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LAS VEGAS, NV, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Praxsyn Corporation (OTCPK.”PYXN” or the “Company”) announced today that Maxwell J. Korbin, II has agreed to accept the dual positions of Chief Financial Officer and Chief Compliance Officer as Executive Vice President. He is expected to join Praxsyn effective December 17, 2018. In these roles, Mr. Korbin will lead the Company's finance strategy and oversee the Company's financial operations, including budgeting and planning, treasury, accounting, tax, reporting and investor relation functions. In his role as Chief Compliance Officer he will assume the responsibility of the Company’s SEC, SOX, GLBA, HIPAA, and BSA/AML risk compliance as well as corporate governance. Mr. Korbin will assume the responsibilities from Frank J. Brady, who has maintained that position. This gives Mr. Brady the time to focus on his role as CEO as he continues to build his core management team.
"We are pleased to welcome Mr. Korbin to our team who prefers to be called by his middle name Jeff. He will make an immediate impact by providing leadership to our financial organization," said Praxsyn’s Chief Executive Officer, Frank Brady. "He joins us at the right time as we restructure the Company and assist in the efforts of “righting the ship.” His focus is to assist in debriding the past state of affairs and issues as a result of previous management while instituting major changes by the instillation of competent management alongside myself.
While it’s obvious we need to generate returns and shareholder value, the creation of free cash flow is clearly critical to the Company’s survival in order to move the Company forward. That is our immediate focus along with providing meaningful financials and creating real corporate structure. We are working on a finance transformation and other strategic initiatives to create real and long term revenue models while keeping within the Company’s core vision and competencies. Mr. Korbin is a 35 year veteran of banking and payments and collections. He is an entrepreneur at heart with years of marketing and sales experience to boot. In addition to having a financial background while working for other publicly traded companies, he brings years of line management skills, and a diverse and proven record of leadership.
He brings a rigorous approach to managing a publicly traded company, with extensive experience and expertise in identifying and executing key initiatives. We are pleased and excited to have Mr. Korbin aboard and his total enthusiasm for making Praxsyn Corporation a winner again is only matched by my own. On behalf of Praxsyn’s Board of Directors and myself, we look forward to having Jeff on our team as we begin the task ahead to deliver long-term sustainable and profitable growth, cash flow and shareholder value."
"I am honored to join Frank Brady at this exciting time," said Maxwell Jeffrey “Jeff” Korbin, “I love a challenge and this one is certainly one for the books. When I met Frank, we connected immediately. The combined energy was almost uncanny. I love the role and the position the Company has given me.” Mr. Korbin then went on to say, “We know full well what are getting ourselves into, and I can’t wait. I take my job very seriously as we roll up our sleeves and dig in. Mr. Brady and I are aligned when it comes to creating shareholder value. After all, that’s what it’s all about, especially if you have the passion to create it organically. It’s going to be a long and exciting road to hoe ahead, but I am here for the long haul. “Mr. Korbin then made the comment “stick to a winner” and the rest is easy. That’s Frank. Almost 40 years in the business world has taught me to align with winners like Frank. He’s a quick study with an amazing business sense. I just can’t wait to get started. Frank is after Moby Dick and he is bringing the tartar sauce with him”
About Praxsyn Corporation
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.
Forward-Looking/Safe Harbor Statement
This press release contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are not assurances of future performance and actual results could differ materially from our historical experience and our present expectations or projections. Any such forward-looking statements involve significant risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Known material factors that could cause actual results to differ materially from those in the forward-looking statements are disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission. The forward-looking information provided herein represents the Company's expectations as of the date of the press release, and subsequent events and developments may cause the Company's expectations to change. The Company specifically disclaims any obligation to revise or update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's expectations of its future financial performance as of any date subsequent to the date of this press release.
Praxsyn Corporation Investor Contact Frank J. Brady Investor Relations