Patient Access Solutions, Inc. (OTC: PASO) announced on April 17, following earlier COVID-19 commotion, that the process for the merger with UST Global and Sirius IQ would be restarted. The target date of May 29 to secure a Letter of Intent (LOI) was met on the day itself. The dividend was rounded off in connection with the restart of the transaction process. Shareholders were asked to be patient and were also promised that the process would remain accurate and highly confidential in order to protect the integrity of the transaction.
In mid-June, various media noted that PASO had become one of the most active small caps stocks. The reason for the growth of the share is the announcement of PASO’s proposed merger with UST Global and Sirius IQ. The former appears to have several Fortune 500 customers who are active in various sectors such as: financial services, banking, healthcare, technology and telecom. In addition, they have thousands of employees in no less than 23 countries.
A recent update
The date of closure is now known and will be 15 July, unless the parties concerned agree otherwise. So far, no change is known and we are thus approaching the intended deadline. This week (week 26) shows once again why PASO is a remarkable RM candidate. The company has little debt, fixed income and reported a net income of $190k for fiscal 2019 on income of $2.2 million.
The merging partners
Patient Access Solutions trades PASO at a market value of $120 million. They provide their own technology and management solutions for the healthcare and financial sectors. In their own words, they underpin this with the following quota: “Creating innovation compensation and pricing strategies to maximize your product’s market access potential.
SiriusIQ focuses on next-gen AI with workflow automation that streamlines business processes, conversations, analyses and more. For example, they invented Quinn™ – software that processes and manages data securely and efficiently – and The New Way™ – a transformational process of transforming people-based workflows into machine-time based workflows. They also focus on opportunities in artificial intelligence, automation and bone technologies.
Global UST is, as its name suggests, a multinational provider of digital technology, transformation and IT services. One of the sectors in which they are active is healthcare. With this they have an interface with Patient Access Solutions. They have over 25,000 employees and more than 20 years of IT experience. Besides several subsidiaries, they own their own UST campus.
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