LAS VEGAS, Nevada., Sept. 25, 2018 (GLOBE NEWSWIRE) -- Praxsyn (OTC:PXYN) is pleased to provide this corporate update to all of our shareholders.
New Board Members
The Board of Directors of Praxsyn Corporation (the “Company” or “Praxsyn”) has added the following individuals to its Board of Directors.
Frank J. Brady shall serve as Praxsyn’s new Chief Executive Officer. From 2013 to 2018, Mr. Brady worked in medical receivables financing, including procuring the funding of pre-settlement claims in personal injury cases and financing of medical providers. Mr. Brady has a bachelor’s degree in finance and an MBA
Dr. Sanjeev Kaila is a board-certified plastic surgeon, entrepreneur and real estate developer. He received his medical degree from the University of Western Ontario. He resides and practices in Atlanta, Georgia
Daniel A. Barretto is one of the country’s leading marketing experts. Through his former company, Blue Door Marketing, Mr. Barretto achieved tremendous success, over a 23 year career, building the Hispanic channel for Procter & Gamble. He is now CEO of The DECKA Group, working with Proctor and Gamble, FC Barcelona, FC Penarol (Uruguay), FC Roma (June 2018), Hawaii Water, Chase Bank, Western Union, and others. He holds a degree from Columbia and an MBA Certificate from Harvard Business School.
Thomas Patire is a leading security expert, entrepreneur, and financier. Mr. Patire founded The Tom Patire Group, a personalized safety company that empowers people of all ages and all walks of life on how to live a safer life thru nonconfrontational means. Mr. Patire has trained the personnel of many prestigious corporations in different levels of security and personal safety, from practical application, preventive measures, readability and diffusion techniques. Mr. Patire holds a degree from William Paterson University in Human Movements, Health & Nutrition.
Praxsyn Capital Corporation
Earlier this year, Praxsyn formed a new subsidiary, Praxsyn Capital Corporation in order to deploy and raise capital to fund providers of medical services. We have been engaged in extensive negotiations, both with funders, and with providers, and we plan to roll out services to these markets in the near term.
Praxsyn Medical Inc.
Our subsidiary, Praxsyn Medical, Inc. has recently commenced selling medical supplies on Amazon and we plan, under the leadership of Mr. Brady and Mr. Barretto, to begin adding an increasing number of products to be sold to retail, wholesale and medical service providers.
Surgery Centers
Praxsyn’s Board has approved, subject to a completed Acquisition Agreement, the purchase of a twenty percent stake in the Center for Surgical Arts, a surgery center in Lilburn, Georgia from Dr. Kaila. This is the first in a series of acquisitions that Praxsyn intends to make in the area of surgery centers. Our Board is seeking joint venture funding to complete other such acquisitions in a timely manner. Aside from the potential of profitability in and of their own, surgery centers should create vertical markets for Praxsyn medical supplies and other services, including those of Praxsyn Capital Corporation. We will form a new subsidiary to hold any interests in surgical centers and/or other medical facilities.
Financial Statements
Praxsyn’s management has been working to complete audited financial statements and to file its delinquent reports with the Securities and Exchange Commission (SEC). Difficulties in valuing the extensive portfolio of accounts receivables generated by our wholly-owned subsidiary Mesa Pharmacy prior to 2016 have made this a very arduous task.
While we believe this task can be completed fairly soon, Mr. Brady and the Board have made it their primary goal to fully inform our shareholders on a regular basis and to that end, publish our historical statements as soon as possible. To speed this process, we intend to publish unaudited year end statements for the last three years, together with quarterly statements through the second quarter of this year before the end of October.
Following the public disclosure of our unaudited statements, we intend to file a Form 10, complete with fully audited statements, in a single presentation, with the SEC. We believe this can be accomplished before the end of 2018, saving an enormous amount of time, energy and money. We intend to be on time, or early, with all subsequent filings.
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.