Parallax Health Sciences, Inc. Appoints Paul Arena as Chief Executive Officer
Veteran executive with decades of public company experience accepts role of senior executive and looks forward to building value for clients and shareholders
SANTA MONICA, Calif., July 13, 2017 /PRNewswire/ -- Parallax Health Sciences, Inc. ("Parallax" or the "Company") (OTC: PRLX), an innovative digital healthcare company that delivers patient-centric solutions, and the owner of RoxSan Pharmacy, Inc., is pleased to announce that it has appointed Mr. Paul Arena as Chief Executive Officer and a member of its Board of Directors.
"We are excited that Paul has joined the Company as Chief Executive Officer," stated Bill Withrow, Director of Parallax Health Sciences, Inc. "Paul's extensive operating experience will not only help the Company grow its underlying business units, but should also accelerate the Company's ability to capitalize on the value of its core intellectual property assets. He has a demonstrated track record of success and is well-respected in the technology and consumer products industries. Paul's abilities to identify strategic opportunities, enhance shareholder value, and manage intellectual property portfolios are consistent with our corporate objectives. As a senior executive at a number of publicly-traded technology companies, his management skills and strategic initiatives were instrumental in building hundreds of millions of dollars in shareholder value during the majority of the past 26 years."
"We are gratified that Paul has elected to spend all of his time helping to grow Parallax Health Sciences," added Mr. Withrow. "His enthusiasm is shared by other members of our Board of Directors and senior management team. We have established aggressive goals for future growth and profitability and look forward to Paul's contributions towards the achievement of these objectives."
"I believe that Parallax is one of those rare companies that is at the right place at the right time and is uniquely positioned to participate in the digital health revolution," stated Mr. Arena. "I am confident that Parallax can play a key role as a provider of innovative solutions that can address challenges within America's bloated healthcare system, which is built on antiquated and unsustainable business models. Focused on patient-centric solutions, remote patient monitoring and telehealth business opportunities, the Company is founded on the belief that systems interoperability and ubiquity are paramount to success in the multi-trillion-dollar healthcare industry. The value proposition provided by Parallax's innovative and agnostic systems integration platform is poised to succeed in a world where new technology and concepts are changing at accelerating rates."
Mr. Arena further commented, "I am personally driven by companies with management teams that not only have the vision necessary for future success, but which are well-grounded in the realities of their current business environments. I am confident that Parallax has the management and other corporate resources necessary to succeed as a disciplined, culture-driven provider of products and services in a variety of health-related market sectors."
"Parallax has created a valuable intellectual property (IP) portfolio centered upon remote diagnostics and behavioral health offerings, while developing a powerful platform that can deliver comprehensive end-to-end solutions and applications to the marketplace. I believe that the value of this IP is not currently reflected in the Company's current stock price. Unlike many of its competitors, some of which are just beginning to develop and introduce their products and services, Parallax has already developed and is marketing proprietary, superior solutions and applications that address a growing global healthcare sector. Building upon its competitive advantages in the hyper-growth point-of-care ("POC") marketplace, I am confident that Parallax can develop effective strategies to leverage its intellectual property assets in a number of ways, including strategic partnerships and third-party licensing opportunities."
"I was also attracted to the Company's unique positioning as a provider of novel and innovative technologies through business units that operate at various maturity levels," continued Mr. Arena. "Parallax's 63-year-old compound pharmacy, RoxSan Pharmacy, Inc., generated annual gross revenue of $53 million and $14 million in EBITDA as recently at 2013. Parallax Health Management, Inc., a systems integration company that was acquired in 2016, is poised to leverage its patent-pending technology via an expanding portfolio of robust and scalable Remote Patient Monitoring (RPM) solutions. Parallax Diagnostics, Inc. is a point–of-care diagnostic technology company that has been incorporated into an FDA-cleared Quantitative and Qualitative Desk-top Analyzer and 24 FDA-cleared proprietary tests in the cardiac, drug abuse, infectious disease, medical conditions, and other specialty markets. And finally, Parallax Behavioral Health, Inc. is our outcomes-driven technology business unit."
The Company views the past twelve months as a period of "evolution and consolidation", during which management focused upon the integration of its RoxSan Pharmacy operations; its behavioral heath acquisition QOLPOM, Inc.; its recently acquired provider of health management solutions, ProEventa, Inc.; and its reliable evidenced-based outcomes optimization technology, ("R.E.B.O.O.T.") under a single corporate umbrella. Looking forward, the Company will also focus on the impressive growth opportunities built into its digital remote diagnostics service revenue models and intellectual property monetization. This transition, coupled with increased investment in the Company's diagnostics and monitoring platform, has enhanced product functionality, customer service, and sales and marketing initiatives, with progress in each of these areas validated by growth in Parallax's client base.
"We are negotiating with several companies regarding initiatives that should expand the market for, and revenues from, our products and services," added Arena. "We believe that certain new product offerings are ahead of the market curve and have the potential to drive powerful new business relationships. These new products have core and innovative market advantages and, when coupled with our patented and patent-pending intellectual property portfolio, they should attract accretive investment capital from sophisticated investors, while allowing the Company to implement strategic programs designed to achieve positive cash flow within the next twelve months."
Mr. Arena further commented, "I intend to provide a Report to Shareholders within the next few weeks that reflects the current status of the Company, along with an analysis of the business and strategic opportunities available to Parallax, its shareholders, and potential investors."
During the past 30+ years, Mr. Paul Arena (age 59) has served in executive management positions for a number of private and publicly-traded companies and provided corporate finance, syndication and distribution services within the investment banking industry. Over the past 15 months, Mr. Arena founded, and currently serves as Managing Director of ArenaLife, LLC, a privately-held company that develops and markets innovative health and beauty products for the consumer marketplace. Previously, he served as Executive Chairman of AudioEye, Inc. (from January 2014 through February 2015). From June 2010 through September 2012, Mr. Arena was Chief Executive Officer and subsequently Chairman of the Board of Augme Technologies, Inc. From February 2002 to March 2010, he held various executive management positions, including Chairman of the Board, Chief Executive Officer, and Principal Financial Officer, at Geos Communications (formerly i2 Telecom International). From May 2000 to present, he served as Chairman of the Board, Chief Executive Officer, President and owner of AIM Group, Inc., an investment holding company. Before founding i2 Telecom International in 2002, Mr. Arena served in various executive positions, including Chairman of the Board and Chief Executive Officer, at Cereus Technology Partners, Inc. (May 1991 to April 2000). Cereus, which secured a listing on the NASDAQ National Market, achieved a market capitalization in excess of $350 million prior to Mr. Arena's departure in 2001.
During 1994, Mr. Arena was a financial advisor to, and became a minority equity owner in, Great Lakes Pulp & Fiber, Inc., a $224 million project financing and one of the world's largest paper recycling facilities. From June 1990 to August 1991, Mr. Arena was a financial consultant, and from February 1988 to January 1990, he served as Senior Vice President and Partner of Gulfstream Financial Associates, Inc., an investment banking and brokerage subsidiary of the Kemper Group. During the period 1982 through 1988, Mr. Arena held Vice President positions with three New York Stock Exchange member investment firms, including Cralin & Co.; Drexel, Burnham, Lambert, Inc.; and Interstate Securities Corporation.
- Chairman, CEO and shareholder of a publicly-traded technology company focused on mobile marketing and advertising that grew annualized revenues from <$1 million to over than $30 million within nine quarters. Market capitalization increased from <$50 million to >$350 million within two years. Supervised the completion of >$100 million in financing and acquisition transactions, along with the expansion of customer base from 5 to over 700, including 150+ Fortune 500 customers.
- Founder, Chairman, CEO and shareholder of publicly-traded technology company with extensive intellectual property. Sold patent to strategic buyer in 2008 for $6.5 million.
- Founder, Chairman, CEO and shareholder of publicly-traded B2B eCommerce and information technology solutions company that attained a market capitalization in excess of $350 million within two years.
- Founder, Chairman, CEO and owner of a specialty materials/industrial minerals company serving large customer base in the industrial / chemical industries.
- Financial advisor to, and minority equity owner in, one of the world's largest paper recycling facilities, which completed $228 million combined debt/equity financing in January 1995 and commenced start-up operations in July 1996.
- Co-founding partner of a start-up investment banking firm that, within two years, was generating annual revenue in excess of $25 million, employed over 150 associates, and had completed combined financing transactions valued at more than $250 million.
- Performed various corporate finance, syndication and distribution functions that resulted in the successful completion of over $3 billion of financings during his career.
Mr. Arena assisted in the structuring and financing of transactions involving the conversion of black and white motion picture films into color, mercury detection devices for drilling rigs, ATM debit cards, color video telephones, color FAX transmissions, Internet services, Internet content access for persons with disabilities, enterprise application services, pharmacy roll-up, Internet telephony, various types of manufacturing, and commercial real estate ventures for hotel, shopping center, and multi-family housing projects.
"With extensive research and the development of intellectual property investments having been completed, it is now time for Parallax and its management team to focus on monetization of the Company's assets as a growth-driven digital healthcare company delivering patient-centric solutions," observed Mr. Withrow. "We believe Parallax is well-positioned to target world-class growth opportunities through the successful execution of its aggressive business plan."
ABOUT PARALLAX HEALTH SCIENCES, INC.
Parallax Health Sciences, Inc. (PRLX), headquartered in Santa Monica, CA, is a fully reporting Nevada corporation. The Company is focused on personalized patient healthcare through its established Pharmacy and Infertility businesses, and through Parallax Health Management, Parallax Behavioral Health and Parallax Diagnostics. For additional information, please visit www.parallaxhealthsciences.com.
ABOUT ROXSAN PHARMACY, INC.
RoxSan Pharmacy, Inc., a wholly owned subsidiary of Parallax Health Sciences, Inc., is a 63-year-old California-based Pharmacy that specializes in the compounding and fulfillment of prescriptions and infertility treatments. RoxSan Pharmacy is licensed in 42 States in the US. Please visit www.roxsan.com
For Additional Information, Please Contact:
Paul Arena, Chief Executive Officer
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