major briefing' on mc67 08/09/17 03:10:42 PM
#62182   $PXYN (Industry related) Kellyanne Conway: US 'currently on mc67 08/09/17 03:07:54 PM
#62181   $PXYN (Industry related) Opioid Crisis: Lawmakers Look For mc67 08/09/17 03:06:27 PM
#62180   $PXYN (Industry related) Opioid Epidemic Worsens, Trump Vows mc67 08/09/17 03:03:44 PM
#62179   AMEN! Praxsyn Sucker 08/09/17 02:42:56 PM
#62178   Good Luck with this one! LMAO mikar 08/08/17 10:54:51 PM
#62177   $PXYN (Industry related) Trump Supporters At The Epicenter mc67 08/06/17 04:46:19 PM
PostSubject