PXYN 6/10/19, 8:09 AM
Plans to Purchase $240,000,000 Face Value in Pools Over Next Twelve Months
WEST PALM BEACH, Florida, June 10, 2019 (GLOBE NEWSWIRE) -- Praxsyn (OTC:PXYN) is pleased to provide this corporate update to all of our shareholders.
Funding Agreement
Praxsyn (the, “Company”) is pleased to announce that its wholly-owned subsidiary, Praxsyn Capital Corporation has executed an Agreement to originate and sell pools of medical receivables to a private equity firm (the “Funder”).
Due to the need to protect trade secrets and maintain confidentiality, we are unable to disclose the name of the Funder at this time, nor the specific terms of the Agreement.
As a result of this new opportunity, we project purchases of pools of at least $240,000,000, with a gross profit of approximately of $3,350,000 over the next twelve months.
To that end, we are in the process of leasing new office space in West Palm Beach, FL and plan to have staff in place within days after the new lease is executed.
Capital Raise
Praxsyn is also happy to announce that it is embarking on multiple capital raise initiatives under Praxsyn and Praxsyn Capital. These raises will be for acquisition, working capital and other purposes, with a focus on raising capital for the acquisition of medical providers and facilities such as surgery centers, MRI clinics, outpatient care facilities and other facilities that can generate portfolios that we can fund pursuant to the Agreement.
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