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Thursday, August 11, 2022

The Rise and Fall of Patient Access Solutions, Inc. (OTCMKTS: PASO)

Patient Access Solutions, Inc. (OTCMKTS: PASO) has seen a significant drop from recent $0.169 highs after the Company said in a disclosure statement that on July 14 the Company was issued a request by CLX Health to extend the closing date of the merger to Q4 2020.

RM stocks have been some of the hottest in small caps in recent years and PASO was no exception running from pennies to $0.169 highs and attracting legions of shareholders along the way. The reverse merger with CLX Health is not cancelled its just delayed because according to CLX Health it must defer completion of their due diligence of PASO to pursue and coordinate on its business opportunities. According to PASO the Company has “no reason to believe that this request for an extension indicates that this transaction is any less likely to occur.”

Patient Access Solutions, Inc. (OTCMKTS: PASO) 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. PASO is a great RM candidate, the beefed up bod has been accumulating stock on the open market and the Company does solid revenues and recently reported a net income of $190k for fiscal 2019 on revenues of $2.2 million. They also have little debt, and no convertible notes.

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PASO

Microcapdaily has been reporting on PASO since March 2020 stating at the time “Its easy to see why investors are excited about PASO; the beefed up bod has been accumulating stock on the open market and the Company does solid revenues and recently reported a net income of $190k for fiscal 2019 on revenues of $2.2 million. They also have little debt, no convertible notes and recently updated shareholders on the previously announced LOI.”

The full letter from PASO stated “We want to update everyone on the planned merger between Patient Access Solutions and CLX Health. Since the execution of the LOI on May 29th2020, we are pleased with the progress of the planned merger between CLX Healthand Patient Access Solutions (PASO). The last few months have shown a historic upheaval in the healthcare industry. The industry market is demanding a solution that will allow a return to a more normal lifestyle. It is this huge demand that is introducing likewise, greater demands on the solution that this merger is going to solve. Responding to this upheaval has extended the Due Diligence process to include all the opportunities being considered. With all important business decisions, we will take the necessary time to work closely with our partners, to make the transition process as smooth as possible.

On July 14, 2020 we were issued a request by CLX Health to extend the closing date of the mergertoQ4 2020. As CLX Health continues to pursue and coordinate on its business opportunities, they had to defer completion of their due diligence of PASO. It is for this reason that CLX Health is unable to meet the agreed upon closing date and they are seeking an extension. We, Patient Access Solutions, are going to honor their request and grant the extension. We have no reason to believe that this request for an extension indicates that this transaction is any less likely to occur.

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Currently running up the charts PASO has seen a significant drop from recent $0.169 highs after the Company said in a disclosure statement that on July 14 the Company was issued a request by CLX Health to extend the closing date of the merger to Q4 2020. RM stocks have been some of the hottest in small caps in recent years and PASO was no exception running from pennies to $0.169 highs and attracting legions of shareholders along the way. The reverse merger with CLX Health is not cancelled its just delayed because according to CLX Health it must defer completion of their due diligence of PASO to pursue and coordinate on its business opportunities. According to PASO the Company has “no reason to believe that this request for an extension indicates that this transaction is any less likely to occur.” Some spectulators will say it looks like CLX Health is backing out of the deal, of course PASO can easily find another RM candidate. 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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