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.
About Praxsyn Corporation
Headquartered in West Palm Beach, Florida, Praxsyn Corporation works to realize the vision of medical professionals to improve the lives of their patients. Additional company information can be found at www.praxsyncorp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to many risks and uncertainties. Forward-looking statements include, among other things, statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations. Such risks and uncertainties include, among others, the inherent uncertainties associated with developing new products or technologies, regulatory approvals, unexpected expenditures, the ability to raise the additional funding needed to continue to pursue Praxsyn's business and product development plans and overall market conditions. These forward-looking statements are made as of the date of this press release, and Praxsyn assumes no obligation to update the forward-looking statements.
We may use terms such as “projects,” “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately,” or other words that convey the uncertainty of future events or outcomes to identify these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained herein, we caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from the forward-looking statements contained in this press release. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate.
Investor Contact:
Email: investors@praxsyncorp.com