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HAUPPAUGE, N.Y., February 21, 2012/PRNewswire-FirstCall/ -- Patient Access Solutions, Inc. (Pink Sheets-Current Information: PASO.pk - News), a provider of healthcare technology and financial processing technologies for the healthcare and home care industry, announced today that the company has embarked, and potentially intends to embark, upon two separate endeavors which could significantly impact the positive perception of the company – completing an audit and a potential Rights offering.
"We are dedicated to both strengthening confidence and building shareholder value," stated Bruce Weitzberg, CEO of Patient Access Solutions Inc. "While our operational focus remains on increasing sales, we certainly recognize the support given by our shareholders and wish to show our appreciation by moving to a fully reporting status and offering our investors a potential additional financial benefit.”
The company, which in January 2011 reported sales were up over 20%, has engaged the financial accounting services of the firm of Michael T. Studer, CPAPC. A New York firm, and a member of the PCAOB, Michael T. Studer, CPAPC, is preparing the company’s audit and intends to assist in managing PASO’s long-term reporting compliance requirements with the Securities & Exchange Commission (S.E.C.). Management estimates that the audit will likely be completed no later then the early part of the second quarter.
Additionally, in the almost immediate future, PASO plans to possibly enact a strategy, declaring a Rights Offering of sorts. Management indicates that in issuing Rights, they believe multiple purposes could be served – one of which being providing the opportunity for current and prospective shareholders to potentially help both themselves and the company.
Shareholders could potentially help themselves by having the ability to purchase additional shares in PASO at a fixed price for the twelve months following the Rights Offering being declared effective. Likewise, PASO will also raise capital in the near term to assist company with executing its’ business plan as the underlying shares purchased by investors would benefit the company directly.
Consultants close to the company indicated, that while most small to midsized public companies believe they are undervalued, it is strongly believed that this is indeed the case with PASHealth. Last close, PASO’s reflected a total market capitalization of approximately $323,000.00. That is less than 1/3 of the annual sales most recently reported. A revelation such as this is the catalyst for the envisioned Rights Offering.
Management suggests the offering will take a 3 tiered approach. For the first 30 days, the right to purchase may possibly be made available at a price approximating a valuation of perhaps one times sales. That price would then expire, and at the 2nd tier, the price would likely be at an even greater sales multiple than the 1st tier. At the 3rd tier, the Right for the balance would then be conceivably valued at a substantially higher multiple to sales than the first two tiers. The company has not yet decided whether it will seek to have the warrants trade separately or attached to the current outstanding shares.
Mr. Weitzberg concluded, “A three tier structure is thought to allow our loyal shareholders greater growth flexibility. We’d be able to afford investors the extended benefit of a one right for each share owned (for example), hopefully enhancing their equity position within our company.”
Financial professionals familiar with PASO presume that with the completion of the audit, a likely move to a higher exchange and the likely Rights Offering in particular, that PASO is much more apt to achieve the fair and reasonable market capitalization its’ current financials appear to substantiate.
About Patient Access Solutions, Inc.
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
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.
Bruce Weitzberg, Patient Access Solutions Inc., +1-631-524-5252
