HAUPPAUGE, N.Y., Dec. 28, 2009 (GLOBE NEWSWIRE) -- Patient Access Solutions, Inc. (Pink Sheets:PASO), an emerging provider of healthcare/financial processing technologies that provide the healthcare industry a graceful migration to Electronic Medical Records (EMR), today announced the corporate management team is instituting several steps to accelerate bringing the organization into fully reporting status.
These steps include the completion and filing of our unaudited third quarter 2009 financial disclosure information with Pink OTC Markets Inc., and subsequent completion and publication of a full financial audit as part of the appropriate form filing with the U.S. Securities and Exchange Commission. While the Company intends to publish the full financial audit in the first quarter of 2010, there can be no assurances such filing will be made timely.
Additionally, the Company is working with a market maker on Rule 15c2-11 documentation for the purpose of submission to FINRA in order to receive OTCBB quotation clearance.
"We are pleased to announce that we are preparing to post our most currently available financials to the Pink OTC Markets site and that we are currently in process of preparing additional information for future postings," commented Bruce Weitzberg, CEO of Patient Access Solutions, Inc. "Over the short term, we expect to receive the audit report from the independent public accounting firm for our year ended October 31, 2009. We will use this information in order to prepare documentation to be filed with the U.S Securities and Exchange Commission with the intent of returning Patient Access Solutions, Inc. to being a fully reporting organization. These steps will allow us to migrate the primary trading market of our common stock from the Pink Sheets to the OTCBB market."
Mr. Weitzberg added, "It is a very exciting time for our company, as the healthcare industry prepares for a major migration to electronic medical record technologies. We believe that initial reaction from our current customer base has been very positive and as a result, we have increased our sales and marketing staff in order to meet the order flow we are expecting. Additionally, we have worked diligently on the back office infrastructure systems to support the expected growing data requirements of our customers as they begin implementing our hosted EMR solution. We believe we have a unique set of products to address the needs of this market and believe strong growth in 2010 is highly likely, although, of course, not guaranteed, especially relating to our recently announced hosted EMR solution for smaller healthcare practices."
Patient Access Solutions, Inc. (PAS) is a Healthcare Solutions Company which has created a formidable array of technology, resources and allies to enable it to become an agent of radical change in what has traditionally been a slowly evolving healthcare information technology environment. The Company's products are designed to allow health care providers an easy migration to the EMR environment. Among these products are D-PAS, which is a state-of-the-art digital pen and paper technology based on Anoto technology, used to capture hand written information into digital forms and EMR systems and PAS Data Center, which is a terminal solution that allows health care providers to quickly and easily determine benefit eligibility. More information on Patient Access Solutions, Inc. and its products can be viewed at www.pashealth.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Patient Access Solutions Inc. Securities and Exchange Commission filings available at http://www.sec.gov.