FOXO TECHNOLOGIES, INC. ANNOUNCES EXECUTION OF A NON-BINDING ACQUISITION AGREEMENT FOR TWO ASSISTED-LIVING FACILITIES IN FLORIDA FOR A TOTAL CONSIDERATION OF $60 MILLION

Core Insights - FOXO Technologies Inc. has executed a non-binding acquisition agreement for two assisted living facilities in Florida, with each facility priced at approximately $30 million [1][2][3] - The acquisition is structured with milestone payments based on increased revenues at the facilities, indicating a focus on recurring revenue and cash flow models in the healthcare sector [3] Acquisition Details - The first facility has 129 units, while the second has 137 units, with a total expected purchase price of$60 million for both [2] - The parties aim to finalize definitive agreements within 60 days, with closing anticipated between 60 and 120 days after that, contingent on due diligence and financing [2] Company Strategy - The CEO of FOXO expressed optimism about the acquisitions, highlighting the potential for significant value creation and opportunities for shareholders through diversification in healthcare services [3] - The company plans to use this acquisition model to pursue additional value-added acquisitions in the future [3] Company Overview - FOXO operates three subsidiaries, including Rennova Community Health, which manages a critical access hospital, and Myrtle Recovery Centers, which provides behavioral health services [4] - FOXO Labs focuses on biotechnology aimed at improving human health and lifespan through innovative technology and product solutions [5]