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The Story of Patient Access Solutions, Inc. (OTCMKTS: PASO) CLX Health RM

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Patient Access Solutions, Inc. (OTCMKTS: PASO) is the exciting Reverse Merger (RM) play that skyrocketed from well under a penny to highs of $0.169 in June. RM stocks have been some of the hottest tickets in small caps in recent years and PASO has been no exception. The stock has successfully attracted legions of shareholders who continue to bid the stock higher.

The big story on PASO is the planned reverse merger with UST Global and Sirius IQ major companies that employ thousands of employees in 23 countries. Clients of UST Global include Fortune 500 companies in banking and financial services, insurance, healthcare, retail, manufacturing, shipping, technology, semiconductor and telecom. RM stocks have been some of the hottest in small caps in recent years.

Patient Access Solutions, Inc. (OTCMKTS: PASO) operating out of Forest Hills, New York is a clean shell with virtually no debt on the books and no convertible debt listed as “pink limited” on Otc Markets Group. The Company was focused on the Healthcare industry and had 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. There has been significnat insider buying in PASO according to the form 4’s Joseph Gonzales and Jarvis Shokey were acquiring shares on the open market. PASO has gotten everything together pr merger including filing annual financials/ A Offering as currently non-effective. According to the Quarterly report filed on September 15 PASO does solid revenues and recently reported a net income of $190k for fiscal 2019 on revenues of $2.2 million USD. Microcapdaily first covered PASO on March 6 when the stock was $0.01.

Reverse merger stocks have been the hottest plays in penny stocks in recent years with many of them making historic gains. On May 29 PASO filed the merger filing with UST Global and Sirius IQ JV to reverse merge into PASO, “…The Closing shall be on July 15, 2020 or sooner, unless the parties hereto agree to another time. According to public records UST Global and Sirius IQ are major companies that employ thousands of employees in 23 Countries. Clients of UST Global include Fortune 500 companies in banking and financial services, insurance, healthcare, retail, manufacturing, shipping, technology, semiconductor and telecom.

The closing of the UST Global and Sirius IQ has been delayed several times; on September 15 PASO announced it has amended its filing to keep the previously announced Tender Offer, originally declared in the Press Release made on September 1, 2020, available for an additional 30 days. Therefore the Tender date deadline is now no longer September 18 but rather October 16, 2020 at the close of the business day deemed to be 5:00 p.m. E.S.T.

According to PASO “This choice to extend was made for two primary reasons. The first was due to the overwhelming number of shareholder emails and phone calls showing both concern and frustration over possibly missing the deadline to tender their shares. The second was it came to our attention that the original date simply did not provide ample time for the task of effectuating the Tender Offer process to be completed. This includes our Transfer Agent and all agencies involved in the entire process of shareholder notification, shareholder Tender requests being submitted and delivery of the new shares for those who choose to Tender as well as allotting appropriate time for those same steps for both DTC and the brokerage firms holding shares on the behalf of our shareholders.”

PASO proposed merger with UST Global and Sirius IQ:

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PASO

PASO notified shareholders its authorized shares needs to be increased to 1,750,000,000 shares and provides the Company the 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. The Company also 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.

PASO has the right people behind it making things happen; Joseph Gonzalez has been a key player in the merger with UST Global, SiriusIQ and CLX Health. Mr. Gonzalez was the Founder/Chief Executive Officer (CEO) for Sunfish Health beginning in 2014. Sunfish Health is a Clinical Data exchange focused on mining and normalization of clinical information for use by Health Insurance Companies. For over 18 years Mr. Gonzalez has developed and/or advised with the nation’s leading companies in the financial, healthcare, and clinical data verticals. During that period, he Co-Founded Inmediata in 2004, a Puerto Rico based Healthcare clearinghouse, and led their US Mainland expansion initiative under the Secure EDI brand. His team was responsible for growing Inmediata from a start up to a topline of $30M. Inmediata was sold to private equity for $90M in 2013. Joseph has been professionally engaged in the industry by holding leadership roles with standards developing organizations. From 2010-2015 he served as member of the Cooperative Exchange, the US Association of Health IT companies, Executive Committee and Board of Directors. From 2012 to 2015 he served as its President and Chairman. He has also held the positions of Vice Chairman and Board of Directors Trustee to the NCPDP/NDEDIC. Joseph has Chaired or co-chaired committees and workgroups within ASC X12, Workgroup for Electronic Data Interchange (WEDI), Center for Affordable Quality Healthcare’s CORE initiative and the Electronic Healthcare Network Accreditation Commission (EHNAC). Joseph has been a featured speaker on 4010/5010 transaction transition, Innovations in Healthcare Payments and Electronic Remittance, and testified before Health and Human Services (Center for Medicare Services), U.S. Congressional Health Data Advisory Sub Committee. Additionally, he has been a featured participant in Healthcare Informatics Round table events hosted by the Robert W Johnson Foundation and authored white papers on Clinical Data & Electronic Medical Record strategies and solutions. As the current Chief Strategy Officer of SiriusIQ (part of the CLX consortium), he is involved in the development of solutions that leverage powerhouse leaders like Microsoft, solutions that feature government-level-encrypted end-to-end compliance, and solutions that feature the highest level of telemetry in the industry. Mr. Gonzalez holds a BA in Political Science from the United States Naval Academy.

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PASO is the latest Rerverse Merger play to take the OTCQB by storm initially skyrocketing from well under a penny to $0.169 in June.PASO is a clean shell with virtually no debt on the books and no convertible debt listed as “pink limited” on Otc Markets Group. There has been significnat insider buying in PASO according to the form 4’s Joseph Gonzales and Jarvis Shokey were acquiring shares on the open market. PASO has gotten everything together pr merger including filing annual financials/ A Offering as currently non-effective. According to the Quarterly report filed on September 15 PASO does solid revenues and recently reported a net income of $190k for fiscal 2019 on revenues of $2.2 million USD. On May 29 PASO filed the merger filing with UST Global and Sirius IQ JV to reverse merge into PASO, “According to public records UST Global and Sirius IQ are major companies that employ thousands of employees in 23 Countries. Clients of UST Global include Fortune 500 companies in banking and financial services, insurance, healthcare, retail, manufacturing, shipping, technology, semiconductor and telecom. The closing of the UST Global and Sirius IQ has been delayed several times; on September 15 PASO announced it has amended its filing to keep the previously announced Tender Offer, originally declared in the Press Release made on September 1, 2020, available for an additional 30 days. Therefore the Tender date deadline is now no longer September 18 but rather October 16, 2020 at the close of the business day deemed to be 5:00 p.m. E.S.T. Microcapdaily first covered PASO on March 6 when the stock was $0.01. We will be updating on PASO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PASO.

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Disclosure: we hold no position in PASO either long or short and we have not been compensated for this article.

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