Innovative MedTech Announces Addition of Seasoned Finance Executive to its Advisory Board
Innovative MedTech has appointed Bruce McDermott to its external advisory board to drive growth and innovation. McDermott, a veteran from Deutsche Bank, brings 40 years of investment and banking experience. His track record includes over 70 equity deals, raising more than $10 billion in capital, which could enhance the Company’s strategic direction as it aims to serve under-served communities. This transition follows the recent acquisition of RX Vitality, marking a significant step in the Company's development.
- Appointment of Bruce McDermott expected to provide valuable industry insights and capital markets experience.
- McDermott's prior experience includes raising over $10 billion, potentially strengthening the Company's financial strategy.
- Concerns about management continuity after the recent acquisition of RX Vitality.
- Potential experience gaps noted from the transition of leadership roles.
Advisory Board Includes Seasoned Finance and Business Executive
BLUE ISLAND, Ill., May 05, 2022 (GLOBE NEWSWIRE) -- Innovative MedTech, Inc. (the “Company”) (OTC: IMTH), a provider of health and wellness services, today announced the appointment of Bruce McDermott to the Company’s external advisory board (the “Board”) to provide advice and guidance to facilitate growth and innovation at the Company.
“The Company is excited to work with industry leading veterans, such as Mr. McDermott, who bring decades of experience from industry leading companies, such as Deutsche Bank. Mr. McDermott is a seasoned Wall Street veteran whose knowledge of capital markets, deal making experience and network, we believe to be valuable to the Company as it proceeds into its next chapter and seeks growth and expansion opportunities,” said Michael Friedman, President of the Company.
Mr. McDermott said, “I am very enthusiastic about the potential of Innovative MedTech and to join its Advisory Board. I believe in the Company’s mission, to serve under-served communities, and feel that my many years working on Wall Street will help me assist the Company in attaining its goals in both the near and long term. This is a pivotal time in the Company’s growth, and I am excited to be a part of the Company and its future.”
Mr. McDermott was one of the sellers of RX Vitality, Inc., which the Company acquired on or about April 28, 2022.
Bruce McDermott
Mr. McDermott has nearly 40 years of investment and private banking experience originating and financing new opportunities. Mr. McDermott spent most of his career at Deutsche Bank and predecessor companies Bankers Trust and Alex, Brown & Sons. Mr. McDermott led Product Management and Solutions for the Deutsche Bank Private Wealth Management in the Americas. Mr. McDermott served in multiple senior roles in various divisions such as Equity Institutional Sales, Equity Capital Markets, Research Management, Investment Solutions and raising private capital. Mr. McDermott has originated over 70 equity deals and raised over
About Innovative MedTech, Inc.
Innovative MedTech, Inc. is a provider of health and wellness services, and has two divisions: RX Vitality digital wallet and health care app under development, and its wholly owned subsidiary SarahCare, an adult day care center franchisor with 2 corporate owned centers and 26 franchise locations across the United States. SarahCare offers seniors daytime care and activities ranging from exercise and medical needs daily to nursing care and salon services. For more information, please visit: https://innovativemedtechinc.com, and https://sarahcare.com.
Safe Harbor Statement
Statements in this press release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and are not guarantees of future performance and are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and are subject to change at any time. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify, develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. These and other important factors may cause the Company’s actual results, performance, or achievements to differ materially from any future results, performance, achievements or plans expressed or implied by these forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media inquiries:
Michael Friedman
708-925-9424
ir@innovativemedtechinc.com
FAQ
What is the significance of Bruce McDermott's appointment at Innovative MedTech (IMTH)?
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