RENNOVA TERMINATES DISCUSSIONS WITH TPT GLOBAL TECH, INC.
Rennova Health, Inc. (OTC: RNVA, RNVAW) has terminated merger discussions with TPT Global Tech, Inc. regarding their software and genetic testing divisions. After months of negotiations, the parties could not finalize terms and have agreed to part ways. Rennova will now pursue other options, including filing a Form 10 with the SEC to separate its software division, and remains focused on creating a next-generation telehealth platform. CEO Seamus Lagan expressed disappointment over the failed merger but aims to enhance shareholder value through this new direction.
- Rennova will pursue the separation of its software division to enhance shareholder value.
- Financial audits on the software division have been completed.
- Merger discussions with TPT Global Tech could not be finalized, indicating potential instability.
WEST PALM BEACH, Fla., March 08, 2021 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA), (OTC: RNVAW) (“Rennova” or the “Company”), an owner and operator of rural hospitals in Tennessee, announces that on March 5, 2021, it terminated discussions with TPT Global Tech, Inc. to merge its software and genetic testing interpretation divisions, Health Technology Solutions, Inc. (HTS) and Advanced Molecular Services Group, Inc., (AMSG) and their subsidiaries into InnovaQor.
The parties had worked for a number of months to close on an agreement that was previously announced but unfortunately could not reach final terms on a number of closing items and have agreed to immediately terminate discussions. Each party will continue independently with their own business strategy and plan.
Rennova will immediately pursue other options including, the filing of a Form 10 with the SEC to complete the separation of its software division as planned to its shareholders. Financial audits have been completed on Rennova’s software division in anticipation of closing the transaction as previously described. Rennova remains committed to creating a next generation telehealth type platform for healthcare providers and patients combining already developed Rennova assets and technology.
“Rennova is disappointed that the previously disclosed agreement with TPT Global Tech, Inc. could not be finalized successfully”, said Seamus Lagan, CEO of Rennova Health. “We believe we can quickly execute on a plan of separation of our software assets and opportunity that achieves the same outcome for our shareholders as previously intended, and build a successful healthcare software provider that meets the needs of a modern healthcare sector.”
About Rennova Health, Inc.
Rennova owns rural hospitals and a physician’s office in Tennessee and a physician’s office in Kentucky and provides industry-leading diagnostics and supportive software solutions to healthcare providers. For more information, please visit www.rennovahealth.com
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Contacts:
Rennova Health
Sebastien Sainsbury, 561-666-9818
ssainsbury@rennovahealth.com
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