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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
#62006   For sure! Somebody knows something! SeanBoy 05/26/17 10:47:58 PM
#62005   Penny again Axel 05/26/17 07:42:44 PM
#62004   YES!!! And I am expecting more BIG GAINZ on Monday!!!! Chi_XX_Town 05/26/17 01:56:15 PM
#62003   Building strength $PXYN jjr04001 05/26/17 12:40:58 PM
#61997   Companies don't "morph into a totally new entity" Drugdoctor 05/25/17 08:46:06 AM
#61996   Exactly. Although I am not totally confident senderos 05/25/17 08:45:23 AM
#61995   Your posting something from a year ago? This Bearslayer 05/25/17 08:40:27 AM
#61994   Those from Orange County charged and arrested Tuesday Drugdoctor 05/25/17 08:29:54 AM
#61993   500,000 @ .018 lol namtae 05/24/17 01:29:08 PM
#61992   $PXYN Daily and Weekly Chart http://stockchar $Pistol Pete$ 05/24/17 12:53:15 PM
#61991   About to move again. bigee 05/23/17 05:07:15 PM
#61990   All of the revenue when this stock broke BKeyesq 05/23/17 03:25:19 PM
#61989   Circling the drain. Seems like you guys BKeyesq 05/23/17 03:21:26 PM
#61988   At last the wait is over! SeanBoy 05/23/17 10:22:29 AM
#61987   Good volume today, looks like something is cooking. SeanBoy 05/22/17 12:38:52 PM
#61986   I do. Anybody works? bigee 05/22/17 08:59:32 AM
#61985   Folder empty bigee 05/21/17 09:18:45 PM
#61984   Not sure why? I think you have Lordlordlandlord 05/21/17 09:18:08 PM
#61983   Link not working bigee 05/21/17 05:45:47 PM
#61982   Good luck to ya'll and maybe the company Lordlordlandlord 05/21/17 04:15:58 PM
#61981   Actually, I do have a video I shot Lordlordlandlord 05/21/17 04:07:43 PM
#61980   Any pictures of this? bigee 05/21/17 12:12:30 PM
#61979   The sky is falling AGAIN?! jonnyb 05/21/17 09:55:57 AM
#61978   My trip to LA last time about this Lordlordlandlord 05/20/17 09:32:06 PM
#61977   I've got a feeling it all happens next SeanBoy 05/20/17 08:44:36 AM
#61976   Hopefully soon bigee 05/19/17 05:34:57 PM
#61975   We need someone to STEP UP and say Chi_XX_Town 05/19/17 03:05:34 PM
#61974   TIMBEEEERRRRRRR!!! mikar 05/18/17 02:13:18 PM
#61973   And close to "trips" right.... bwahahahaha.... Lighthouse 05/16/17 11:35:52 AM
#61972   Near the penny marker?? .0081 is 19% below mikar 05/16/17 01:08:45 AM
#61971   I have no idea Chi. But what I neophyte184 05/15/17 12:48:52 PM
#61970   Someone doesn't want this ticker falling below a Chi_XX_Town 05/15/17 12:37:14 PM
#61969   Nothing is falling… LOL wishful thinking on someone's neophyte184 05/14/17 10:41:52 AM
#61968   yes, ten years ago steve9465 05/12/17 08:02:12 PM
#61966   Any update here from company about revenue? davidegoh 05/12/17 12:14:17 PM
#61965   Been busy lately. All has come to pass DartmouthDan 05/11/17 06:47:47 PM
#61964   Something falling? jonnyb 05/11/17 02:49:01 PM
#61963   TIMBEEEEERRRRRRRR!!! mikar 05/11/17 12:23:17 PM
#61962   Thought so. Thx for the info. Lighthouse 05/10/17 04:58:19 PM
#61961   Lol..I said "sorry, wrong number" and hung up. Chi_XX_Town 05/10/17 03:42:34 PM
#61960   Don't expect a real answer. Imo Bearslayer 05/10/17 03:14:04 PM
#61959   Lol... so you hung up or actually asked Lighthouse 05/10/17 02:55:02 PM
#61958   I did call back and this time the Chi_XX_Town 05/10/17 02:21:24 PM
#61957   Really?? Try again. I just got off the phone Bearslayer 05/10/17 12:16:38 PM
#61956   Called 702.637.0817, got a generic message stating that Chi_XX_Town 05/10/17 10:47:14 AM
#61955   "Get in now, before we announce our business plans!" Chi_XX_Town 05/10/17 10:28:02 AM
#61954   $PXYN Nevada Health Rx mc67 05/10/17 04:05:17 AM
#61953   $PXYN Foundational steps are being made.. business plans mc67 05/10/17 03:33:56 AM
#61952   Moving out of $PXYN does indeed help dead Drugdoctor 05/09/17 09:56:11 PM
#61951   Mostly bad!! mikar 05/09/17 06:02:05 PM
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