Commack, NY - (NewMediaWire) - September 01, 2020 - Patient Access Solutions, Inc. (OTC PINK: PASO), a provider of technology and management solutions for the healthcare and financial industries, is proud to update its shareholders on the Company’s activities;
As the Company moves forward with the proposed Reverse Merger, currently at the signed Letter of Intent stage, with CLX Health as well as expansion of the core healthcare management business, it has been determined that the number of authorized shares needs to be increased.
The increase that has been approved by the majority of Shareholders is 1,750,000,000 and provides us flexibility to use a portion of these newly authorized shares to close the transaction with CLX, as well as with any other entity, by providing enough shares in the Treasury to issue a new series of Convertible Preferred shares envisioned to be priced at $15.00 per share.
This clearly provides the Company with a new class of security that will not be deemed a penny stock. It is believed that this will provide us access to both an entire new group of sophisticated and professional investors to finance our planned growth.
The Company wishes to announce today that it has approved two actions for its existing loyal shareholders as well as new prospective shareholders. Both these actions involve the new Series C Convertible Preferred Stock. The first is a dividend to all shareholders of record on September 18, 2020 at the close of the market. For every 5,000 shares of common stock then owned, each shareholder will receive one (1) Series C Convertible Preferred share. This equates to a 5% one-time dividend for any shareholder of record for every 5,000 shares owned. The second item the Company has authorized is a tender offer for all common shareholders of record on the same date.
This tender offer is envisioned to benefit our loyal long term shareholders by providing them a way to earn an annual rate of 6% on their investments as they wait for our Company to achieve all the success we believe we will. The way to do this is by exchanging your common shares for the new Series C Convertible Preferred stock. That conversion rate will be one (1) share of the new Preferred for every 250 shares of common owned.
PASO and its Board have been actively pursuing additional transactions in addition to the LOI with CLX Health, LLC. We look forward to sharing the results as they become available.
About Patient Access Solutions Inc.(www.pashealth.com)
Patient Access Solutions Inc. (PASHealth) is a Healthcare Solutions company which has created a formidable array of technology, management resources and allies to enable it to become an agent of radical change in what has traditionally been a slowly evolving healthcare environment. For more information about the services and products of Patient Access Solutions, please visit our website 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.