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FOXO TECHNOLOGIES INC. CEO SEAMUS LAGAN PROVIDES YEAR-END REVIEW TO SHAREHOLDERS
Globenewswire· 2025-12-15 13:07
Core Insights - FOXO Technologies Inc. has outlined its key milestones for 2025 and its future growth strategy, emphasizing the foundation laid in mid-2024 through acquisitions of Myrtle Recovery Centers, Inc. and Rennova Community Health, Inc. [1] - The company has expanded its healthcare portfolio with the acquisition of Vector BioSource, Inc., positioning itself as a player in the pharmaceutical services sector [4] Myrtle Recovery Centers - Myrtle Recovery Centers has established itself as a leading provider of residential and medically supervised withdrawal treatment services for substance use disorders in Tennessee since its opening in August 2023 [2] - The Oneida facility has maintained a 93% occupancy rate with an average daily census of 28, significantly up from 7.4 in 2024 [2] - Projected patient admissions for 2025 are 550, a substantial increase from 195 in 2024 [2] - Myrtle has received funding from the State of Tennessee Opioid Abatement Fund for treating uninsured patients and is developing a mobile application called "Evana" to enhance post-discharge patient care [2] Rennova Community Health - Scott County Community Hospital, also known as Big South Fork Medical Center, serves as FOXO's flagship acute care hospital, providing a range of services including inpatient, outpatient, and emergency care [3] - The hospital is projected to see over 7,000 ER patients, 3,500 outpatient visits, and 300 inpatient stays in 2025 [5] - Recently added services include swing bed and wound care, and the hospital is in-network with all major payors [5] Vector BioSource - The acquisition of Vector BioSource is expected to generate approximately $1 million in net revenues for 2025, with anticipated significant growth as the company invests in infrastructure and market expansion [4][6] - Vector specializes in sourcing biospecimens for the biotechnology and pharmaceutical research sectors [4] Corporate and Growth Outlook - The company has settled several legacy liabilities and strengthened its management team, with equity increasing from $5.3 million at the end of 2024 to $20.2 million by September 30, 2025 [7][12] - Debt has been reduced from $10.2 million at the end of 2024 to $7.1 million by September 30, 2025 [12] - FOXO has formed a wholly owned subsidiary, FOXO Acquisition Corporation, to facilitate acquisitions and has introduced a new series of preferred stock [7] - The company aims to uplist its common stock to NYSE American or another recognized exchange, although there is no certainty regarding this goal [8]
FOXO Technologies Inc. Subsidiary, Myrtle Recovery Centers, Recognized by the Rural Health Association of Tennessee for Outstanding Community Impact
Globenewswire· 2025-12-09 13:07
Core Insights - FOXO Technologies Inc. announced that its behavioral health subsidiary, Myrtle Recovery Centers, was recognized by the Rural Health Association of Tennessee for its contributions to community health [1][2] - Myrtle Recovery Centers has been operational for two years, serving patients from 63 of Tennessee's 95 counties, highlighting the demand for accessible recovery-focused care [2] - The recognition emphasizes the importance of expanding treatment access in rural areas and reflects the effectiveness of Myrtle's treatment plans [3] Company Overview - FOXO operates four principal subsidiaries, including Myrtle Recovery Centers, which is a 30-bed behavioral health facility providing inpatient and outpatient services [5][4] - Myrtle Recovery Centers has been operating at capacity for most of 2025 and plans to expand its facilities to increase service capacity [3] - The CEO of FOXO expressed pride in Myrtle's impact on behavioral health needs in rural communities and supports the strategy of replicating Myrtle's care model across Tennessee [4]
FOXO TECHNOLOGIES INC. ANNOUNCES CLOSING OF VECTOR BIOSOURCE INC.
Globenewswire· 2025-09-22 12:17
Core Viewpoint - FOXO Technologies Inc. has successfully completed the acquisition of Vector Biosource Inc., a provider of information, data, and biospecimen sourcing for the biotechnology and pharmaceutical research sectors, with expectations for significant growth post-acquisition [1][2]. Acquisition Details - The total purchase price for Vector includes: - $500,000 in cash - 60,000 shares of Series E Preferred Stock valued at $1.5 million - Warrants to purchase $2 million of common stock at a 10% premium - Up to an additional 80,000 shares of Series E Preferred Stock, contingent on achieving specific revenue and cash collection milestones within 12 to 24 months - FOXO will also fund up to $1.2 million for Vector's growth initiatives [2]. Financial Performance - Vector generated net revenues of approximately $225,000 in Q2 2025, translating to an annual run rate of about $0.9 million, indicating potential for significant growth following the acquisition [1][2]. Company Background - FOXO operates three main subsidiaries: - Rennova Community Health, which runs a critical access hospital in East Tennessee - Myrtle Recovery Centers, a behavioral health facility providing various treatment services - FOXO Labs, focused on biotechnology and health improvement through innovative technology [4][5]. Management Statements - FOXO's CEO expressed enthusiasm about the acquisition and the potential for growth through collaboration with Vector's management [2]. - Vector's CEO highlighted the partnership with FOXO as a means to achieve aggressive growth plans [2].
FOXO TECHNOLOGIES INC. ANNOUNCES ACQUISITION AGREEMENT TO ACQUIRE VECTOR BIOSOURCE INC.
Globenewswire· 2025-09-11 11:42
Core Viewpoint - FOXO Technologies Inc. has signed a stock purchase agreement to acquire Vector Biosource Inc., a provider of information, data, and biospecimen sourcing for the biotechnology and pharmaceutical research industries, with expectations of significant growth post-acquisition [1][2]. Financial Summary - Vector generated approximately $225,000 in net revenues for the second quarter of 2025, equating to an annual run rate of about $0.9 million [1]. - The expected purchase price for Vector includes $500,000 in cash, 60,000 shares of Series E Preferred Stock valued at $1.5 million, warrants for $2 million of common stock at a 10% premium, and up to an additional 80,000 shares of Series E Preferred Stock contingent on achieving certain milestones [2]. Strategic Intent - The acquisition is viewed as a strategic move to enhance FOXO's position in the healthcare services sector, with plans for aggressive expansion through organic growth and potential acquisitions [2]. - FOXO has committed to funding up to $1.2 million for Vector's growth initiatives, indicating a strong belief in the potential synergies and growth opportunities that the partnership will create [2]. Company Overview - FOXO Technologies operates three subsidiaries: Rennova Community Health, which includes a critical access hospital; Myrtle Recovery Centers, a behavioral health facility; and FOXO Labs, a biotechnology company focused on health and lifespan improvement [3][4].
FOXO TECHNOLOGIES INC. ANNOUNCES EXECUTION OF A NON-BINDING ACQUISITION AGREEMENT FOR AN ASSISTED-LIVING FACILITY IN SOUTH FLORIDA FOR A TOTAL CONSIDERATION OF $22 MILLION
Globenewswire· 2025-08-06 11:43
Core Viewpoint - FOXO Technologies Inc. has executed a non-binding acquisition agreement to acquire an assisted living and memory care facility in South Florida for an expected purchase price of $22 million [1][2]. Group 1: Acquisition Details - The acquisition includes the land and buildings of a facility with 87 licensed units for assisted living and memory care services [2]. - The purchase price will consist of $5 million in non-convertible preferred stock, with a portion of the price being milestone-based [2]. - Completion of the acquisition is contingent upon definitive agreements and various closing conditions, including satisfactory due diligence and financing [2]. Group 2: Strategic Expansion - The CEO of FOXO stated that this agreement aligns with the company's strategy to expand its healthcare services by adding assisted living facilities [3]. - The company is confident in closing on additional acquisitions that could add over 350 units for assisted living and memory care services [3]. - FOXO is also in advanced stages of confirming a definitive agreement for the acquisition of Vector Biosource, Inc. [3]. Group 3: Future Outlook - FOXO is actively exploring and negotiating further opportunities in the assisted living and behavioral health sector, with imminent expansion plans for its Myrtle Recovery Centers, Inc. business [4]. - The company anticipates filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, by August 14, 2025, expecting to show continued improvement in net revenues, profitability, and stockholders' equity [4]. Group 4: Company Overview - FOXO Technologies Inc. operates three subsidiaries: Rennova Community Health, Inc., Myrtle Recovery Centers, Inc., and FOXO Labs, Inc., focusing on healthcare and biotechnology [5][6].
FOXO TECHNOLOGIES INC.’S BIG SOUTH FORK MEDICAL CENTER COMPLETES PERFORMANCE NETWORK AGREEMENT WITH COVENANT HEALTH TO PROVIDE SWING BED SERVICES
GlobeNewswire· 2025-08-01 11:52
Core Points - FOXO Technologies Inc. announced that Big South Fork Medical Center has completed a Performance Network Agreement with Covenant Health to provide swing bed services [1][3] - The agreement aims to enhance post-acute care for patients who no longer meet acute care admission criteria, allowing them to recover closer to home [2][3] - The CEO of Big South Fork Medical Center emphasized the hospital's strategic location and service quality as key factors in attracting patients [3] Company Overview - FOXO Technologies Inc. operates three subsidiaries, including Rennova Community Health, which owns Big South Fork Medical Center, a critical access designated hospital [4] - Myrtle Recovery Centers, another subsidiary, provides behavioral health services, including inpatient detox and outpatient treatment programs [4] - FOXO Labs, Inc. focuses on biotechnology aimed at improving human health and lifespan through innovative technology [5]
FOXO TECHNOLOGIES INC. ANNOUNCES LICENSE RENEWAL AND PROVIDES OPERATIONAL UPDATE FOR MYRTLE RECOVERY CENTERS, INC.
Globenewswire· 2025-07-31 11:23
Core Insights - FOXO Technologies, Inc. announced the renewal of its behavioral health subsidiary Myrtle Recovery Centers' operating license for its Oneida, TN location for another year, following a successful annual inspection by the State of Tennessee's Department of Mental Health and Substance Abuse Services [1] - The facility is currently at full capacity and has a waiting list for future admissions, indicating strong demand for its services [2] - The company is considering strategic options for expansion, including the potential opening of a second location and possible acquisitions in the sector [2] Company Overview - FOXO Technologies operates three subsidiaries: Rennova Community Health, Inc., which owns Scott County Community Hospital, a critical access hospital in East Tennessee; Myrtle Recovery Centers, a 30-bed behavioral health facility providing inpatient and outpatient services; and FOXO Labs, a biotechnology company focused on improving human health and lifespan through innovative technology [3][4]
FOXO TECHNOLOGIES INC. ANNOUNCES INTENTION TO SPIN OFF EPIGENETICS SUBSIDIARY
Globenewswire· 2025-07-18 11:03
Core Viewpoint - FOXO Technologies Inc. has announced the spin-off of its subsidiary FOXO Labs, Inc., which focuses on epigenetics, aiming to enhance business strategy and shareholder value [1][3]. Group 1: Company Overview - FOXO Technologies operates three subsidiaries, including Rennova Community Health, Inc. and Myrtle Recovery Centers, Inc., which provide healthcare services [4]. - FOXO Labs, Inc. is dedicated to improving human health and lifespan through advanced technology and product solutions [5]. Group 2: Epigenetics Business - FOXO Labs is a pioneer in integrating epigenetic biomarkers into underwriting protocols and consumer engagement tools, holding Patent No. 11,817,214 for a machine learning model that uses DNA epigenetic data [1]. - The epigenetic technology developed by FOXO Labs offers insights into health, lifestyle, and longevity from a single saliva sample, eliminating the need for invasive testing [2]. Group 3: Business Strategy and Future Plans - The CEO of FOXO Labs emphasized that the spin-off will create opportunities for a subscription-based revenue model focused on personal health and longevity [3]. - The spin-off strategy allows FOXO shareholders to directly own FOXO Labs while retaining some ownership, simplifying the business model for both entities [3].
FOXO TECHNOLOGIES INC.'S BEHAVIORAL HEALTH SUBSIDIARY HAS BEEN APPROVED TO RECEIVE SCOTT COUNTY OPIOID ABATEMENT FUNDS
Globenewswire· 2025-06-30 11:22
Core Insights - FOXO Technologies Inc. announced that its subsidiary Myrtle Recovery Centers has been approved for a second year of funding from Scott County Opioid Abatement Funds to provide care for uninsured patients starting July 1, 2025 [1][2] - Myrtle Recovery Centers operates at full capacity with a waiting list, indicating strong demand for its services and the quality of care provided [2] - FOXO Technologies plans to expand Myrtle Recovery Centers through organic growth and acquisitions, anticipating significant revenue contributions in the future [2] Company Overview - FOXO Technologies operates three subsidiaries: Rennova Community Health, which runs Scott County Community Hospital, Myrtle Recovery Centers, a 30-bed behavioral health facility, and FOXO Labs, a biotechnology company focused on health and lifespan improvement [3][4] - Myrtle Recovery Centers provides inpatient detox and residential treatment, as well as outpatient services for Medication-Assisted Treatment (MAT) and Office-Based Opioid Treatment (OBOT) programs [3]
FOXO TECHNOLOGIES INC. DESIGNATES NEW SERIES OF PREFERRED STOCK TO BE USED FOR ACQUISITIONS
Globenewswire· 2025-06-27 11:27
Core Points - FOXO Technologies Inc. has designated a new series of preferred stock, Series E Cumulative Redeemable Secured Preferred Stock, with a stated value of $25.00 per share and a 2.5% cash dividend paid semi-annually [1] - The Series E Preferred Stock will serve as both an acquisition currency and a capital raising security, aimed at supporting the company's acquisition strategy and enhancing long-term value for stockholders [2] - FOXO operates three subsidiaries, including a critical access hospital and a behavioral health facility, indicating its involvement in the healthcare sector [3] Financial Details - The Series E Preferred Stock includes a 5.0% per annum common stock dividend paid semi-annually and a security interest in the stock of FOXO's acquisition vehicle [1] - The company intends to publicly list the Series E Preferred Stock with its own trading symbol at an appropriate time [2] Company Overview - FOXO Technologies Inc. focuses on improving human health and lifespan through biotechnology and innovative product solutions [4] - The company operates in the healthcare industry, with subsidiaries that provide critical access healthcare and behavioral health services [3]