Patient Access Solutions announces 67% reduction in company's total liability

Patient Access Solutions, Inc. (Pink Sheets: PASO), A provider of healthcare/financial processing technologies for the healthcare and home care industry today announced that the company has reduced its outstanding liabilities by $1,768,189.00. The initial loans of $1,441,189.00 plus interest from November 1, 2009 equal this total liability. This amounts to approximately a 67% reduction in the company's total liability. According to the company, the action was accomplished by one of its major debt holders voluntarily reducing the debt in exchange for a limited amount of shares of the Company common stock and a reduced onetime payment equating to approximately 10% of the total debt. All litigation between the parties has been settled.

"The company reduced its debt by almost $1,800,000 or approximately 67% of the Company's liabilities through the generous offer of one of its senior debt holders", stated Bruce Weitzberg, President and CEO of Patient Access Solutions Inc. "Management believes that the debt reduction and the recent contracts that have taken place over the first 2 quarters are all actions that make the company desirable for a major investor as well as increasing shareholder value."