IMAC Holdings CEO Jeff Ervin Provides Corporate Update in Letter to Shareholders
26 April 2021 - 11:00PM
IMAC Holdings, Inc. (Nasdaq: IMAC, IMACW), a provider of innovative
medical advancements and care specializing in regenerative and
rehabilitative orthopedic treatments without the use of surgery or
opioids, today issued a corporate update in a Letter to
Shareholders from CEO Jeff Ervin.
To Our Valued Shareholders:
I am excited about the progress we made since
completing our equity offering one month ago. While there hasn’t
been a singular event to trigger material disclosures, IMAC has
been productive with each of our business lines and is pleased to
provide interim updates on some of our growth initiatives.
The Back Space, our new retail spine and neck
care venture, now has a foundational platform for the business to
grow into a national brand. Our technology infrastructure is
complete and expandable to capitalize on future developments of our
http://www.back.co/ digital presence. As for the physical
store presence, we have faced minor slowdowns in the launch of the
initial store. However, the buildout process is proving to be
replicable and future buildouts are expected to take less than ten
weeks from acquisition of premises to occupancy.
We are increasing the Back Space test market to
ten stores. Implementing the first store allowed us to gain comfort
in our supply chain and resources needed to open for business. We
are using current IMAC staff to launch the test market and
appointed Christine Long as our interim manager of the Back Space
launch. Ms. Long has in-depth experience to manage the test market
having served in her prior role as regional manager for a large
massage company.
We created a discount program for our strategic
partner. Their employees and customers will have access to the Back
Space’s inaugural location when it opens during a “soft” opening
the first week of May.
Next, IMAC’s core business is experiencing fewer
COVID-related disruptions related to patient cancellations and
employee quarantines over the past month. Additionally, our recent
Regeneration Center acquisitions are advancing our Florida
presence. The Orlando clinic is fully integrated and now offers
IMAC’s complete line of regenerative rehabilitation therapies. We
also expect to complete the full-service implementation of IMAC
services in our recent Tampa acquisition before May 15, 2021.
Florida remains an area of interest for continued expansion.
Finally, IMAC’s balance sheet is as strong as it
has ever been. We retired $1.8 million of our highest-interest rate
debt over the past 30 days. We continue to be excited about our
recent progress and anticipate further updates during our first
quarter earnings release on May 13. We thank you, our shareholders,
for your continued support.
Sincerely,
Jeff Ervin, CEO, IMAC Holdings, Inc.
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
more than 15 outpatient clinics that provide regenerative,
orthopedic and minimally invasive procedures and therapies. It has
partnered with several active and former professional athletes
including Ozzie Smith, David Price, Mike Ditka and Tony Delk.
IMAC’s outpatient medical clinics emphasize 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.
# # #
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
grow its business nationwide, its ability to enhance its brand to
consumers, its development and introduction of new healthcare
products and services, its successful integration of acquired
chiropractic and other companies, technologies and assets, its
ongoing marketing and other business development initiatives,
competition in the rehabilitation and regenerative industry, new
and changing healthcare government regulation, its ability to
protect its intellectual property, and its ability to attract, hire
and retain personnel who possess the skills and experience
necessary to meet customers’ requirements. IMAC encourages you to
review other factors that may affect its future results in the
public filings that it makes 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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