PRAXSYN CORPORATION (OTCMKTS:PXYN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On December 30, 2016, Praxsyn Corporation, a Nevada corporation
(the Company), through its wholly-owned subsidiary Nevada Health
Rx, Inc., a Nevada corporation (NHRX), entered into a Pharmacy
Purchase and Sale Agreement, and amendments thereto (collectively
the Agreement) with Duke Pharmacy, LLC, a Texas limited liability
company (Duke), to purchase all of the assets, including but not
limited to the pharmacy license, of Meds Direct Rx (the
Pharmacy).
The Purchase Price for the acquisition of the assets of the
Pharmacy totaled One Hundred and Twenty Thousand Dollars
($120,000.00); Fifty Thousand Dollars ($50,000.00) which was paid
on the closing date of February 28, 2017 to Duke, and the
residual Seventy Thousand Dollars ($70,000.00) to be paid to Duke
to a promissory note, over a six month period, with an interest
rate of six and a half percent (6.5%) per annum. However, no
payments are due on the promissory note until May 1, 2017. In
connection with this transaction, the Company has received
financing commitments through promissory notes and internal
resources to fund the Purchase Price, transaction-related costs,
and the ongoing business operations and capital needs of the
Pharmacy.
NHRX is a closed door retail pharmacy located at 61 Spectrum, Las
Vegas, NV 89101. NHRX pharmacy license has been approved by the
Nevada Board of Pharmacy, and has passed its final inspection.
The focus of NHRX shall be to service patients in the state of
Nevada, California and Arizona.
Item 8.01 Other Events
Mesa Pharmacy
On March 3, 2017, at a special meeting of the Board of Directors,
the majority of the Board of Directors of the Company, voted in
favor for Greg Sundem and Justin Cary, to work together on a plan
to take all actions necessary to discontinue the pharmacy
operations of Mesa Pharmacy, Inc., d/b/a Mesa Pharmacy VII
(Mesa). Although Mesa will continue to collect on its accounts
receivables through an outside collection company, and will
therefore continue to pay all outstanding debt from such
collection efforts. By the end of April of 2017, Mesa will have
filed all necessary paperwork to relinquish all pharmacy permits
and licenses. Although Mesa will discontinue its pharmacy
operations, Mesa will continue to maintain an office in
California at 3183 Airway Ave, Suite 120, Costa Mesa, CA 92626,
with four employees to process all mail and collections, and
continue Mesas billing efforts on Mesas accounts receivable.
New Transfer Agent
As disclosed in the Companys press release dated March 15 2017,
VStock Transfer, LLC shall act as the Companys official registrar
of all stock records, shall be responsible for all certificate
issuances, lost certificate replacements, certificate transfers,
non-certificated book-entry transactions, restricted stock
transfers, and digitized recordkeeping for shareholder
communications and documentation.
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. PRAXSYN CORPORATION (OTCMKTS:PXYN) Recent Trading Information
PRAXSYN CORPORATION (OTCMKTS:PXYN) closed its last trading session 00.0000 at 0.0115 with 422,749 shares trading hands.