PRAXSYN CORPORATION (OTCMKTS:PXYN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 20, 2017, Justin Cary resigned as Chief Financial
Officer of Praxsyn Corporation, a Nevada corporation (the
Company). Mr. Greg Sundem, who also serves as the Companys Chief
Executive Officer, President and Chairman of the Board, as
reported in the Form 8-K as filed with the Securities and
Exchange Commission on April 5, 2016, which is incorporated by
this reference, was appointed by the unanimous consent of the
Board of Directors as the Companys Chief Financial Officer
effective April 20, 2017.
On May 15, 2017, Mr. Cary filed suit against the Company in the
Superior Court of the State of California, County of Orange, for
breach of contract and other employment related causes of action.
Effective June 7, 2017, the Company and Mr. Cary entered into a
settlement agreement, in which the Company shall pay Mr. Cary
$16,225.50 (the Settlement). Other than the payment of the
Settlement due to Mr. Cary on July 15, 2017, thereafter, the
Company shall have no outstanding obligations due to Mr. Cary,
including but not limited to the repayment of certain related
party loans from Mr. Cary to the Company which have now been paid
in full.
On the same date of delivery of the settlement agreement, Mr.
Cary delivered to the Company a resignation dated May 18, 2017,
from his position as a member of the board of directors of the
Company.
About PRAXSYN CORPORATION (OTCMKTS:PXYN)
Praxsyn Corporation is a holding company. The Company is a healthcare company focused on providing medical practitioners with medications and services for their patients. The Company, through its retail pharmacy facility in Irvine, California, formulates healthcare practitioner-prescribed medications to serve patients experiencing chronic pain. The Company is focused on non-narcotic and non-habit forming medications using therapeutic and preventative agents for pain management. In addition, it prepares products for erectile dysfunction and metabolic issues, and other ancillary products. Its products are either picked up directly at its pharmacy facility or shipped directly to patients. The Company serves patients covered under a range of insurance programs, including workers compensation programs (mainly California), preferred provider (PPO) contracts and other private insurance agreements.