IMAC Holdings Continues Florida Expansion with Acquisition of Tampa Clinic
February 04 2021 - 9:00AM
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 its continued market
expansion in Florida with the asset purchase of Willmitch
Chiropractic in Tampa. The all-cash transaction is scheduled to
close on Monday, February 8.
Under the terms of the asset purchase agreement,
the acquisition price of Willmitch Chiropractic represents a
maximum 1.45 times trailing twelve months cash-flow of its existing
patient base, depending on a seller earn-out provision.
Additionally, Willmitch Chiropractic’s founder, Martin Willmitch,
will remain with the Company and serve as Vice President of Managed
Care of IMAC.
“The acquisition of Willmitch is an excellent
addition to our growing network of centers for movement-restricting
conditions and diseases. We continue to execute our strategy of
targeted expansion in geographies contiguous to existing markets at
favorable valuations,” commented Jeffrey Ervin, IMAC’s Chief
Executive Officer. “We believe industry price compression has
created market conditions that are advantageous to fulfill our
growth strategy, while utilizing proceeds from recent financings to
improve our operating cash flow.”
This acquisition further supports the Company’s
focus on meeting increased demand and awareness for non-surgical
movement and spinal care medical services while strategically
expanding its Florida presence, following a recently announced
acquisition in Orlando scheduled to close February 28.
Collectively, the two clinics received more than 18,000 patient
visits in 2020.
“While we are excited about adding a practice
with decades of historical success, IMAC has the potential to
benefit most from Marty’s addition to the team,” continued Jeffrey
Ervin. “He was able to develop unique partnerships with managed
care networks and his innovative initiatives have the ability to
drive value in each of IMAC’s markets.”
“IMAC recognizes the value of excellent patient
care and its high standards will ensure that Willmitch’s client
base will continue to receive the quality care they deserve. In the
meantime, I am excited about the opportunity to introduce IMAC’s
conservative care services and cost savings to managed care
organizations I’ve worked with during time as a single practice. I
look forward to this new chapter with IMAC and to seeing the
business continue to grow,” added Martin Willmitch.
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 over 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 Fristoelfristoe@imacrc.com
Investor Relations: Bret Shapiro(516)
222-2560brets@coreir.com
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