Praxsyn Corp (PXYN)

[tutankhamen]

To Review:

1. Merger executed March 31, 2014; complex but audited 10-K submitted (late); Pet Airways debt retired
2. PraXsyn name change in process; PAWS ticker change initiated
3. 40 Employees; buildout for expansion opportunitie initiated
4. Licensed in CA and now WI and IL
5. New in-office services initiated; Garbino heading expansion
6. $3M in sales in Nov 2013 is now $11M in April
7. Based on April numbers only for CA only; $123M 2014 Sales
8. 256M shares O/S, 73M shares float; 1.2M shares traded daily
9. Based on yesterday's closing price; $15.4M market cap (12% of 2014 sales)
10. Market cap is usually 110% of sales = $135M or 10x current level for 2014
11. 10-q Q1 numbers coming (is late) which as noted won't be too interesting as they will be Pet Airways numbers perhaps with another proforma update
12. Hydrocodone reclassification requiring PCP visits is catalyst driving sales boom along with pain management group signups (ie. Trestle Pain etc.)
13. Workman's comp claim reimbursement generally delayed but 98% are paid according to CA documents; company looking at financing the time gap which should allow cash sooner for expansion

In summary this is one worth waiting for as the story develops. Assuming few hiccups this year (ie Dan - don't feed the shorts), my range for price is $0.60 to $2.00 by end of year (depends on net income and amount of reinvestment of profits)