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IRVINE, Calif., April 11, 2016 -- Praxsyn Corporation (OTCQB:PXYN) is pleased to announce that it has settled its case against Trestles Pain Specialists, LLC and others (“TPS”) and TPS, has settled its case against Praxsyn and others. Both cases were settled with prejudice, meaning they cannot be brought again for litigation. In addition, due to the settlement, no party to the litigation will owe anything from the other and each is responsible for their own costs.
In other news, Praxsyn’s Board of Directors appointed Greg Sundem, 52, as its new Chief Executive Officer and added him to its Board of Directors as the Chairman of the Board. Justin Cary, the company’s CFO, was also appointed to the Board of Directors and as it’s Chief Operating Officer.
Mr. Sundem stated, “I am looking forward to expanding our product lines within Mesa Pharmacy and adding additional medical products and services within Praxsyn Corporation over the remainder of the year. We plan to greatly increase sales of pre-approved prescriptions in both the workers’ compensation and private insurance markets.”
“While we don’t plan a complete reboot of Praxsyn’s core products and services,” Mr. Sundem continued. “We are considering the acquisition of an FDA licensed manufacturing facility to enable us to expand our product offerings to include FDA licensed pain management creams.”
About Praxsyn Corporation
Headquartered in Irvine, California, Praxsyn works to realize the vision of medical professionals to improve the lives of patients. Mesa Pharmacy, a wholly owned subsidiary, provides doctors with an alternative to oral pain medications. Mesa focuses on providing custom compounded non-narcotic, transdermal topical pain medications that are marketed to industrial health physicians and medical clinics. Mesa has developed a series of topical creams, in different strengths, that provide the pain relief doctors seek for their patients. Additional company information can be found at www.praxsyn.com.
Forward-Looking Statements
Certain statements made in this press release are forward-looking in nature (within the meaning of the Private Securities Litigation Reform Act of 1995) including but not limited to statements regarding the past and future performance, past and future operations, expected cash on hand and anticipated results of announcement of Praxsyn's new Chief Executive Officer and Chief Operating Officer and, accordingly, are subject to risks and uncertainties. The actual results may differ materially from those described or contemplated and consequently, you should not rely on these forward-looking statements as predictions of future events. Certain of these risks and uncertainties are discussed in the reports we filed with the SEC.
Media/Investor Contact: [email protected] 949-777-6112 ext 101
