SANTA MONICA, CA / CRWEPRESSRELEASE / August 14, 2015 /Parallax Health Sciences, Inc. (“Parallax” or the “Company”) (OTCMKTS:PRLX), is pleased to announce the completion of the acquisition of RoxSan Pharmacy, Inc., a privately held California corporation (“RoxSan”) located in Beverly Hills, CA. The Agreement to Purchase and Sell One Hundred Percent of the Issued and Outstanding Shares, Its Assets and Inventory (the “Purchase Agreement”) was executed on August 13, 2015. The transaction is immediately accretive to Parallax.
The terms of the Purchase Agreement include a secured promissory note (the “Note”) issued to the Seller, in the amount of $20.5 million. The Note bears interest at a rate of 6% per annum and matures in three (3) years. In 2014, RoxSan had unaudited gross revenues in excess of $40M, and EBITDA of approximately $10M.
Parallax’s CEO, Michael Redmond, said, “Parallax is fortunate to team with such an outstanding organization as RoxSan. RoxSan is a leading compounding pharmacy specializing in pain management therapies. In addition to the compounding business, RoxSan is one of the largest providers of fertility medicines. The fertility business is growing and provides a differentiated service. The addition of RoxSan to the Parallax family provides synergies with our efforts to offer patients personalized medicine for both the diagnosis and treatment of medical conditions.”
ABOUT THE PHARMACY
RoxSan Pharmacy, established over 60 years ago, is a compound pharmacy headquartered in Beverly Hills, California, and licensed in over 40 US states. RoxSan provides individualized compounding for pain management, medications for infertility treatments, as well as full-service prescription management.
ABOUT PARALLAX HEALTH SCIENCES, INC.
Parallax Health Sciences, Inc., with offices in Santa Monica, CA and Boston, MA, is a fully reporting Nevada corporation (OTCMKTS:PRLX). Parallax is a bio-medical company focused on infectious diseases. The Company owns a line of point of care diagnostic tests on a single proprietary platform, and is developing a novel, handheld diagnostic testing system that is simple, rapid and elegant, offering the potential to transform the diagnostic landscape by transitioning critical tests from the centralized lab directly to the hands of the physician or clinicians.
Parallax’s focus is on tests that diagnose and/or monitor medical conditions, and combines innovative technologies that will provide accessible, practical and rapid point of care in vitro diagnostics. The tests will be based on the Company’s Target System, a platform that is centered on an analyzer and its innovative flow through test cartridges.
This release includes 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 regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in the Company’s reports filed with the SEC. The Company is under no obligation to (and expressly disclaim any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Parallax Health Sciences, Inc.
Parallax Health Sciences, Inc.
SOURCE:Parallax Health Sciences, Inc.