Patient Access Solutions Important Shareholder Notice: A Dividend Inclusion and Disbursement Clarification
Commack, NY, Sept. 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Patient Access Solutions, Inc. (OTC PINK: PASO), a provider of technology and management solutions for the healthcare and financial industries, offers clarification of the dividend disbursement.
It has come to our attention that many shareholders are looking for clarification on how the dividend will work. It is our intent to clarify that now, how and to whom it will be paid, as well as any question regarding the tender offer.
Both these actions involve the new Series C Convertible Preferred Stock. The first is a dividend to allshareholders of recordon 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. It is important to point out that to receive this dividend one must buy the stock no later than today. As a purchase done today settles on Friday the 18th; the shareholder of record date declared. The payment of the dividend will be processed as follows:
DTC, Depository Trust Company, will receive a block of Series C shares from the Transfer Agent so that these Series C shares can be distributed to the brokerage firms that hold the stock on behalf of all shareholders. Each brokerage firm will then automatically distribute the appropriate dividend to each shareholder’s account. Nothing needs to be done by any shareholder to receive the dividend. As there are only about 30% of our issued and outstanding shares deposited in the DTC system, 221,164,905 of the 749,993,098 respectively as of September 11th, many shareholders hold the physical shares, 6,187 shareholders hold the deposited shares. The shareholders holding physical shares need do nothing as well. Our transfer agent will be depositing those dividends directly into those accounts in book entry form right at the agent in each shareholder’s name.
The second item the Company has authorized is the tender offer for all common shareholders of record on the same date, September 18th. For each shareholder wishing to tender, exchange, their common shares for the new Series C Convertible Preferred stock the followig covers the procedures. That conversion rate will be one (1) share of the new Preferred for every 250 shares of common owned. The deadline to tender is Friday September 18th. This will be processed as follows:
Should you decide to tender your shares, you must complete the attached “Tender Share Conversion” and deliver it to your brokerage firm for those shareholders whose stock is held at a brokerage firm. Upon execution, the shares must be returned to the Transfer Agent. This will be done entirely by your brokerage firm. The distribution of your new Series C shares will be then done by our Transfer Agent to each shareholder through your brokerage firm right into your account. For those shareholders that hold their stock in certificate form, you will be receiving a letter directly from our Transfer Agent instructing you how to tender your shares. Included in this mailing will be the form listed below in this release as well as each step required to complete the process.
Please use the following form to tender shares:
TENDER SHARE CONVERSION
The undersigned hereby elects to convert and tender current Patient Access Solutions Inc (the "Company") shares of common stock (the "Common Stock"), of the Company according to the conditions hereof, as of the date written below.
· Principal Amount to be Converted: (documentation or certificate attached)
· Number of shares of Series C Preferred to be issued: (1 share of preferred for every 250 shares of common)
· SS# or Tax ID
· Email Address:
PLEASE RETURN TO YOUR BROKER
About Patient Access Solutions Inc.(www.pashealth.com)
Patient Access Solutions Inc. (PASHealth) 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. For more information about the services and products of Patient Access Solutions, please visit our website at www.pashealth.com.
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.
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