FOXO Technologies Subsidiary, Myrtle Recovery Centers, Receives Two Full Licenses from the Tennessee Department of Mental Health and Substance Abuse Services
FOXO Technologies (NYSE American: FOXO) announced that its subsidiary, Myrtle Recovery Centers, received two full licenses from the Tennessee Department of Mental Health and Substance Abuse Services, effective August 1, 2024. These licenses authorize alcohol and drug residential treatment and non-residential opiate treatment. Acquired from Rennova Health on June 14, 2024, Myrtle Recovery Centers is a 30-bed facility offering both inpatient and outpatient services. Opened in August 2023, it has secured contracts with major health insurance companies in Tennessee.
FOXO projects annual revenues of $3-4M from this facility and plans to expand the model to other locations. CEO Mark White expressed optimism about the business's growth and mentioned an upcoming acquisition of Big South Fork Medical, pending shareholder approval and expected to close in Q3 2024. Scott County Community Hospital and Myrtle Recovery Centers reported a combined net revenue of $18.7 million and a net income of $5.2 million for the year ending December 31, 2023.
FOXO Technologies (NYSE American: FOXO) ha annunciato che la sua filiale, Myrtle Recovery Centers, ha ricevuto due licenze complete dal Dipartimento della Salute Mentale e dei Servizi di Abuso di Sostanze del Tennessee, con effetti dal 1 agosto 2024. Queste licenze autorizzano il trattamento residenziale per la dipendenza da alcol e droghe e il trattamento non residenziale per gli oppioidi. Acquisito da Rennova Health il 14 giugno 2024, Myrtle Recovery Centers è una struttura di 30 posti letto che offre servizi sia per pazienti ricoverati che ambulatoriali. Aperture nel agosto 2023, ha assicurato contratti con importanti compagnie di assicurazione sanitaria in Tennessee.
FOXO prevede ricavi annuali di $3-4 milioni da questa struttura e intende espandere il modello in altre sedi. Il CEO Mark White ha espresso ottimismo sulla crescita dell'azienda e ha menzionato un'imminente acquisizione di Big South Fork Medical, in attesa di approvazione degli azionisti e prevista per essere completata nel terzo trimestre del 2024. Scott County Community Hospital e Myrtle Recovery Centers hanno riportato un ricavo netto combinato di $18,7 milioni e un utile netto di $5,2 milioni per l'anno che si è concluso il 31 dicembre 2023.
FOXO Technologies (NYSE American: FOXO) anunció que su filial, Myrtle Recovery Centers, recibió dos licencias completas del Departamento de Salud Mental y Servicios de Abuso de Sustancias de Tennessee, efectivas a partir del 1 de agosto de 2024. Estas licencias autorizan el tratamiento residencial de alcohol y drogas, así como el tratamiento no residencial para opiáceos. Adquirido de Rennova Health el 14 de junio de 2024, Myrtle Recovery Centers es una instalación de 30 camas que ofrece servicios tanto para pacientes internados como ambulatorios. Inaugurada en agosto de 2023, ha asegurado contratos con importantes compañías de seguros de salud en Tennessee.
FOXO proyecta ingresos anuales de $3-4 millones de esta instalación y planea expandir el modelo a otras ubicaciones. El CEO Mark White expresó optimismo sobre el crecimiento del negocio y mencionó una próxima adquisición de Big South Fork Medical, pendiente de la aprobación de los accionistas y que se espera cerrar en el tercer trimestre de 2024. Scott County Community Hospital y Myrtle Recovery Centers reportaron unos ingresos netos combinados de $18.7 millones y una renta neta de $5.2 millones para el año que finalizó el 31 de diciembre de 2023.
FOXO Technologies (NYSE American: FOXO)는 자회사인 Myrtle Recovery Centers가 테네시 정신건강 및 물질 남용 서비스 부서로부터 2024년 8월 1일부로 두 개의 완전한 라이센스를 받았다고 발표했습니다. 이러한 라이센스는 알코올 및 약물의 주거 치료와 비주거 오피오이드 치료를 허가합니다. 2024년 6월 14일 Rennova Health로부터 인수된 Myrtle Recovery Centers는 30개의 병상 시설로 입원 및 외래 환자 서비스를 모두 제공합니다. 2023년 8월에 개소한 이 시설은 테네시의 주요 건강 보험 회사와 계약을 체결했습니다.
FOXO는 이 시설에서 연간 수익을 300만~400만 달러로 예상하고 있으며, 이 모델을 다른 장소로 확장할 계획입니다. CEO Mark White는 비즈니스 성장에 대한 긍정적인 전망을 나타내며 주주 승인 대기 중인 Big South Fork Medical의 인수 예정 소식을 전했습니다. 이 인수는 2024년 3분기에 완료될 것으로 예상됩니다. Scott County Community Hospital과 Myrtle Recovery Centers는 2023년 12월 31일 종료된 회계연도에 대해 총 수익 1,870만 달러와 순이익 520만 달러를 보고했습니다.
FOXO Technologies (NYSE American: FOXO) a annoncé que sa filiale, Myrtle Recovery Centers, a reçu deux licences complètes du Département de la Santé Mentale et des Services d'Abus de Substances du Tennessee, effectives à partir du 1er août 2024. Ces licences autorisent le traitement résidentiel de l'alcool et des drogues ainsi que le traitement non résidentiel des opiacés. Acquise de Rennova Health le 14 juin 2024, Myrtle Recovery Centers est une structure de 30 lits offrant des services aux patients hospitalisés et en ambulatoire. Ouverte en août 2023, elle a sécurisé des contrats avec de grandes compagnies d'assurance santé du Tennessee.
FOXO prévoit des revenus annuels de 3 à 4 millions de dollars provenant de cette structure et envisage d'étendre le modèle à d'autres emplacements. Le PDG Mark White a exprimé son optimisme concernant la croissance de l'entreprise et a mentionné une prochaine acquisition de Big South Fork Medical, en attente de l'approbation des actionnaires et devant être finalisée au troisième trimestre 2024. L'hôpital communautaire de Scott County et les Myrtle Recovery Centers ont déclaré un revenu net combiné de 18,7 millions de dollars et un revenu net de 5,2 millions de dollars pour l'année se terminant le 31 décembre 2023.
FOXO Technologies (NYSE American: FOXO) hat angekündigt, dass ihre Tochtergesellschaft, Myrtle Recovery Centers, zwei vollständige Lizenzen vom Tennessee Department of Mental Health and Substance Abuse Services erhalten hat, gültig ab dem 1. August 2024. Diese Lizenzen erlauben die stationäre Behandlung von Alkohol- und Drogenabhängigkeit sowie die nicht stationäre Behandlung von Opioiden. Myrtle Recovery Centers wurde am 14. Juni 2024 von Rennova Health übernommen und ist eine Einrichtung mit 30 Betten, die sowohl stationäre als auch ambulante Dienste anbietet. Sie wurde im August 2023 eröffnet und hat Verträge mit großen Krankenversicherungen in Tennessee gesichert.
FOXO rechnet mit jährlichen Einnahmen von 3 bis 4 Millionen Dollar aus dieser Einrichtung und plant, dieses Modell auf andere Standorte auszuweiten. CEO Mark White äußerte Optimismus über das Wachstum des Unternehmens und erwähnte eine bevorstehende Übernahme von Big South Fork Medical, die noch der Genehmigung der Aktionäre bedarf und voraussichtlich im dritten Quartal 2024 abgeschlossen wird. Das Scott County Community Hospital und die Myrtle Recovery Centers berichteten für das zum 31. Dezember 2023 endende Jahr von einem kombinierten Nettoerlös von 18,7 Millionen Dollar und einem Nettogewinn von 5,2 Millionen Dollar.
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MINNEAPOLIS, MN, Aug. 08, 2024 (GLOBE NEWSWIRE) -- 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
“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
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 Statements
This 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:
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FAQ
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