Parallax Provides Mid-Quarter Update

Company Eliminates $25 Million Contingent Liability and Focuses Toward Operating Growth

Parallax Licensing Program Moving Forward on All Fronts

NEW YORK, NY, Feb. 24, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Parallax Health Sciences, Inc. (OTCQB: PRLX) (''Parallax'' or the ''Company''), an outcome-driven connected healthcare company, today announced it has reached a settlement and release of all potential liabilities and litigation with the previous owner of RoxSan Pharmacy, Inc., (the “RoxSan Owner”) stemming from its ownership of RoxSan.

In consideration of the resolution of all existing and potential claims, including the cancellation of the Company’s contingent liability in the principal and interest sum of approximately $25,000,000, and without further action or litigation and without admission of liability by either party, the settlement terms include the following, a payment of $4 million to be paid over the next two-years and delivery of 10 million shares of restricted stock of the Company to the RoxSan Owner.  Additional information is available in the Company’s 8-K recently filed with the Securities and Exchange Commission.

In response to this settlement, Paul Arena, Chief Executive Officer of Parallax Health Sciences, Inc., commented, “Since my first day with the Company, this has been our priority and I am pleased to be able to tell shareholders that with this matter behind us, we can now turn all of our energies into making Parallax the healthcare services powerhouse we have envisioned.” Mr. Arena continued, “Although we believe our case was strong, our board of directors determined that it was in the best interests of our shareholders to agree to a substantial discount of our potential liability in exchange for the ability to put this matter behind us in a definitive way that will not continue to prolong the existence of this burden and costs overhanging the Company.  Now having achieved this important milestone, for the first time in more than four years since this litigation has been present we are now in a position for our shareholders and potential investors to begin to credit the Company with the proper potential enterprise value and intellectual property value the Company deserves without having to massively discount those values because of this litigation matter. The near to intermediate term goals of the Company can now be accomplished in a manner that will be more accretive to our shareholders, on a less dilutive basis”

Some of these goals over the next twelve months include, but are not limited to the following:

• Profitability
• Increase Patient Adoption of Patented Good Health Outcomes Platform
• Uplisting to NASDAQ
• Monetize our Intellectual Properties
• Enhance Sales Pipeline ($10 million)

Business Outlook

Parallax has developed and continues to improve its technological advantages in service delivery for remote patient monitoring that is deployed through its Good Health OutcomesTM software-as-a-service (“SaaS”) licensing platform through channel partners and direct sales. The Company’s patented mobile remote patient monitoring technology has been built to the Health Insurance Portability and Accountability Act, (“HIPAA”) standards to be compliant for security and designed to enable healthcare practitioners to connect with and intervene to improve outcomes for their patients. The Company’s Good Health OutcomesTM value propositions and core differentiating advantages include, but are not limited to:

• The deployment of artificial intelligence
• Having automated a means to cause an alert without the need for human intervention
• The only platform that is agnostic and connects to all Electronic Health Record (“EHR”) systems
• Compatible with all biometric and diagnostics devices

In addition to direct sales, the Company has a channel distribution strategy that will allow it to address the market opportunities within chronic disease management.  It is expected that the new SaaS software license model will launch during the second quarter of the current fiscal year (FY2020). More details will be provided as they become available.

According to Knowledge Sourcing Intelligence LLP, the global remote patient monitoring market is expected to reach US$31.326 billion by the end of 2023, increasing from US$15.871 billion in 2017, growing at a CAGR of 12% during the forecast period. Remote patient monitoring makes use of digital technologies to collect medical and various other forms of health data and transmit them to a healthcare provider. The data can be collected at patient’s residence, thus avoiding the nursing and hospitalization cost. The market for remote patient monitoring witnessed significant growth in recent years owing to a rise in disposable incomes and increasing demand from an aging population. Availability of technologically advanced products, the budding prevalence of chronic diseases, government support in various countries and rising awareness regarding the benefits of remote patient monitoring are the major factors driving the demand for these systems. Asia-Pacific is expected to witness significant growth over the projected period, attributable to rising healthcare expenditure and an increase in disposable income over the forecast period.

Intellectual Property Portfolio

Parallax’s solutions are supported by its intellectual property portfolio.  The Company has been issued or has exclusively licensed fifteen patents and has been notified that two additional patents will be allowed pending formal issuance by the United States Patent & Trademark Office (“USPTO”).  Additional patent applications are pending or in process for filing. The patents contain a broad range of claims covering the Company's proprietary technologies and products. Parallax also owns ten trademarks, two of which are registered, protecting the names of its products and identity in the marketplace.

It is noteworthy to reiterate from a recent press release of the Company that after careful analysis of infringement in the marketplace our damage models show a net present value of over $500 million in potential infringement damages present in the diagnostic and behavioral markets in favor of our intellectual property portfolio.

About Parallax Health Sciences 

Parallax Health Sciences is an advanced technology, outcome-driven telehealth company that allows for cost-effective remote diagnosis, treatment, and monitoring of patients through proprietary platforms of integrated products and services. The Company's interoperable novel applications provide patients point-of-care testing and monitoring with information communicated via internet-based mobile phone applications that are agnostic as to operating system and are built on highly sophisticated data analytics. Information is retrieved real-time by physicians who are monitoring patients with chronic diseases or through biometric feedback for health-related behavior modification, and is automated for integration into electronic health records. The Company's products and offerings capitalize on the digital transformation in healthcare for improved patient compliance, diagnosis and treatment, and support healthcare system cost savings and efficiencies. For more information, please visit  or .

Forward-Looking Statements

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, 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 SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.