LAS VEGAS, Nevada., March 05, 2019 (GLOBE NEWSWIRE) -- Praxsyn (OTC:PXYN) is pleased to provide this corporate update to all of our shareholders.
Financial Statements
Praxsyn’s management has been working to complete, and file, audited financial statements with the Securities and Exchange Commission (SEC). However, difficulties in valuing the extensive portfolio of accounts receivables generated by our wholly-owned subsidiary Mesa Pharmacy prior to 2016 made this a very arduous task. However, the process of valuing those assets is complete.
At this time, we intend to publish unaudited year end statements through December 31, 2018 with OTCMarkets.com, subject to the completion of account setup, credentialing, and requirements for public disclosures with, and of, OTCMarkets.com. While PXYN is a voluntary filer with the SEC, OTCMarkets.com has insisted that before they allow us to setup our account, we must file a Form 15 with the SEC. As OTCMarkets.com does not accept filings from reporting entities that are involuntary filers, this will confirm our status as a voluntary filer. This filing should be complete within the next 24 hours.
Following the public disclosure of our unaudited statements on OTCMarkets.com, we intend to file a Form 10, complete with fully audited statements, in a single presentation, with the SEC. We believe this task can be accomplished in the second quarter of 2019. The company is taking this two-stage approach in order to (a) get accurate information to shareholders as soon as possible and (b); to allow us to enter into negotiations with our secured and unsecured creditors to settle as much of our debt as possible prior to completing, and filing our Form 10.
About Praxsyn Corporation
Headquartered in Las Vegas, Nevada, 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, the intended outcomes of our trials, the efficacy and safety of our products and therapies, 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 "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