IMAC Holdings, Inc. Expands Missouri Footprint with Acquisition of Lockwood Chiropractic in Webster Groves

Rhea-AI Summary

IMAC Holdings, Inc. (Nasdaq: IMAC) has announced the acquisition of Lockwood Chiropractic in Webster Groves, Missouri, expanding its Ozzie Smith Center brand. Lockwood Chiropractic has been a community fixture since 1990, generating six-figure revenue. The existing staff and infrastructure will facilitate a seamless transition, with Dr. Sharon Whalen continuing as the clinic's operator. This acquisition aims to enhance patient access in St. Louis, aligning with IMAC's expansion strategy of partnering with successful clinic owners to grow its patient base.

Positive

• Acquisition of Lockwood Chiropractic enhances patient access in St. Louis.
• Existing staff and infrastructure will ensure a seamless transition.
• Lockwood Chiropractic has a history of six-figure revenue, strengthening IMAC's financial position.
• Strategic expansion aligns with IMAC's growth model of partnering with successful clinics.

Negative

• None.

BRENTWOOD, Tenn, Nov. 11, 2020 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or “the Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today announces the acquisition of Lockwood Chiropractic in Webster Groves, Mo.

With historical six-figure revenue as a chiropractic clinic and a presence in the community since 1990, the purchase of Lockwood Chiropractic’s assets represents an expansion of the Ozzie Smith Center brand within an established community near downtown St. Louis. The owner of the clinic, Sharon Whalen, D.C., will join IMAC’s team and continue to run the clinic in Webster Groves.

“The addition of the Lockwood clinic provides us with better access to St. Louis patients and is a turn-key opportunity, as the existing infrastructure and existing staff will deliver an immediate and seamless transition. Concurrently, our existing Ozzie Smith Center in St. Louis may help us to grow the Lockwood center and provide our services to an even wider patient base outside that city,” said Matthew Wallis, chief operations officer of IMAC. “The Lockwood acquisition is an excellent model for our expansion strategy to partner with successful clinic owners with a loyal clientele. We believe that this is an excellent example of managing cash outlay while expanding our patient base.”

The transition is scheduled to occur on Monday, November 16, 2020. Prospective patients may call 855-OZZIE01 to learn more about IMAC services.

About IMAC Holdings, Inc.

IMAC Holdings 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 15 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes, opening six Ozzie Smith IMAC Regeneration Centers, two David Price IMAC Regeneration Centers, as well as Mike Ditka IMAC Regeneration Centers and a Tony Delk IMAC Regeneration Center. IMAC’s outpatient medical clinics emphasize its focus around 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 raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the skills and experience necessary to meet customers’ requirements, and its ability to protect its intellectual property. IMAC encourages you to review other factors that may affect its future results in its registration statement and in its other filings 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 is the significance of IMAC's acquisition of Lockwood Chiropractic?

The acquisition allows IMAC to expand its presence in St. Louis, providing better access to patients and enhancing its brand.

When is the transition for the Lockwood Chiropractic acquisition scheduled?

The transition is scheduled for November 16, 2020.

What is the expected impact of the Lockwood Chiropractic acquisition on IMAC's business?

The acquisition aims to grow IMAC's patient base while maintaining a strong financial position due to Lockwood's historical revenue.

Who will manage Lockwood Chiropractic after the acquisition?

Dr. Sharon Whalen, the current owner, will continue to operate the clinic after the acquisition.

What are the future plans for IMAC following the Lockwood acquisition?

IMAC plans to leverage the existing clinic infrastructure to provide services to a wider patient base.