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”