FOXO Technologies Subsidiary, Myrtle Recovery Centers, Receives Two Full Licenses from the Tennessee Department of Mental Health and Substance Abuse Services
08 August 2024 - 2:30PM
FOXO Technologies Inc. (NYSE
American: FOXO) (the “Company”), today announced that
its recently acquired subsidiary, Myrtle Recovery Centers, Inc.
(“Myrtle”), has been granted two full licenses from the Tennessee
Department of Mental Health and Substance Abuse Services, effective
August 1, 2024, for 12 months. The first license authorizes the
provision of services for alcohol and drug residential
detoxification treatment, as well as alcohol and drug residential
rehabilitation treatment. The second license authorizes the
provision of services for non-residential office-based opiate
treatment.
FOXO completed the acquisition of Myrtle
recovery Centers, Inc., from Rennova Health, Inc. (OTC RNVA)
effective June 14, 2024. Myrtle Recovery Centers, Inc., is a 30 bed
behavioral health facility in East Tennessee. Myrtle provides
inpatient services for detox and residential treatment and
outpatient services for MAT and OBOT Programs. The facility was
opened in August 2023 and has secured in-network contracts with
major health insurance companies in Tennessee and continues to
expand these contracts to include additional payers. The Company
anticipates building the business at this first facility to
generating profitable annual revenues of approximately $3-4M and
plans to grow revenues and duplicate the model in different
locations. Further information can be found at
www.myrtlerecoverycenters.com.
“We are delighted to receive these full
licenses,” said Mark White, Interim CEO of FOXO Technologies.
“We look forward to building this new business in a sector with
pent up demand for the services we provide. We continue to work
towards closing the other recently announced transaction with
Rennova Health, Inc., to acquire Big South Fork Medical, a rural
hospital operating in Tennessee. We firmly believe these
acquisitions will create renewed opportunity for our Company and
its shareholders,” stated Mr. White.
Closing of the previously announced transaction
to acquire Big South Fork Medical remains subject to a shareholder
vote and other conditions and is expected to close in the third
quarter of 2024.
Scott County Community Hospital, Inc. (DBA Big
South Fork Medical) is a critical access designated hospital in
East Tennessee. Further information can be found at
www.bsfmedical.com.
Scott County Community Hospital,
Inc. and Myrtle Recovery Centers, Inc. generated
unaudited net revenue of approximately $18.7 million and
net income of approximately $5.2 million for the twelve
months ended December 31, 2023.
About FOXO Technologies
Inc.FOXO is a biotechnology company dedicated to
improving human health and longevity through the development of
cutting-edge technology and product solutions for various
industries, including life insurance. FOXO’s epigenetic technology
applies AI to DNA methylation to identify molecular biomarkers of
human health and aging. FOXO is committed to leveraging
the latest advancements in science and technology to help people
live better, longer lives. FOXO also owns Myrtle Recovery Centers,
Inc., a 30 bed behavioral health facility in East Tennessee. Myrtle
provides inpatient services for detox and residential treatment and
outpatient services for MAT and OBOT Programs.
For more information about FOXO,
visit www.foxotechnologies.com.
Forward-Looking
StatementsThis press release contains certain
forward-looking statements for purposes of the “safe harbor”
provisions under the United States Private Securities Litigation
Reform Act of 1995. Any statements other than statements of
historical fact contained herein, including statements about the
delisting of the Warrants from NYSE American, trading of the
Warrants in the over-the-counter market, the continued listing of
the Company’s Class A common stock on NYSE American, and other
statements identified by words such as “will likely result,” “are
expected to,” “will continue,” “is anticipated,” “estimated,”
“believe,” “intend,” “plan,” “projection,” “outlook” or words of
similar meaning, but the absence of these words does not mean that
a statement is not forward-looking. Any such forward-looking
statements are based upon the current beliefs and expectations of
the Company’s management and are inherently subject to significant
business, economic and competitive uncertainties and contingencies,
many of which are difficult to predict and generally beyond the
Company’s control. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to the possibility that the Plan
will not be accepted by NYSE American, the Company will be unable
to satisfy other continued listing requirements of NYSE American
for its Class A common stock to maintain the listing of the Class A
common stock on NYSE American; the risk of changes in the
competitive and highly regulated industries in
which FOXO operates; variations in operating performance
across competitors or changes in laws and regulations affecting
FOXO’s business; the ability to implement FOXO’s business plans,
forecasts, and other expectations; the ability to obtain financing;
the risk that FOXO has a history of losses and may not
achieve or maintain profitability in the future; potential
inability of FOXO to establish or maintain relationships
required to advance its goals or to achieve its commercialization
and development plans; the enforceability of FOXO’s intellectual
property, including its patents and the potential infringement on
the intellectual property rights of others; and the risk of
downturns and a changing regulatory landscape in the highly
competitive biotechnology industry or in the markets or industries
in which FOXO operates, including the highly regulated
insurance industry. The foregoing list of factors is not
exhaustive. Readers should carefully consider the foregoing factors
and the other risks and uncertainties discussed in FOXO’s most
recent reports on Forms 10-K and 10-Q, particularly the “Risk
Factors” sections of those reports, and in other
documents FOXO has filed, or will file, with
the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and FOXO assumes no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contact:Crescendo Communications, LLC(212)
671-1020foxo@crescendo-ir.com
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