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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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News News Alert: Notification That Quarterly Report Will Be Submitted Late (nt 10-q) 11/20/2017 07:33:17 AM
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
#62318   CHAPTER 453A - MEDICAL USE OF MARIJUANA https://www.leg.state.nv.us/NRS/NRS-453A mc67 11/17/17 03:37:10 PM
#62317   You need to relax a little bit. Greg Rhenarium 11/17/17 11:28:25 AM
#62316   $PXYN Come 'on Greg, Get your feet wet.. mc67 11/15/17 02:15:15 PM
#62315   $PXYN Daily and Weekly Charts http://www.stock $Pistol Pete$ 11/12/17 06:42:09 PM
#62314   Nobody wants to sell. Lol. bigee 11/08/17 03:11:14 PM
#62313   $PXYN waking up!!! jjr04001 11/05/17 03:28:12 AM
#62312   Slowly going up. bigee 11/03/17 11:14:35 AM
#62310   “Back at it”??? Lol.... no just don’t care Lighthouse 10/30/17 11:31:29 AM
#62309   Too funny!! Rhenarium 10/26/17 11:48:42 AM
#62308   Hmmm... more buying.... wash trades I’m sure.... right??? Lighthouse 10/24/17 05:44:31 PM
#62307   Finally let's go $PXYN jjr04001 10/19/17 02:21:38 PM
#62306   Bwahahahaha Lighthouse 10/19/17 10:06:19 AM
#62305   $PXYN: Very low resistance to upside......... looking for $0.05 makinezmoney 10/19/17 10:04:02 AM
#62304   $PXYN: Powering higher now... hits a $0.01 makinezmoney 10/19/17 09:56:46 AM
#62302   Ah... you are the wash trader.... thx for Lighthouse 10/18/17 02:53:18 PM
#62301   “Intelligent”??? Are these the same intelligent posters who Lighthouse 10/18/17 02:46:46 PM
#62300   I have been lucky enough to accumulate ANOTHER Chi_XX_Town 10/18/17 02:44:51 PM
#62299   The negative "narrative"??? Chi_XX_Town 10/18/17 02:42:35 PM
#62298   Hmmm... I'm sure you are right... it must Lighthouse 10/18/17 01:25:22 PM
#62297   I'm sorry, "more" news??? Chi_XX_Town 10/18/17 12:52:10 PM
#62296   There's life in the old girl yet!!! Rhenarium 10/18/17 12:46:15 PM
#62295   More news coming. bigee 10/17/17 05:21:22 PM
#62294   And yet another 2 million in buys again.... Lighthouse 10/17/17 02:27:08 PM
#62293   You sure about that??? Lighthouse 10/17/17 02:25:16 PM
#62292   LOL - different company - no relation to Drugdoctor 10/17/17 01:17:06 PM
#62291   http://www.c2ndiagnostics.com/our-company/our-team/ Lighthouse 10/17/17 12:32:06 PM
#62290   VP of operations... Lighthouse 10/17/17 12:30:22 PM
#62289   hmmm Lighthouse 10/17/17 12:28:41 PM
#62288   Keep shorting if your so sure. Bearslayer 10/17/17 12:20:06 PM
#62287   Praxsyn Corporation's financial reporting continues to be a Chi_XX_Town 10/17/17 12:10:37 PM
#62286   Praxsyn Corporation's financial reporting continues to be a Lighthouse 10/17/17 11:37:23 AM
#62285   Greg Sundem, Praxsyn's Chief Executive Officer, commented, "In Lighthouse 10/17/17 11:36:40 AM
#62284   Hmmmm.... Not "dead" yet I guess... would explain Lighthouse 10/17/17 10:44:00 AM
#62283   LAS VEGAS, NV / ACCESSWIRE / October 17, bigee 10/17/17 09:58:46 AM
#62281   Why the constant buying for the past month??? Lighthouse 10/16/17 05:57:07 PM
#62280   I never know what to think, if its BKeyesq 10/16/17 05:55:40 PM
#62279   This scam was exposed fully a couple years namtae 10/16/17 04:43:52 PM
#62278   Not sure how much more you guys need BKeyesq 10/16/17 04:09:47 PM
#62277   And more buying... again... I’m sure it’s nothing right??? Lighthouse 10/16/17 10:53:22 AM
#62275   And the hits just keep on coming...?? Lighthouse 10/12/17 05:11:44 PM
#62274   Another million in buys at the ask... hmmm... Lighthouse 10/12/17 10:45:20 AM
#62273   True, PXYN remains on life support until the namtae 10/12/17 09:35:34 AM
#62272   Actually, by pointing out that we have seen Chi_XX_Town 10/11/17 06:52:28 PM
#62270   "intelligent posters"??? Lol... thx for the humor. Ya Lighthouse 10/11/17 01:09:53 PM
#62269   I noticed PXYN has traded close to $8k namtae 10/11/17 12:58:41 PM
#62268   Why are you so convinced that it's nothing? Rhenarium 10/11/17 12:09:02 PM
#62267   No just in the last month. Many days Lighthouse 10/10/17 01:52:07 PM
#62266   What could it possibly mean???? Rhenarium 10/10/17 01:27:24 PM
#62265   And yet big volume buying continues... hmmm Lighthouse 10/10/17 11:31:38 AM
#62264   That wasn't me. Ask the mod's. nice try though. Bearslayer 10/09/17 06:09:35 PM
PostSubject