Huge congratulations FOXO Technologies Subsidiary, Myrtle Recovery Centers, Receives Two Full Licenses from the Tennessee Department of Mental Health and Substance Abuse Services
August 08 2024 - 8:30AM
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FOXO Technologies Inc. (NYSE American: FOXO) (the “Company”), today announced that its recently acquired subsidiary, Myrtle Recovery Centers, Inc. (“Myrtle”), has been granted two full licenses from the Tennessee Department of Mental Health and Substance Abuse Services, effective August 1, 2024, for 12 months. The first license authorizes the provision of services for alcohol and drug residential detoxification treatment, as well as alcohol and drug residential rehabilitation treatment. The second license authorizes the provision of services for non-residential office-based opiate treatment.
FOXO completed the acquisition of Myrtle recovery Centers, Inc., from Rennova Health, Inc. (OTC RNVA) effective June 14, 2024. Myrtle Recovery Centers, Inc., is a 30 bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services for MAT and OBOT Programs. The facility was opened in August 2023 and has secured in-network contracts with major health insurance companies in Tennessee and continues to expand these contracts to include additional payers. The Company anticipates building the business at this first facility to generating profitable annual revenues of approximately $3-4M and plans to grow revenues and duplicate the model in different locations. Further information can be found at www.myrtlerecoverycenters.com.
“We are delighted to receive these full licenses,” said Mark White, Interim CEO of FOXO Technologies. “We look forward to building this new business in a sector with pent up demand for the services we provide. We continue to work towards closing the other recently announced transaction with Rennova Health, Inc., to acquire Big South Fork Medical, a rural hospital operating in Tennessee. We firmly believe these acquisitions will create renewed opportunity for our Company and its shareholders,” stated Mr. White.
Closing of the previously announced transaction to acquire Big South Fork Medical remains subject to a shareholder vote and other conditions and is expected to close in the third quarter of 2024.
Scott County Community Hospital, Inc. (DBA Big South Fork Medical) is a critical access designated hospital in East Tennessee. Further information can be found at www.bsfmedical.com.
Scott County Community Hospital, Inc. and Myrtle Recovery Centers, Inc. generated unaudited net revenue of approximately $18.7 million and net income of approximately $5.2 million for the twelve months ended December 31, 202
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