Company Completes Corporate Realignment Program to Focus on Generating Revenues from Point of Care Businesses and Intellectual Property Monetization
SANTA MONICA, CA, June 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Parallax Health Sciences, Inc. (OTCQB: PRLX) (''Parallax'' or the ''Company''), an outcome-driven connected healthcare company, today announced that it has completed a realignment of the Company’s operating subsidiaries. Future revenues shall be reported on a consolidated basis from the following wholly-owned subsidiaries: Parallax Diagnostics, Inc. (“PDI”), Parallax Behavioral Health, Inc. (“PBH”), Parallax Health Management, Inc. (“PHM”), and Parallax Communications, Inc. (“PCOM”).
The current management team has accomplished the following in the past two years:
- Achieved cash revenue of $50,000 for the first quarter of 2019, reflecting the early interest in our intellectual property (“IP”) licensing initiatives;
- Brought in new SEC legal counsel Buchalter
- Brought in new audit firm Freedman & Goldberg
- Eliminated numerous litigation issues and closed an unprofitable division
- Filed four 10-Ks and ten 10-Qs to bring current our SEC reporting requirements under the 1934 Act
- Relisted shares for trading on OTCQB market with 50-day average volume close to 200,000 shares
- Reduced overhead ~65% from ~$.35 million per month to ~$.125 million per month
- Developed complete systems integration strategy and future technology systems roadmap
- Retooled remote patient monitoring platform
- Reduced cost from $58 per patient per month (“PPPM”) to nearly zero incremental cost
- Established profitable economic models that scale
- Developed comprehensive marketing, sales and business plans
- Developed SaaS license model for B2C through communications offering with Pareteum and AT&T
- Developed license / litigation monetization strategies involving the Company’s five families of patents
- Developed legal strategy
- Grew prospective sales pipeline from under $1 million to $12+ million with hospitals, community care organizations, doctors groups and consumers
- Produced Parallax Communications, a digital connected health care consumer offering
- In process of developing independent research coverage with sell-side analysts
- In process of expanding institutional ownership of Company
- In process of initiating public relations plan
- In process of developing SarBox Section 404 compliance
- Increased balance sheet net equity 330%+ from <$21.6 million> to <$6.5 million>
- Poised Company for major exchange listing in another 2-3 quarters
- Prepared operational breakeven plan for end of fiscal year 2019
- Received two new patents and filed five additional patent applications
- Created technology license / monetization strategy for IP
- Company was issued revolutionary, “Data Driven Outcomes” patent protecting Parallax innovations in the field of patient medical regimen and pharmaceutical medication prescription adherence. The patent increased the Company’s issued patent count to 14 issued patents with over 50 claimed inventions.
- Developed and filed protective patents on Parallax core technologies that included the filing for the allowance of more than 100 additional U.S. and International patent claims represented.
- Received the issuance of 2 registered trademarks and have 7 additional trademarks pending
- Strengthened the balance sheet with approximately $5 million in proceeds received since July 7, 2017 from various financings.
Paul Arena, Parallax’s president and CEO, commented, "We are excited about the continued momentum for our Parallax Care platform, including the expansion of our customer base, the strong performance of our next-generation reliable evidence based outcomes optimization technology, (“R.E.B.O.O.T.“) and the additional technologies we are preparing to launch on our platform including but not limited to cognitive artificial intelligence (“Cognitive AI“), machine face recognition, electronic health record and wearables interfaces along with our new mobile application and dashboard. We have also made progress on our growth initiatives, including driving customer interest and awareness, collaborating with existing healthcare websites, developing new distribution relationships, advancing our clinical data, and expanding our sales force to fuel further growth."
These are the cornerstone high-level value propositions that will serve as future milestones for the Company as we accomplish additional objectives with our proprietary technology, growing market, identifiable demand, multiple revenue models, multiple payers and a platform model that allows for interoperability and plug and play technology interfaces using both proprietary and third party tools. Customers can also choose from multiple product/services and maintain their own platform.
Mr. Arena continued, "Regarding our business models, we believe Parallax Care with Cognitive AI has the potential to expand our addressable market in the U.S. alone by as much as 50%, or an additional $1+ billion. We are initially focused on the limited launch of this highly-differentiated platform to select key customers. We anticipate transitioning to full commercial launch by year-end with the roll-out of Parallax Care to more than one dozen large hospital and doctor groups. Our user base is eager to commence cases with our technology, which offers a compelling new remote patient monitoring option for patients suffering from chronic illnesses."
Our short term focus is (1) on technology, to integrate our various technologies into a singular platform of offerings and functionality; (2) on the economics, go to market strategies to sell R.E.B.O.O.T to the pharmaceutical industry to address the non-adherence problem, estimated to be more than a $425 billion problem in the U.S.; (3) to go to market with our autism mobile application; (4) to continue to identify, monitor and assess infringement in the marketplace against the Company’s growing IP portfolio of assets; and (5) to team with various strategic partners to develop case studies in early market development of these product initiatives.
About Parallax Health Sciences
Parallax Health Sciences is an advanced technology, outcome-driven telehealth company that allows for cost-effective remote diagnosis, treatment and monitoring of patients through proprietary platforms of integrated products and services. The Company's interoperable novel applications provide patients point-of-care testing and monitoring with information communicated via internet-based mobile phone applications that are agnostic as to operating system and are built on highly sophisticated data analytics. Information is retrieved real-time by physicians who are monitoring patients with chronic diseases or through biometric feedback for health-related behavior modification, and is automated for integration into electronic health records. The Company's products and offerings capitalize on the digital transformation in healthcare for improved patient compliance, diagnosis and treatment, and support healthcare system cost savings and efficiencies. For more information, please visit www.parallaxhealthsciences.com or www.parallaxcare.com.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our Form 10-K and other reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.