Patient Access Solutions Inc (PASO)

[zeekhoe]

PR out, dividend confirmed

http://www.globenewswire.com/news-release/2020/09/01/2086880/0/en/Patient-Access-Solutions-Inc-Plans-to-Increase-Authorized-Shares.html

Commack, NY, Sept. 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Patient Access Solutions, Inc. (OTC PINK: PASO), a provider of technology and management solutions for the healthcare and financial industries, is proud to update its shareholders on the Company’s activities;

As the Company moves forward with the proposed Reverse Merger, currently at the signed Letter of Intent stage, with CLX Health as well as expansion of the core healthcare management business, it has been determined that the number of authorized shares needs to be increased.

The increase that has been approved by the majority of Shareholders is 1,750,000,000 and provides us flexibility to use a portion of these newly authorized shares to close the transaction with CLX, as well as with any other entity, by providing enough shares in the Treasury to issue a new series of Convertible Preferred shares envisioned to be priced at $15.00 per share.

This clearly provides the Company with a new class of security that will not be deemed a penny stock. It is believed that this will provide us access to both an entire new group of sophisticated and professional investors to finance our planned growth.

The Company wishes to announce today that it has approved two actions for its existing loyal shareholders as well as new prospective shareholders. Both these actions involve the new Series C Convertible Preferred Stock. The first is a dividend to all shareholders of record on September 18, 2020 at the close of the market. For every 5,000 shares of common stock then owned, each shareholder will receive one (1) Series C Convertible Preferred share. This equates to a 5% one-time dividend for any shareholder of record for every 5,000 shares owned. The second item the Company has authorized is a tender offer for all common shareholders of record on the same date.

This tender offer is envisioned to benefit our loyal long term shareholders by providing them a way to earn an annual rate of 6% on their investments as they wait for our Company to achieve all the success we believe we will. The way to do this is by exchanging your common shares for the new Series C Convertible Preferred stock. That conversion rate will be one (1) share of the new Preferred for every 250 shares of common owned.

PASO and its Board have been actively pursuing additional transactions in addition to the LOI with CLX Health, LLC. We look forward to sharing the results as they become available.