IMAC Initiates Sale of BioFirma Subsidiary
November 12 2019 - 8:00AM
IMAC Holdings, Inc. (Nasdaq: IMAC) (the “Company” or “IMAC”), a
provider of innovative medical advancements and care specializing
in regenerative rehabilitation orthopedic treatments without the
use of surgery or opioids, today announced it has entered into an
agreement for the sale of its BioFirma subsidiary to Self Care
Regeneration LLC for proceeds to the Company of $320,800, plus
reimbursement of certain expenses at closing.
In the deal, IMAC will continue to receive a
supply of BioFirma’s NeoCyte® regenerative medicine products
for its rehabilitation clinics at a deeply discounted price.
In addition, Ian White, Ph.D., will change his role from chief
scientific officer at IMAC to an external scientific advisor.
The Company expects the transaction to close within 60
days.
“The sale of BioFirma represents a new
opportunity for us to allocate our resources more strategically. It
allows us to continue to utilize the NeoCyte products in our
clinics without the additional overhead of maintaining a separate
subsidiary to procure them. We see this as a win-win for all
involved,” said Jeff Ervin, chief executive officer of IMAC. “Dr.
White was instrumental as founder of and building value in BioFirma
and we want to take this moment to thank him for his service to the
Company. IMAC is excited to retain his experience in the form of a
scientific advisor for our continued proprietary advancements,
while exploring an expanded partnership with Self Care in future
developments.” About IMAC Holdings, Inc.
IMAC Holdings was created in March 2015 to
expand on the footprint of the original IMAC Regeneration Center,
which opened in Kentucky in August 2000. IMAC Regeneration Centers
combine life science advancements with traditional medical care for
movement restricting diseases and conditions. It owns or manages 14
outpatient clinics that provide regenerative, orthopedic and
minimally invasive procedures and therapies. It has partnered with
several active and former professional athletes, opening two Ozzie
Smith IMAC Regeneration Centers, two David Price IMAC Regeneration
Centers, and a Tony Delk IMAC Regeneration Center. IMAC’s
outpatient medical clinics emphasize its focus around treating
sports and orthopedic injuries without surgery or opioids.
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Safe Harbor Statement
This press release contains forward-looking
statements. These forward-looking statements, and terms such as
“anticipate,” “expect,” “believe,” “may,” “will,” “should” or other
comparable terms, are based largely on IMAC's expectations and are
subject to a number of risks and uncertainties, certain of which
are beyond IMAC's control. Actual results could differ materially
from these forward-looking statements as a result of, among other
factors, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the skills and experience necessary to meet customers’
requirements, and its ability to protect its intellectual property.
IMAC encourages you to review other factors that may affect its
future results in its registration statement and in its other
filings with the Securities and Exchange Commission. In light of
these risks and uncertainties, there can be no assurance that the
forward-looking information contained in this press release will in
fact occur. More information about IMAC Holdings, Inc. is available
at www.imacregeneration.com IMAC
Press Contact: Laura Fristoelfristoe@imacrc.com
Investors Bret Shapiro(516) 222-2560brets@coreir.com
Source: IMAC Holdings, Inc.
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