Odyssey Health, Inc. Strengthens Balance Sheet with $8.7 Million in Net Equity

Rhea-AI Summary

Odyssey Health, Inc. (ODYY) reports $13.2 million in net income and $8.7 million in total stockholder equity for the quarter ended January 31, 2024. The increase is attributed to the sale of neurological assets to Oragenics, Inc. The company received eight million shares of Oragenics Series F preferred stock, enhancing its balance sheet.

Positive

• Odyssey Health reports a significant net income of $13.2 million for the quarter ended January 31, 2024.
• The total stockholder equity stands at $8.7 million, showcasing a positive financial position.
• The sale of neurological assets to Oragenics, Inc. contributed to the increase in net positive equity.
• Odyssey Health received eight million shares of Oragenics Series F preferred stock, further strengthening its balance sheet.
• The company converted 511,308 shares into common stock, enhancing its investment portfolio.

Negative

• None.

LAS VEGAS, NV / ACCESSWIRE / March 27, 2024 / Odyssey Health, Inc. (OTCQB:ODYY), formerly Odyssey Group International, Inc., (the "Company") a company focused on developing unique, life-enhancing medical products, recently filed its quarterly report for the quarter ended January 31, 2024. The Company reported $13.2 million in net income attributable to stockholders and total stockholder equity of $8.7 million. The increase in net positive equity is due to the sale of its neurological assets to Oragenics, Inc. on December 28, 2023. As part of the consideration for the assets, the Company received eight million shares of Oragenics Series F preferred stock and converted 511,308 into common stock. The Oragenics stock is recorded as an investment on the Company's balance sheet.

"We are pleased that we have executed our strategy of acquiring assets, developing them further to create value, then partnering or selling them where we can monetize the value. Odyssey Health is committed to continued growth, capitalizing on the $13 million of income we realized this quarter, we will continue to develop our current portfolio and look to expand our suite of medical devices," commented Michael Redmond, CEO of Odyssey.

About Odyssey Health Inc. (formerly Odyssey Group International, Inc.)

Odyssey Health Inc. (OTCQB:ODYY) is a medical company with a focus on life-enhancing medical solutions. Odyssey's corporate mission is to create, acquire and develop distinct assets, intellectual property, and exceptional technologies that provide meaningful medical solutions. The company is focused on areas that have an identified technological advantage, provide superior clinical utility, and have a substantial market opportunity. For more information, visit the company's website at www.odysseyhealthinc.com

We encourage our shareholders to visit our corporate social media accounts for updates:

https://twitter.com/OdysseyHealth1

https://www.facebook.com/odysseyhealthinc

https://www.linkedin.com/company/odysseyhealthinc

https://www.youtube.com/channel/UCsS--v0od_fYIBu2tvqmj9Q

Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including our ability to continue to raise needed funds, our ability to successfully develop products, rapid changes in our markets, changes in demand for our future products, and legislative, regulatory, competitive developments and general economic conditions.

Inquiries:

Odyssey Health, Inc.
info@odysseyhealthinc.com

SOURCE: Odyssey Health, Inc.

View the original press release on accesswire.com

FAQ

What is Odyssey Health, Inc.'s net income for the quarter ended January 31, 2024?

Odyssey Health, Inc. reported a net income of $13.2 million for the quarter ended January 31, 2024.

How much is Odyssey Health, Inc.'s total stockholder equity?

Odyssey Health, Inc.'s total stockholder equity is $8.7 million.

What led to the increase in Odyssey Health, Inc.'s net positive equity?

The increase in net positive equity is attributed to the sale of neurological assets to Oragenics, Inc.

What did Odyssey Health, Inc. receive as part of the consideration for the assets sold to Oragenics, Inc.?

Odyssey Health, Inc. received eight million shares of Oragenics Series F preferred stock.

How did Odyssey Health, Inc. enhance its balance sheet through the Oragenics stock?

The Oragenics stock is recorded as an investment on Odyssey Health, Inc.'s balance sheet, strengthening its financial position.