IMAC Holdings CEO Jeff Ervin Provides Corporate Update in Letter to Shareholders

Rhea-AI Summary

IMAC Holdings (Nasdaq: IMAC, IMACW) provided a corporate update via a letter from CEO Jeff Ervin. The announcement highlights progress in multiple business areas, including the development of The Back Space, a new retail initiative for spine and neck care, expanding to ten stores, and improving supply chain efficiency. The core business is experiencing fewer COVID-related disruptions, and recent acquisitions in Florida are integrating successfully. IMAC also retired $1.8 million in high-interest debt, strengthening its balance sheet. The first quarter earnings report is due on May 13.

Positive

• Expansion of The Back Space to ten stores to enhance market presence.
• Successful integration of recent acquisitions in Florida, including the Orlando clinic.
• Reduction of high-interest debt by $1.8 million, strengthening the balance sheet.
• Fewer COVID-related disruptions improving operational efficiency.

Negative

• Minor delays in the launch of the initial Back Space store.

Brentwood, Tenn., April 26, 2021 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC, IMACW), a provider of innovative medical advancements and care specializing in regenerative and rehabilitative orthopedic treatments without the use of surgery or opioids, today issued a corporate update in a Letter to Shareholders from CEO Jeff Ervin.

To Our Valued Shareholders:

I am excited about the progress we made since completing our equity offering one month ago. While there hasn’t been a singular event to trigger material disclosures, IMAC has been productive with each of our business lines and is pleased to provide interim updates on some of our growth initiatives.

The Back Space, our new retail spine and neck care venture, now has a foundational platform for the business to grow into a national brand. Our technology infrastructure is complete and expandable to capitalize on future developments of our http://www.back.co/ digital presence. As for the physical store presence, we have faced minor slowdowns in the launch of the initial store. However, the buildout process is proving to be replicable and future buildouts are expected to take less than ten weeks from acquisition of premises to occupancy.

We are increasing the Back Space test market to ten stores. Implementing the first store allowed us to gain comfort in our supply chain and resources needed to open for business. We are using current IMAC staff to launch the test market and appointed Christine Long as our interim manager of the Back Space launch. Ms. Long has in-depth experience to manage the test market having served in her prior role as regional manager for a large massage company.

We created a discount program for our strategic partner. Their employees and customers will have access to the Back Space’s inaugural location when it opens during a “soft” opening the first week of May.

Next, IMAC’s core business is experiencing fewer COVID-related disruptions related to patient cancellations and employee quarantines over the past month. Additionally, our recent Regeneration Center acquisitions are advancing our Florida presence. The Orlando clinic is fully integrated and now offers IMAC’s complete line of regenerative rehabilitation therapies. We also expect to complete the full-service implementation of IMAC services in our recent Tampa acquisition before May 15, 2021. Florida remains an area of interest for continued expansion.

Finally, IMAC’s balance sheet is as strong as it has ever been. We retired $1.8 million of our highest-interest rate debt over the past 30 days. We continue to be excited about our recent progress and anticipate further updates during our first quarter earnings release on May 13. We thank you, our shareholders, for your continued support.

Sincerely,

Jeff Ervin,
CEO, IMAC Holdings, Inc.

IMAC Holdings, Inc.

IMAC was created in March 2015 to expand on the footprint of the original IMAC Regeneration Center, which opened in Kentucky in August 2000. IMAC Regeneration Centers combine life-science advancements with traditional medical care for movement restricting diseases and conditions. IMAC owns or manages more than 15 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes including Ozzie Smith, David Price, Mike Ditka and Tony Delk. IMAC’s outpatient medical clinics emphasize treating sports and orthopedic injuries and movement-restricting diseases without surgery or opioids. More information about IMAC Holdings, Inc. is available at www.imacregeneration.com.

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Safe Harbor Statement

This press release contains forward-looking statements. These forward-looking statements, and terms such as “anticipate,” “expect,” “believe,” “may,” “will,” “should” or other comparable terms, are based largely on IMAC’s expectations and are subject to a number of risks and uncertainties, certain of which are beyond IMAC’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, risks and uncertainties associated with its ability to grow its business nationwide, its ability to enhance its brand to consumers, its development and introduction of new healthcare products and services, its successful integration of acquired chiropractic and other companies, technologies and assets, its ongoing marketing and other business development initiatives, competition in the rehabilitation and regenerative industry, new and changing healthcare government regulation, its ability to protect its intellectual property, and its ability to attract, hire and retain personnel who possess the skills and experience necessary to meet customers’ requirements. IMAC encourages you to review other factors that may affect its future results in the public filings that it makes with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact occur.

IMAC Press Contact:
Laura Fristoe
lfristoe@imacrc.com

Investor Relations:
Bret Shapiro
(516) 222-2560
brets@coreir.com

FAQ

What are the latest updates from IMAC Holdings as of April 26, 2021?

IMAC Holdings announced progress in various initiatives including the launch of The Back Space and successful integration of acquisitions in Florida.

What is The Back Space initiative by IMAC Holdings?

The Back Space is a new retail venture focused on spine and neck care, with plans to expand to ten locations.

How much debt did IMAC Holdings reduce recently?

IMAC Holdings retired $1.8 million of its highest-interest rate debt in the past 30 days.

When will IMAC Holdings release its first quarter earnings?

IMAC Holdings will release its first quarter earnings on May 13, 2021.

What impact have COVID disruptions had on IMAC Holdings' business?

IMAC Holdings has experienced fewer COVID-related disruptions, leading to improved operational stability.