VMC Nanocaps..

[10 bagger]

PCYN.. $0.20,, DD 06/27/2012

The new contract below and the return to profitibility makes this low floater an interesting speculation on future sales and earnings increases.. Buys below $0. 20 should prove rewarding over the long term.. Cash is $0.1104 per share..

Procyon Corporation, through its subsidiaries, develops and markets proprietary medical products used in the treatment of pressure ulcers, dermatitis, inflammation, and other skin problems in the United States. The company?s products include the AmeriGel Hydrogel Wound Dressing and Amerigel Hydrogel Saturated Gauze Dressing, which are used as a wound dressing to manage stages I-IV pressure ulcers, stasis ulcers, diabetic skin ulcers, post-surgical incisions, cuts, abrasions, first and second degree burns, and skin irritations; and AmeriGel Premium Care Lotion, a therapeutic skin conditioner containing emollients that restore moisture to fragile skin and alleviate problematic skin conditions. Its products also comprise AmeriGel Barrier Lotion, which provides barrier protection to shield the skin from excess moisture and reduce harmful effects to the skin from friction and chafing; AmeriGel Saline Wound Wash, a sterile solution used for wound cleansing; and the Amerigel Post Op surgical kit. The company sells its products through distributors to healthcare institutions, such as physicians, nursing homes, and home healthcare agencies; and to retailers, including national and regional chain stores, and pharmacies. Procyon Corporation was incorporated in 1987 and is based in Clearwater, Florida.

Our subsidiary, Amerx HealthCare Corporation (AHC) manufactures and markets Amerigel®, a proprietary line of advanced skin and wound care product made with our proprietary broad-spectrum antimicrobial agent, Oakin®; proven to promote healing in wound and problematic skin conditions while fighting infection.


The Amerigel® Advanced Skin & Wound Care Product Line includes:
• AmeriGel® Wound Dressing
• AmeriGel® Saturated Gauze Dressing
• AmeriGel® Post-Op Surgical Kit
• Amerigel® Wound Wash
• Amerigel® Care Lotion
• Amerigel® Barrier Lotion

For complete information about Amerigel® products, please visit www.AMERIGEL.com.

Each Amerx product is based on a proprietary formulation. Each product is registered with the Food and Drug Administration (FDA) and receives a National Drug Code.

Amerigel® products are used by physicians, healthcare providers, hospitals, clinics, institutions and schools.

http://www.procyoncorp.com/
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Amerx Health Care Corporation Awarded Federal Supply Service 6511A Medical Equipment & Supplies Contract

CLEARWATER, Fla.--(BUSINESS WIRE)-- Justice W. Anderson, President of Amerx Health Care Corporation, a division of Procyon Corporation (OTC:PCYN), announced that Amerx has been awarded a Federal Supply Service 6511A Medical Equipment & Supplies Contract effective June 15, 2012 through June 14, 2017.

“Amerx Health Care is excited about the opportunity to provide Amerigel® Advanced Skin and Wound Care products to physicians and wound care professionals caring for our soldiers and veterans. Diabetes is on the rise in our nation and the number of veterans in need of advanced wound care options is increasing every year due to the effects of diabetes. We feel that Amerigel® offers an ideal fit for VA Hospitals, Clinics and Wound Care Centers looking to provide faster healing, reduced infection rates and a reduction in overall wound care costs. Amerx is looking forward to working together to deliver solutions for the treatment of chronic ulcers, post-surgical wounds and conditions related to diabetic skin with use of the Amerigel® product line,” said Anderson.

Amerigel® products are recognized as one of the leading non-graft wound care/ulcer treatments by physicians who treat foot, ankle and lower extremity conditions. In addition to the products’ effectiveness; physicians site Amerigel’s® affordability and ease of use as key benefits. The Amerigel® product line includes AmeriGel® Hydrogel Wound Dressing, AmeriGel® Hydrogel Saturated Gauze Dressing, Amerigel® Post-Op Kits, Amerigel® Care Lotion, Amerigel® Barrier Lotion and Amerigel® Wound Wash.

For on-line access to contract ordering information, terms and pricing go to GSA Advantage at www.GSAAdvantage.gov. For more information on ordering from Federal Supply Schedules, click on the FSS Schedules button at: fss.gsa.gov. FSS Contract Administrator: Arthur W. Simonetti, [phone] ext. 211 or e-Mail: [e-mail]. For product information, click on the Healthcare Providers button at www.AMERIGEL.com.

Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: When used in this release, the words “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “believe,” and similar expressions, variations or the negative of these words, and any statement regarding possible or assumed future results of operations of our business, the markets for our products, anticipated expenditures, regulatory developments or competition, or other statements regarding matters that are not historical facts, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. The reader should be aware that our actual results could differ materially from those contained in forward-looking statements. Our financial condition and the results of our operations will depend on a number of factors, including, but not limited to, the risk factors outlined in our Annual Report on 10-K for the year ended June 30, 2010, as filed with the Securities and Exchange Commission on September 28, 2011. There may be other factors not mentioned above or included in our Securities and Exchange Commission filings that may cause actual results to differ materially from any forward-looking statement. The reader should not place undue reliance on any forward-looking statement. Neither the Company nor any of its corporate officers or key employees assumes any obligation to update any forward-looking statement as a result of new information, future event or development, except as required by securities laws.

Amerx Health Care Corporation
Arthur W. Simonetti, 727-443-0530
FSS Contract Administrator
Info@ www.AMERIGEL.com

Source: Amerx Health Care Corporation
===================================================

George Borak Named Vice President of Sales for Amerx Health Care Corporation

CLEARWATER, Fla.--(BUSINESS WIRE)-- Justice W. Anderson, President of Amerx Health Care Corporation, a division of Procyon Corporation (OTC:PCYN), announced today that George Borak has been named Vice President of Sales for Amerx Health Care, pursuant to a written agreement effective June 11, 2012.

Borak has been a prominent figure in the medical industry, with over thirty years of sales experience in orthopedic and wound care product markets. “I am excited to welcome George to the Amerigel Team. We expect that his sales performance history and industry knowledge will allow Amerx Health Care the opportunity to grow existing markets while expanding into new markets here and abroad,” said Anderson.

“I am very excited to join the Amerx Health Care team and look forward to adding the components necessary to establish strong growth goals in podiatry and developing markets,” said Borak. George can be reached at [phone] and email at [e-mail].

Borak was most recently Vice President of Sales and Marketing for Darco International, Inc. of Huntington, WV, where he had oversight of the Brand, OEM and Softgoods divisions and his primary duties included generating revenue growth and profitability, strategic planning and sales execution. Borak significantly increased brand revenues for these divisions while maintaining profitability. Borak also managed China operations, expanding Darco’s product line.

Amerx believes that by engaging Mr. Borak, it will enable Amerx to expand the Amerigel® brand of Advanced Skin and Wound Care products with Oakin®, a proprietary extract with natural tannins that have been proven to reduce infection and accelerate healing. Amerigel® products are recognized as one of the leading non-graft wound care/ulcer treatments by physicians who treat foot, ankle and lower extremity conditions. In addition to the products’ effectiveness, physicians site Amerigel’s® affordability and ease of use as key benefits. The Amerigel® product line includes AmeriGel® Hydrogel Wound Dressing, AmeriGel® Hydrogel Saturated Gauze Dressing, Amerigel® Post-Op Kits, Amerigel® Care Lotion, Amerigel® Barrier Lotion and Amerigel® Wound Wash.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: When used in this release, the words “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “believe,” and similar expressions, variations or the negative of these words, and any statement regarding possible or assumed future results of operations of our business, the markets for our products, anticipated expenditures, regulatory developments or competition, or other statements regarding matters that are not historical facts, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. The reader should be aware that our actual results could differ materially from those contained in forward-looking statements. Our financial condition and the results of our operations will depend on a number of factors, including, but not limited to, the risk factors outlined in our Annual Report on 10-K for the year ended June 30, 2010, as filed with the Securities and Exchange Commission on September 28, 2011. There may be other factors not mentioned above or included in our Securities and Exchange Commission filings that may cause actual results to differ materially from any forward-looking statement. The reader should not place undue reliance on any forward-looking statement. Neither the Company nor any of its corporate officers or key employees assumes any obligation to update any forward-looking statement as a result of new information, future event or development, except as required by securities laws.

Procyon Corporation
Regina Anderson, Office: 727-443-0530, Fax: [phone]
Chief Executive Officer
Info@ www.AMERIGEL.com

Source: Amerx Health Care Corporation
================================================================
10 Q.. March 31, 2012

PROCYON CORPORATION & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2012 and June 30, 2011

(unaudited) (audited)
March 31, June 30,
ASSETS 2012 2011

CURRENT ASSETS
Cash $ 735,318 $ 721,054
Certificates of Deposit, plus accrued interest 155,650 155,142
Accounts Receivable, less allowance for doubtful 285,458 311,493
accounts of $1,000
Inventories 232,875 204,733
Prepaid Expenses 172,390 147,449
Other Receivable — 8,762
Deferred Tax Asset 142,550 140,577
TOTAL CURRENT ASSETS 1,724,241 1,689,210

PROPERTY AND EQUIPMENT, NET 510,908 535,040

OTHER ASSETS
Deposits 792 792
Deferred Tax Asset 633,948 724,681
634,740 725,473

TOTAL ASSETS $ 2,869,889 $ 2,949,723

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts Payable $ 92,926 $ 130,453
Accrued Expenses 148,699 146,753
Current Portion of Mortgage Payable 44,712 32,211
TOTAL CURRENT LIABILITIES 286,337 309,417

LONG TERM LIABILITIES
Mortgage Payable 124,538 314,173
TOTAL LONG TERM LIABILITIES 124,538 314,173

STOCKHOLDERS' EQUITY
Preferred Stock, 496,000,000 shares — —
authorized, none issued
Series A Cumulative Convertible Preferred Stock, 149,950 154,950
no par value; 4,000,000 shares authorized;
194,100 shares issued and outstanding
Common Stock, no par value, 80,000,000 shares 4,421,676 4,416,676
authorized; 8,060,388 shares issued and
outstanding
Paid-in Capital 6,000 6,000
Accumulated Deficit (2,118,612 ) (2,251,493 )
TOTAL STOCKHOLDERS' EQUITY $ 2,459,014 $ 2,326,133

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,869,889 $ 2,949,723
PROCYON CORPORATION & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

Three and Nine Months Ended March 31, 2012 and 2011

(unaudited) (unaudited) (unaudited) (unaudited)
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Mar. 31, 2012 Mar. 31, 2011 Mar. 31, 2012 Mar. 31, 2011

NET SALES $ 821,567 $ 581,153 $ 2,021,173 $ 1,979,632
COST OF SALES 189,766 129,277 448,147 426,247
GROSS PROFIT 631,801 451,876 1,573,026 1,553,385
OPERATING EXPENSES
Salaries and Benefits 259,618 236,411 716,316 700,836
Selling, General and Administrative 218,221 216,349 623,261 593,252
477,839 452,760 1,339,577 1,294,088
INCOME (LOSS) FROM OPERATIONS 153,962 (884 ) 233,449 259,297
OTHER INCOME (EXPENSE)
Interest Expense (4,234 ) (6,679 ) (13,805 ) (21,674 )
Interest Income 591 756 1,997 2,617
(3,643 ) (5,923 ) (11,808 ) (19,057 )
INCOME (LOSS) BEFORE INCOME TAXES 150,319 (6,807 ) 221,641 240,240
INCOME TAX EXPENSE (57,783 ) (2,841 ) (88,760 ) (99,914 )
NET INCOME 92,536 (9,648 ) 132,881 140,326
Dividend requirements on preferred stock 2,898 (4,977 ) (7,058 ) (14,933 )
Basic net income available to common shares $ 95,434 $ (14,625 ) $ 125,823 $ 125,393
Basic net income per common share $ 0.01 $ (0.00 ) $ 0.02 $ 0.02
Weighted average number of common shares outstanding 8,056,406 8,055,388 8,055,775 8,055,388
Diluted net income per common share $ 0.01 $ (0.00 ) $ 0.02 $ 0.02
Weighted average number of common shares outstanding, diluted 8,254,488 8,254,488 8,254,488 8,254,488

===============================================================
10 Q 12/31/2011

PROCYON CORPORATION & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, 2011 and June 30, 2011

(unaudited) (audited)
ASSETS December 31, June 30,
2011 2011
CURRENT ASSETS
Cash $ 783,158 $ 721,054
Certificates of Deposit, plus accrued interest 155,548 155,142
Accounts Receivable, less allowance for doubtful 137,337 311,493
accounts of $1,000
Inventories 269,773 204,733
Prepaid Expenses 131,379 147,449
Other Receivable — 8,762
Deferred Tax Asset 128,069 140,577
TOTAL CURRENT ASSETS 1,605,264 1,689,210

PROPERTY AND EQUIPMENT, NET 518,764 535,040

OTHER ASSETS
Deposits 792 792
Deferred Tax Asset 706,212 724,681
707,004 725,473

TOTAL ASSETS $ 2,831,032 $ 2,949,723


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts Payable $ 113,083 $ 130,453
Accrued Expenses 122,395 146,753
Current Portion of Mortgage Payable 40,480 32,211
TOTAL CURRENT LIABILITIES 275,958 309,417

LONG TERM LIABILITIES
Mortgage Payable 188,595 314,173
TOTAL LONG TERM LIABILITIES 188,595 314,173

STOCKHOLDERS' EQUITY
Preferred Stock, 496,000,000 shares — —
authorized, none issued
Series A Cumulative Convertible Preferred Stock, 154,950 154,950
no par value; 4,000,000 shares authorized;
199,100 shares issued and outstanding
Common Stock, no par value, 80,000,000 shares 4,416,676 4,416,676
authorized; 8,055,388 shares issued and
outstanding
Paid-in Capital 6,000 6,000
Accumulated Deficit (2,211,147 ) (2,251,493 )
TOTAL STOCKHOLDERS' EQUITY $ 2,366,479 2,326,133

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,831,032 $ 2,949,723

PROCYON CORPORATION & SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Three and Six Months Ended December 31, 2011 and 2010

(unaudited) (unaudited) (unaudited) (unaudited)
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2010

NET SALES $ 610,158 $ 744,234 $ 1,199,606 $ 1,398,479

COST OF SALES 130,610 158,324 258,381 296,970

GROSS PROFIT 479,548 585,910 941,225 1,101,509

OPERATING EXPENSES
Salaries and Benefits 223,787 248,551 456,698 464,425
Selling, General and Administrative 184,915 203,681 405,039 376,904
408,702 452,232 861,737 841,329

INCOME FROM OPERATIONS 70,846 133,678 79,488 260,180

OTHER INCOME (EXPENSE)
Interest Expense (4,235 ) (7,261 ) (9,571 ) (14,994 )
Interest Income 574 907 1,406 1,860
(3,661 ) (6,354 ) (8,165 ) (13,134 )

INCOME BEFORE INCOME TAXES 67,185 127,324 71,323 247,046

INCOME TAX EXPENSE (25,590 ) (48,419 ) (30,977 ) (97,073 )

NET INCOME 41,595 78,905 40,346 149,973

Dividend requirements on preferred stock (4,978 ) (4,977 ) (9,955 ) (9,955 )

Basic net income available to common shares $ 36,617 $ 73,928 $ 30,391 $ 140,018

Basic net income per common share $ 0.00 $ 0.01 $ 0.00 $ 0.02

Weighted average number of common shares outstanding 8,055,388 8,055,388 8,055,388 8,055,388

Diluted net income per common share $ 0.00 $ 0.01 $ 0.00 $ 0.02

Weighted average number of common shares outstanding, diluted 8,254,488 8,254,488 8,254,488 8,254,488
===============================================================