Cannabis Report
Home > Boards > US OTC > Medical - Drugs >

Praxsyn Corp. (PXYN)

PXYN RSS Feed
Add PXYN Price Alert      Hide Sticky   Hide Intro
Moderator: Drugdoctor
Search This Board: 
Last Post: 9/11/2018 10:14:16 PM - Followers: 272 - Board type: Free - Posts Today: 0

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
  •  
Cannabis Report
PXYN
Current Price
Volume:
Bid Ask Day's Range
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y
PlusOneCoin Top Posts
No plusone'd posts yet. Be the first!
PostSubject
#62448   $PXYN #1-5613-1 mc67 09/11/18 10:14:16 PM
#62447   Great news and volume picking up. Splash59 09/11/18 03:44:20 PM
#62445   Nothing will happen, this is a scam... Drugdoctor 09/10/18 10:58:52 PM
#62444   $PXYN There's a new Boss in town... let's mc67 09/10/18 10:51:59 PM
#62443   another rat jumps the sinking ship, still owed Atlanta1 09/10/18 08:40:32 AM
#62442   741,000,000 O/S ?? JohnCM 09/10/18 07:46:34 AM
#62440   Cover mc67 09/07/18 02:19:45 PM
#62439   Beginning of the end?? namtae 09/07/18 01:02:04 PM
#62438   Beginning of the end?? HAHAHAHAHA mikar 09/07/18 12:58:49 PM
#62437   Looks like the beginning of the end for Drugdoctor 09/07/18 08:57:26 AM
#62436   $PXYN .. a new beginning ? Hemp mc67 09/06/18 01:14:52 PM
#62435   cover while it's good .. mc67 09/05/18 04:02:40 PM
#62434   Didnt I warn everyone about this scam years namtae 09/05/18 03:54:33 PM
#62433   TIMBEEEEERRRRR!! mikar 09/05/18 03:50:24 PM
#62432   $PXYN The beginning of a little test run mc67 09/04/18 05:34:37 PM
#62431   Good work.. ;) mc67 08/24/18 11:10:39 AM
#62430   Perhaps, in any case they are clearly evolving intrepidsleuth 08/24/18 10:51:33 AM
#62429   $PXYN Maybe Greg is becoming open-minded.. along w/those mc67 08/23/18 03:21:12 PM
#62428   Obviously they are involved in continued business development/revenue production intrepidsleuth 08/23/18 01:45:25 PM
#62427   Curious, registered Nevada corporations: intrepidsleuth 08/23/18 12:56:37 PM
#62426   I warned everyone along time ago about this mikar 08/09/18 12:44:40 PM
#62425   About to pop soon bigee 08/08/18 08:49:13 AM
#62424   Incredible $PXYN is still trading at all... Drugdoctor 08/03/18 01:45:30 AM
#62423   $PXYN Greg and the board need to give mc67 07/18/18 02:40:26 PM
#62422   Time to buy more now. bigee 07/11/18 05:26:04 AM
#62421   looks like the rats are fleeing the ship. Atlanta1 07/10/18 01:40:59 PM
#62420   $PXYN 126 results for Prax-Rx/Nevada Health Rx Storefront mc67 06/27/18 10:43:30 AM
#62419   Great day on pxyn and paog!! bigee 06/11/18 04:19:15 PM
#62418   Sigh.... there is no $PXYN program, just a Drugdoctor 06/10/18 11:28:40 AM
#62417   $PXYN GREG - Medical Marijuana support products , mc67 05/30/18 02:05:48 PM
#62416   $PXYN Wake up Greg, CBD 'n CBD support.. mc67 05/30/18 02:00:44 PM
#62415   Ah ha. So PXYN is nothing but a shell? Rocketstockpix 05/26/18 08:15:50 AM
#62414   None of that information is current. The pj3 05/25/18 07:29:13 PM
#62413   Oh yes, it's an awesome stock - anyone Drugdoctor 05/25/18 06:27:43 PM
#62412   scam?? 66m in revs, over 100 employees Rocketstockpix 05/25/18 10:49:48 AM
#62411   $PXYN Daily and Weekly Chart http://stockchar $Pistol Pete$ 05/22/18 07:04:57 AM
#62410   Pxyn soon to pop bigee 05/21/18 08:46:40 PM
#62409   ..blank msg's.. mmh so many ignores.. in effect mc67 05/21/18 08:28:54 PM
#62407   Yes, agree - $PXYN = pureplay scam... Drugdoctor 05/21/18 08:18:43 PM
#62406   $PXYN Greg CBD's are getting hot !! What mc67 05/21/18 07:55:36 PM
#62405   They similar when they push news, they bigee 05/21/18 07:24:18 PM
#62403   Well another filing date has come and gone... Drugdoctor 05/16/18 11:32:34 PM
#62402   Great news bigee 05/13/18 04:29:38 PM
#62401   SEC makes rule on 'naked' short-selling permanent mc67 05/12/18 02:13:33 PM
#62400   $PXYN Trading GhM53617 mc67 05/11/18 06:05:45 PM
#62399   Penntland soon. bigee 05/01/18 08:15:12 PM
#62398   $PXYN 1-16 of 99 results for "Prax-Rx/Nevada Health Rx" mc67 05/01/18 09:44:49 AM
#62397   Wow many products on Amazon. Great find! YJ4LIFE 05/01/18 09:40:42 AM
#62396   $PXYN on Amazon Prax-Rx/Nevada Health Rx https://www.amazon.com/s?ie=UTF8&me=A1 mc67 04/20/18 06:29:54 PM
#62395   You might want to check that file number. tiberius23 04/18/18 07:20:03 PM
PostSubject