IMAC Holdings Expands Florida Presence to Orlando Following Acquisition of Synergy Healthcare
January 14 2021 - 8:45AM
IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a
provider of innovative medical advancements and care specializing
in regenerative rehabilitation orthopedic treatments without the
use of surgery or opioids, today announces it has executed a
definitive agreement to acquire assets of NCH Chiropractic, PLLC
dba Synergy Healthcare in Orlando, Florida.
The acquisition expands the Company’s presence
to central Florida, adding Orlando to its Chiropractic Health of
Southwest Florida, Inc, Bonita Springs clinic which it acquired in
January 2020. Synergy Healthcare opened and operates in eastern
Orlando and has demonstrated consistent profitability for ten
years. IMAC anticipates implementing its regenerative
rehabilitation offerings, including its patient wellness
subscriptions to the clinic’s established services during the first
half of 2021.
“We are thrilled to commence 2021 in similar
fashion to our strong 2020 start, with the acquisition of a
profitable, highly synergistic therapeutic clinic operation, as we
continue to identify solid practices at attractive valuations
within our target expansion markets,” said Jeffrey Ervin, Chief
Executive Officer of IMAC. “We are very pleased to add to our
strategic expansion in Florida as we enter into the robust, high
demand Central Florida, Orlando market with the quality history of
Synergy Healthcare. IMAC will seek additional acquisitions in
Florida where we see a demonstrated need for our service
offerings.”
The purchase price of Synergy Healthcare
represents 1.4 times 2020 adjusted cashflow. IMAC is scheduled to
complete the cash transaction on February 28, 2021.
About IMAC Holdings, Inc.
IMAC 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. IMAC owns or manages 15
outpatient clinics that provide regenerative, orthopedic and
minimally invasive procedures and therapies. It has partnered with
several active and former professional athletes, opening six Ozzie
Smith IMAC Regeneration Centers, two David Price IMAC Regeneration
Centers, as well as Mike Ditka IMAC Regeneration Centers and a Tony
Delk IMAC Regeneration Center. IMAC’s outpatient medical clinics
emphasize its focus around treating sports and orthopedic injuries
and movement-restricting diseases without surgery or opioids. More
information about IMAC Holdings, Inc. is available at
www.imacregeneration.com.
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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.
IMAC Press Contact:
Laura Fristoe
lfristoe@imacrc.com
Investor Relations:
Bret Shapiro
(516) 222-2560
brets@coreir.com
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