PRAXSYN CORPORATION (OTCMKTS:PXYN) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02
On September 14, 2018 the Board of Directors (the “Board”) of Praxsyn Corporation (the “Company”) voted to issue one thousand (1,000) shares of the Company’s Series B Convertible Preferred Stock (“Series B Stock”) in exchange for services to be rendered in the completion of its financial statements covering the period between December 31, 2015 and September 30, 2018.
The shares were issued to the exemption available under Section 4(a)(2) of the Securities Act of 1933.
The shares are convertible, on a variable basis into the Company’s Common Stock, between four thousand, three hundred (4,300) and ten thousand (10,000) Common shares for each one (1) Series B Stock share, based on the number of Common shares outstanding on the date of conversion. Barring a reverse split of the Company’s Common stock, the ratio is, and will remain, ten thousand (10,000) to one (1).
On September 14, 2018 the Company’s Board voted to elect Dr. Sanjeev Kaila, Daniel A. Barretto, and Thomas J. Patire as members of the Board of Directors effective immediately.
| 1. | Dr. Sanjeev Kaila (46) is a board-certified plastic surgeon, entrepreneur and real estate developer. He is licensed in the United States and Canada. He received his medical degree from the University of Western Ontario. He resides and practices in Atlanta, Georgia. The Company intends to publish his CV on its website in the near future. |
| 2. | There are no arrangements or understandings between the Dr. Kaila and any other persons to which Dr. Kaila was selected as a director. |
| 3. | There are no committees of the Board to which Dr. Kaila is to be named, as of this date. |
| 4. | As of this date, there has been no agreement completed, that would require publishing the information required by Item 404(a) of Regulation S-K (17 CFR 229.404(a)) with Dr. Kaila. |
| 5. | The Company has approved the sale, subject to an agreement, to issue an unknown number of shares of preferred stock for interests in a surgery center, a software platform and an indeterminate number of tokens of a new crypto currency Dr. Kaila is developing for transacting medical payments. Additionally, the Company has agreed to issue Dr. Kaila, and all of the other members of the Board, an undefined number of preferred shares of stock, convertible into one million, five hundred thousand (1,500,000) shares of Common stock, however, this stock has not been issued as of this date. |
| 1. | Daniel A. Barretto, (55), is one of the country’s leading experts in marketing. Through his former company, Blue Door Marketing, Mr. Barretto achieved massive success, year over year, building the Hispanic channel for Procter & Gamble. He now runs The DECKA Group, working with Proctor and Gamble, FC Barcelona, FC Penarol (Uruguay), FC Roma (June 2018), Hawaii Water and others. He holds a degree from Columbia and an MBA from Rice University. The Company intends to publish his CV on its website in the near future. |
| 2. | There are no arrangements or understandings between the Mr. Barretto and any other persons to which Mr. Barretto was selected as a director. |
| 3. | There are no committees of the Board to which Mr. Barretto is to be named, as of this date. |
| 4. | As of this date, there has been no agreement completed, that would require publishing the information required by Item 404(a) of Regulation S-K (17 CFR 229.404(a)) with Mr. Barretto. |
| 5. | The Company has agreed to issue Mr. Barretto, and all of the other members of the Board, an undefined number of preferred shares of stock, convertible into one million, five hundred thousand (1,500,000) shares of Common stock, however, this stock has not been issued as of this date. |
| 1. | Thomas J. Patire, (59), is a leading security expert and entrepreneur. 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. The Company intends to publish his CV on its website in the near future. |
| 2. | There are no arrangements or understandings between the Mr. Patire and any other persons to which Mr. Patire was selected as a director. |
| 3. | There are no committees of the Board to which Patire is to be named, as of this date. |
| 4. | As of this date, there has been no agreement completed, that would require publishing the information required by Item 404(a) of Regulation S-K (17 CFR 229.404(a)) with Mr. Patire. |
| 5. | The Company has agreed to issue Mr. Patire, and all of the other members of the Board, an undefined number of preferred shares of stock, convertible into one million, five hundred thousand (1,500,000) shares of Common stock, however, this stock has not been issued as of this date. |
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.