PARX HEAL
ITEM 8.01OTHER EVENTS
Sunday, May 17, 2020
PAUL ARENA'S CHAIRMAN'S LETTER TO SHAREHOLDERS
To our Shareholders,
When I initially sat down to write this letter, I was in my office and thinking of how to describe the events of 2019 and what Parallax achieved last year. Today, that seems a distant reality.
We find ourselves deep in a crisis, the extent of which has not been seen in our
lifetimes. Prior to March, the country's unemployment rate was the best we have
seen in many years. Our quality of living was on the upswing and the consensus
was positive. That all came to a stop. The country's unemployment claims are
now skyrocketing, and our GNP is suffering. Here, on our streets in
When misinformation exists, people worry and that can create fear. This fear stems from a sense of uncertainty that seems to have no straight answer. We are not an organization that fuels uncertainty. My style for over thirty years of running public companies has been for the organization to communicate with its shareholders effectively, especially through times of crisis. I am here to assure our shareholders that we now have policies and priorities in place to succeed. The Company is able to function effectively while many of us are quarantined in our homes, and steps have been taken to ensure that all of our employees have protective supplies to help guard against COVID-19.
As Chairman and CEO of the Company, I am working closely to communicate with our board of directors, our executives and staff through this crisis to provide regular updates on various developments and initiatives. This includes information about the state of the Company, new policies and procedures, and opportunity updates.
Our opportunities include, but are not limited to the sales and distribution of medical supplies and devices, as well as the proprietary development and manufacturing of our own devices and remote patient monitoring platform. It is our intention to obtain an operating profit as early as possible in the short-term, to continue to grow our revenue base over the intermediate term and to complete the engineering, design and build of our SparksTM Mobile immunoassay handheld diagnostics device, which should provide substantial long-term value to our shareholders.
We have recently acquired a number of new customers and our staff is working diligently to transact business for the benefit of our Company and its shareholders.
Parallax's Value Propositions
?Has proprietary algorithms for remote patient monitoring platform that are predictive in nature
?Has been issued or exclusively licensed 14 patents and has several patents pending
?Has an intellectual property portfolio believed to be worth several hundreds of millions of dollars on an NPV basis based on current market infringement, and has recently acquired preliminary third-party validity analysis
?Has FDA-cleared immunoassay diagnostics device and 25 diagnostics tests
?Plans to manufacture and license proven technology for patented handheld immunoassay diagnostics device
?Has a management team in place with proven track record in previous companies
These items should add substantial value for our shareholders
Our Goals Short-Term Intermediate-Term Long-Term New Customers Grow Revenues Manufacture / License Diagnostics
New Partners Complete Technology Platform Continue to Build Shareholder Value Cash Flow Complete Prototype Diagnostics Potential Exit
On
In an effort to protect the interests of shareholders, the
The Company, along with its counsel, is cooperating fully with the
Pursuant to Rule 15c2-11 under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), at the termination of the trading suspension, no quotation
may be entered unless and until the Company has strictly complied with all
provisions of the rule, including the filing of a new Form 15c2-11 with
The Company filed its 2019 Annual Report, Form 10-K, with the
Now that the trading suspension period has ended, and the 2019 10-K has been
filed, the Company is in the process compiling the information required for its
15c2-11 submission by a FINRA Member Market Maker. The Company anticipates the
filing of a new Form 15c2-11 within the next 30 days. If any party has any
questions as to whether the Company has complied with the rule, they should
contact the staff in the
In Closing
Much of this crisis is unprecedented and as such, there is no script or road map and there is much uncertainty. However, we believe the Company is situated in the unique position to benefit from our assets, knowhow and management's ability to execute on our business strategies. Exceptional leaders create exceptional organizations that adapt in times of turmoil. We can expect that things will be different when this crisis is over.
The key for us is that, whether it be the COVID-19 pandemic or some future unforeseen pandemic, the worldwide healthcare need for reliable point-of-care diagnostics and monitoring is not going to go away. It is, in fact, very much here to stay. That, for the Company, is very much in our wheelhouse.
To all our employees, to our friends, clients, and shareholders, and especially to the healthcare communities where we operate, please do all you can to stay healthy and be safe.
Sincerely,
[[Image Removed: Picture 1]]
Chairman and Chief Executive Officer
paul@parallaxcare.com Cell 404-915-8449
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Forward-Looking Statements
The terms "the Company", "we", "us", "our", and "Parallax" shall mean
This communication 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, as well
as 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 our 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 our Form 10-K and other
reports filed with the
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