WEST PALM BEACH, Florida,, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Praxsyn (OTC: PXYN, the “Company”) is pleased to announce that its subsidiary, Mesa Pharmacy has resumed collections on its vast portfolio of existing Workers’ Compensation receivables.

Mesa, a wholly owned subsidiary of the Company, provided specialized prescription compounding for Workers’ Compensation claims in the State of California.

During 2014 and 2015, Mesa generated over $200,000,000 in gross revenues from compounded prescriptions. Although Mesa routinely sold its receivables, it currently owns a portfolio of receivables with a face value greater than $50,000,000.

During 2017, the State of California, on behalf of insurance carriers, stayed certain liens held by Mesa which accounted for a reduction in the net realizable value of the portfolio. As a result, the Company adjusted the net realizable value of the portfolio at September 30, 2019 to $11,014,473.

Pursuant to an order of the Workers’ Compensation Appeals Board, issued on January 21, 2020, the stays were lifted last week. As a result, Mesa and its collection company have resumed collections and have already begun to receive payments.

Collection activity will continue while the company pursues permanent relief from the Workers’ Compensation Appeals Board.

More updates to come!

About Praxsyn Corporation

Headquartered in West Palm Beach, Florida, Praxsyn Corporation works to realize the vision of medical professionals to improve the lives of their patients. Additional company information can be found at www.praxsyncorp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to many risks and uncertainties. Forward-looking statements include, among other things, statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations. Such risks and uncertainties include, among others, the inherent uncertainties associated with developing new products or technologies, regulatory approvals, unexpected expenditures, the ability to raise the additional funding needed to continue to pursue Praxsyn's business and product development plans and overall market conditions. These forward-looking statements are made as of the date of this press release, and Praxsyn assumes no obligation to update the forward-looking statements.

We may use terms such as “projects,” “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately,” or other words that convey the uncertainty of future events or outcomes to identify these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained herein, we caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from the forward-looking statements contained in this press release. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate.

Investor Contact:
TEN Associates LLC
Tom Nelson