Endonovo Therapeutics Details Plan to Spin Off Medical Device Division as a Listed Public Company
Endonovo Therapeutics Inc. (OTCQB: ENDV) announced plans to spin off its medical device division, NewCo, into a separate publicly-traded entity. NewCo, led by Ira Weisberg, aims to advance medical device sales, focusing on wearable therapeutic devices and contracts with the Department of Defense and other markets. Meanwhile, Endonovo's M&A division, under CEO Alan Collier, targets profitable specialty construction firms, with a recent intent to acquire a company projected to generate over $50 million in revenue. The spin-off is expected to provide significant value to shareholders.
- Spin-off of NewCo is expected to create value for shareholders.
- NewCo has a pre-money valuation anticipated to exceed $50 million.
- The M&A division has a proven strategy with over 50 years of industry experience.
- Recent acquisition target is projected to generate over $50 million in revenue and $13.5 million in EBITDA.
- None.
Los Angeles, CA, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Endonovo Therapeutics Inc. (OTCQB: ENDV) today announced details for its plan to spin off its current medical device division, known as NewCo, as a separate publicly-traded company. Endonovo’s other current division focuses on mergers and acquisitions (M&A) in the specialty construction sector and will seek to be uplisted to a national exchange.
Spin-Off Produces Two Publicly-Traded Companies
NewCo (the medical device division) will be run by Ira Weisberg and will focus on advancement of medical device sales while preparing to spin off as a national exchange listed company.
Endonovo’s existing M&A division will be run by Alan Collier and will focus on M&A strategy of purchasing profitable companies in the specialty construction sector with a goal of uplisting in the future.
NewCo Moving Forward
Ira Weisberg, President and Chief Commercial Officer of Endonovo's current medical division, stated: “NewCo featuring SofPulse® is going to continue moving forward with programs to capitalize on our portfolio of commercial and clinical-stage wearable therapeutic devices and IP. We will continue to aggressively build contracts with the Department of Defense, the VA and other domestic and international surgical and pain management markets. As a newly formed public company, we will have a new board of directors, new sales and marketing teams and a determined focus to bring PEMF technology to the global pain management market.”
Endonovo’s Future
Endonovo's current mergers and acquisitions division, run by CEO Alan Collier and Head of Corporate Development Garry Michael Kann, will focus on acquiring specialty service providers in the construction industry. The division has more than 50 years of experience in acquiring and running such companies and aims to provide a steady stream of revenue through its "Build Up Strategy."
The division has recently entered into a letter of intent to purchase a highly profitable commercial construction company and is working to secure financing for additional acquisitions in the specialty construction sector.
Recent Development
The M&A division has entered into a new letter of intent to purchase an additional highly profitable construction company. The target company is a market-leading specialty trade construction firm with a history of strong revenue growth and is expected to bring in over
Acquisition of the specialty trade construction company, once completed, will establish Endonovo as a diversified holding company in the specialty trade construction industry with strong historical proven revenue and profitability moving forward. Endonovo expects the completion of the target acquisition will allow NewCo to finalize the proposed spin-off and establish a strong presence in the medical device industry.
Upon completion of the spin-off, it is believed that NewCo will have a pre-money valuation in excess of
Enhanced Shareholder Value
Endonovo CEO Alan Collier said: "We are excited to bring our two divisions, the medical device division (NewCo) and the specialty construction division to the public markets and provide our shareholders with the opportunity to capitalize and invest in two separate, viable companies. We believe this spin-off will create long-term value for our shareholders as both entities continue to grow and succeed separately from each other."
About Endonovo Therapeutics, Inc.
Endonovo Therapeutics is currently structured into two divisions: Legacy – a commercial-stage developer primarily of noninvasive wearable Electroceuticals® therapeutic devices for pain relief, general wellness and wound curatives with many of its products marketed under the SofPulse® brand name; and its Build Up Strategy – acquiring complementary specialty service providers in the construction industry.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate", "believe", "plan", "estimate", "expect", "intend" and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Investor Relations Contact:
Endonovo Therapeutics, Inc.
Steve Barnes
(800) 701-1223 Ext. 108
sbarnes@endonovo.com
www.endonovo.com
Media Contact:
Gregory A. McAndrews
Greg McAndrews & Associates
(310) 804-7037
greg@gregmcandrews.com
FAQ
What are the details of the Endonovo Therapeutics spin-off plan for NewCo?
Who will lead the newly formed company NewCo after the spin-off?
What is the expected pre-money valuation for NewCo?
How does Endonovo's M&A division plan to generate revenue?